Kuala Lumpur:Labuan Corporation has announced the appointment of entrepreneur Jeffrey Lim Tau Hoong as the chief executive officer of Invest Labuan Sdn Bhd, a wholly owned subsidiary focused on investment, effective immediately.
According to BERNAMA News Agency, the appointment was formalized during a ceremony at Menara DBKL where LC's CEO Rithuan Ismail, who also serves as the deputy chairman of ILSB, presented the letter of appointment to Lim.
Jeffrey Lim brings over two decades of experience in technology, property, and investment. He is known for co-founding the financial technology company Fracsio and founding the NOW Group, which has interests in various sectors including property, technology, and investment. Additionally, he holds the position of deputy chairman at both the Malaysia Investment Association and the China-ASEAN Chamber of Commerce. In 2015, he was recognized as a Young Global Leader by the World Economic Forum.
Rithuan Ismail highlighted that ILSB was created to leverage Labuan's economic strengths into viable investment projects. He expressed confidence in Lim's ability to drive the company forward with his entrepreneurial acumen and strong connections across ASEAN and China. The focus will be on strategic partnerships and projects in the blue economy, tourism, and the commercial utilization of Labuan Corporation’s assets.
Lim stated that his primary goal is to connect investors with Labuan's untapped opportunities, ensuring that projects are commercially viable and adhere to regulatory requirements. ILSB aims to collaborate with the Labuan Financial Services Authority to create compliant business and financing structures to draw international capital, while also pursuing cross-border investments within the BIMP-EAGA region.
The company's business plan aligns with the Labuan Structure Plan 2040, which seeks to establish a "Prosperous, Sustainable and Smart Labuan." ILSB's mandate includes attracting investment, developing feasible projects, and forming strategic partnerships to bolster the economic growth of Labuan.