Labuan Federal Territory (WilayahPersekutuanLabuan, Labuan for short) is a federal territory of Malaysia, in the western part of the state of Sabah, located in the South China Sea island, Labuan island area of about 92 square kilometers.
Malaysia declared Labuan as a Federal Territory on April 16, 1984, and on October 1, 1990, it was formally legislated as an international offshore financial center. Labuan International Business Financial Center (IBFC) is an agency directly under the Ministry of Finance of the Federal Government of Malaysia, which is responsible for promoting the development of Labuan.
On June 12, 2018, Malaysia International Economic Exchange Association (MIEEA) and Labuan International Business Finance Center (Labuan IBFC) signed a cooperation agreement, announcing that the two parties will work together to build a new platform for global "Belt and Road" international exchange and cooperation in Labuan.
