BIS central bankers’ speeches  9  Chart 1  Chart 2  Sources: Datastream, SNB  10  BIS central bankers’ speeches  Chart 3  Sources: OECD, Riksbank, SNB, Statistics Denmark, Statistics Sweden  Chart 4  Sources: CNB, Danmarks Nationalbank, ECB, Riksbank, SNB  BIS central bankers’ speeches  11  Chart 5  Sources: Eurostat, SNB  Chart 6  Sources: CNB, Danmarks Nationalbank, ECB, Riksbank, SNB  12  BIS central bankers’ speeches  Chart 7  Sources: Bloomberg, SNB  Chart 8  Sources: Eurostat, SNB  BIS central bankers’ speeches  13  Chart 9  Sources: Eurostat, SNB  Chart 10  Sources: Eurostat, SNB  14  BIS central bankers’ speeches  Chart 11  Sources: Eurostat, SNB  Chart 12  Sources: CNB, Danmarks Nationalbank, ECB, Riksbank, SNB  BIS central bankers’ speeches  15  Chart 13  Sources: OECD, Riksbank, SNB, Statistics Denmark, Statistics Sweden  Chart 14  Sources: BIS, SNB  16  BIS central bankers’ speeches  Chart 15  Sources: Bloomberg, Danmarks Nationalbank, Riksbank, SNB  Chart 16  Sources: Bloomberg, Danmarks Nationalbank, Riksbank, SNB  BIS central bankers’ speeches  17  Chart 17  Sources: Datastream, SNB  18  BIS central bankers’ speeches
For the offshore industry in Labuan, which has benefitted significantly from Labuan since its inception, it is time to give back. 1/4  BIS central bankers' speeches  There are various ways in which the industry can assist the local population, such as innovative and creatively designed technical and industrial training that can assist in uplifting the job prospects of local talents. For example, fit-for-work programmes that leverage on online courses to complement industry supported training programmes and on-the-job training will improve the job fit of the workforce. Needless to say, strong commitment by industry captains to grant similar opportunities, apprenticeship and fit-for-work schemes will surely hasten the upskilling of the locals. The industry ought to come together to devise a scheme that give opportunities to locals to get good jobs. As we move forward, we need to be more focused on the outcomes we want for Labuan. We want a more balanced growth. A clear step forward is to formulate clear and measurable targets, and to review them consistently. The primary performance indicators that should be applied must cover aspects such as; contribution towards Malaysia’s and Labuan’s GDP, quality of job creation, training and development for the local population, investment in infrastructure, access to financing by local SMEs. We must ensure that the benefits we obtain outweigh the incentives given by the government such as the revenues foregone from the notional tax incentives offered. The old adage – “You can’t manage what you don’t measure” – captures the essence of this idea.