high quality statistics is one of the important prerequisites for central banks to effectively achieve our goals of monetary and financial stability, and of fostering the development of a sound and progressive financial sector. based on my experience as a central banker for more than 30 years, it requires a deep understanding of the economy and the financial system to make the right policy decisions. such policy formulations needs to be based on rigorous assessments that provides the insights that will guide the decision making process. this is aided by relevant statistics, and complemented by sound judgement. central banks are therefore not only major consumers of statistics, but also producers and disseminators of monetary and financial data. more importantly, central banks, have placed much importance on providing sufficient analysis and assessment in conjunction with the release of statistics. this aims to provide context, avoid misinterpretation and reduce uncertainty for the economic agents. bis central bankers ’ speeches key global trends shaping the universe of statistics as the world evolves, two key trends have emerged and in turn, created new and diverse demands, challenges, and opportunities in the field of statistics. first, the steady liberalisation and deregulation of economies and financial markets have resulted in intricate interlinkages within domestic financial systems and spanning across borders. while financial markets have become more interconnected globally, capital and labour mobility across borders have also intensified while trade and investment barriers have been dismantled. this has resulted in closer proximity to growing markets and facilitated the creation of globalised supply chains by corporations. these developments have had wide ranging benefits, including better risk diversification, improved efficiency and greater economies of scale. however, it has also increased the risks for cross - border contagion and accelerated the transmission of external shocks. the rapid transmission of the financial crisis in the major advanced economies in 2008 to other parts of the world demonstrates the significance of these contagion effects. these increasingly complex global networks have given rise to demand for new sets of data to enhance our understanding of the interlinkages and to assess the implications. while many global initiatives on enhancing statistics were the result of financial crises that happened in the 1990s, we now find ourselves recognising that far more needs to be done following the much worse and devastating global financial crisis that has resulted in significant costs around the world. the recent crisis has tested policymakers to the limit and has placed greater demands on the community of statisticians. while the lack of data was not the root cause of the global financial crisis,

the world. the asian region is also among the most open in the world in terms of international trade and investment. a more recent phenomenon is the increased intra - regional trade and investment resulting in greater regional economic integration. this has been reinforced further by increased investment flows from the middle east to asia. in 2006, the asia pacific surpassed europe as the second largest region for investment from the gulf cooperative council ( gcc ) with usd460 billion investment. despite the current financial upheavals that are occurring in the international financial system, the underlying trends in the region including the cumulative regional demand, greater regional integration and the increased appeal of the region as an investment destination have continued to present immense opportunities for labuan as a business and financial centre. labuan is well positioned to tap these business opportunities. key to the success of a business and financial centre is its competitiveness, the convenience and cost effectiveness of doing its business, its connectivity and the confidence in the centre. the government of malaysia has been highly committed to ensuring that labuan has all these elements. massive investment has been made to provide for the physical infrastructure and amenities in labuan. this includes the modern communication links, and the business and education amenities to support labuan's designated role as an international business and financial centre. recently, the labuan international airport was enhanced further and open sky policy has been adopted to facilitate enhanced access to the island. also, improvements have been made to the deep harbour facilities. increased access is however, not only limited to the physical access but also the easy access to other financial markets. this requires the infrastructure that allows for the efficient conduct of international financial transactions. intermediaries need to be able to have easy access to participate in other jurisdictions. to facilitate this and to promote the cost competitiveness in labuan, it is supported by a balanced regulatory regime that effectively regulates the market while facilitating market development. lofsa, the labuan offshore financial services authority was established ten years ago not only to put in place an effective regulatory regime and to provide the supervisory oversight, but also to focus on market development and facilitation. to further ensure a conducive business environment, it is also supported by a robust legal framework including trust laws. while labuan has in place a business friendly tax regime it also has never been positioned as a low tax finance repository. on the contrary it has leveraged on its strengths and unique advantages to meet the market's need. in going forward,