Investment Guide sets out Key Attractiveness Factors
Minister of State and of the Presidency of the Council of Ministers and
Official Spokesperson for the Government of Timor-Leste
Dili, May 30th, 2017
Investment Guide sets out Key Attractiveness Factors
The Timor-Leste Investment Guide, launched at the Side Event on Economic Diversification on the 21st of May, is now available online. The guide was produced as a tool to assist national and foreign investors by Ernst and Young in consultation with the Government (through the Minister of State, Coordinator of Economic Affairs and Minister of Agriculture and Fisheries) and TradeInvest Timor-Leste.
Prime Minister, H.E. Dr. Rui Maria de Araujo said “I strongly urge investors to make use of this Investment Guide to explore business opportunities in Timor-Leste” and explained that it provides “key information on the country’s economic situation and the principal tax, legal and labor issues, as well as how to initiate a business in Timor-Leste.”
The guide sets out six key attractiveness factors that apply to Timor-Leste including natural resources, the country’s commitment to sustainable development, the use of US currency, the reform program, Timor-Leste’s international integration, and the country’s competitive tax regime.
Moving beyond oil, gas and minerals, the guide mentions “pristine landscapes providing temperate, subtropical and tropical climates” which “provide a huge potential for tourism” as well as opportunities in agriculture, forestry and aquaculture. It says “ongoing investments in infrastructure and human resources development” along with the reform program underway “to prioritize and streamline the implementation of structural economic measures” have already begun to result in investments leading to the replacement of imports and generation of jobs.
In terms of fiscal settings the investment guide suggests that the upside of the use of the US dollar in Timor-Leste is a reduction in exchange rate risk allowing “a more stable background in which to develop operations” and notes that “corporate tax, customs duties and indirect tax rates are lower than comparable countries in the Asia-Pacific region.”
Spokesperson, Minister of State Agio Pereira, noted “the Government has made marked progress in the last two years to improve our business environment in order to encourage economic diversification and attract investment for jobs and growth. We welcome this guide as a tool to assist potential investors to understand the opportunities that are here in Timor-Leste and encourage businesses to investigate further, including through a direct connection with TradeInvest Timor-Leste.”ENDS ETLJB
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