Chinese investors present projects in East Timor

20 September 2007

Beijing, China, 20 Sept – A group of Chinese potential investors Wednesday began a visit to East Timor to present projects to the Timorese government, the value of which, according to the East Timor embassy in Beijing, is over US$100 million.

During the three-day visit, the Chinese businesspeople will meet with the Timorese authorities and civil society and private sector representatives, the embassy said in a statement sent to Portuguese news agency Lusa in Beijing.

According to Vicky Tchong, advisor to the East Timor embassy in China, the investment projects, as well as being ecologically sustainable, will provide thousands of jobs for East Timor’s population.

The investment package that the Chinese delegation will present to the East Timor authorities includes creation of a retail bank, a shopping center and a port development area, as well as the construction of a road network and aircraft runways.

“The visit by the Chinese investors is the result of two years of efforts to promote East Timor in China,” said the Timorese ambassador in Beijing, Olímpio Miranda Branco.

In 2005, trade between China and East Timor totaled US$1.27 million and represented only sales by China to East Timor, but between January and July 2006, this rose ten-fold to US$13.37, according to the embassy. (macauhub)