The Timor-Leste (East Timor) Specialised Investment Agency (AEI) is working with the World Bank to improve the country’s private investment law, said Tony Duarte, the president of the agency.
Duarte said the technical support provided by the World Bank would help draw up an “investment map that identifies obstacles, constraints and also opportunities for investment.”
Data published by AEI shows that since 2006 the Timor-Leste government has awarded 163 certificates to investors – 110 foreign, 51 domestic and two consortiums, one of which is the Portuguese-Timorese project for the creation of the National Registration Service (CNS).
Investments exceed US$880 million and account for creation of 17,500 jobs.
Including an investment of US$310 million from a Singapore company, to create a five-star hotel complex between Dili and Tibar, the Pelican Paradise, which will employ up to 2,000 people in direct and indirect jobs and whose first stone is due to be laid in the next two months.
Moreover, construction work on the new Heineken plant is also due to begin. The project is an investment of US$40 million and another agreement is due to be closed soon with an Indonesia company for a hotel centre in Dili, a project costing US$10 million.
The AEI was founded on 1 January of this year and replaces the previous TradeInvest investment structure. It is expected to be an investment filter as well as a point of contact to answer all question that potential investors may have about tax and customs benefits. (macauhub/TL)