The Prime Minister of Timor-Leste (East Timor) called on international investors to look at the real risks of the country rather than imagined ones, during an international conference to attract investment due to end Tuesday.
“The government is well aware that it is hard to attract foreign investment in emerging countries like Timor-Leste, if only for the potential level of risk,” said Rui Maria de Araujo.
The conference brought together about 100 participants from various countries in the region and is intended to raise awareness of the potential of Timor-Leste in areas as diverse as oil and gas, mining, coffee and agriculture, tourism, transport and construction, according to Portuguese news agency Lusa.
Araujo said the government has made use of its Oil Fund to finance the state budget which, in turn, is the largest driver of the economy, a strategy that helped achieve significant improvements in areas such as education and health, institutional strengthening and active participation of the population.
This spending, the Prime Minister said, had contributed to attracting investments in the oil and natural gas, telecommunications and manufacturing sectors, but were not sufficient to create enough jobs in a country where more than 60 percent of the population is aged under 25. (macauhub/TL)