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Timor-Leste

Oil Fund transfers lead to budget surplus in Timor-Leste in 2015

7 April 2016
Transfers from the Oil Fund allowed the 2015 budget in Timor-Leste (East Timor) to post a surplus of US$471.8 million, according to a statement from the Ministry of Finance issued Wednesday in Dili. The fiscal newsletter of the Ministry of Finance for the third quarter of 2015, reports said that excluding the Oil Fund, the main source of government revenue, Timor-Leste would have ended 2015 with a deficit of US$835.9 million.

Guinea-Bissau government ready to host China/CPLP meeting

5 April 2016
Guinea-Bissau will receive 150 official and business delegations for a meeting in Bissau of businesspeople from China and the Community of Portuguese-speaking Countries, the coordinator of the meeting's technical office said recently. Giving an update on preparations for the meeting, coordinator Bruno Jauad gave assurances that "everything is ready" to welcome the delegations to Bissau on 9, 10 and 11 April.

Timor-Leste government plans to publish Investment Guide

21 March 2016
An Investment Guide for Timor-Leste (East Timor) will be published at a forum to present Timor-Leste to foreign investors, taking place this year in Dili, under a contract to provide services signed between the local government and the company EY Portugal. The statement said that the contract signed between TradeInvest Timor-Leste and EY Portugal is the result of the Timorese agency's focus "on foreign investment as a lever for economic growth and sustainable development of the country whilst promoting the territory to potential foreign investors."

Timor-Leste intends to buy Oi’s stake in Timor Telecom

11 March 2016
A letter in which the government of Timor-Leste states its "firm and intractable" intention to buy Brazilian company Oi's stake in Timor Telecom is due to be sent to Brazil Friday, a source from the consortium representing the operator said Thursday in Dili. The VSLN/Thelson/Bona Fide consortium was mandated by Oi to conduct "effective negotiation and sale of shares" which it holds in Timor Telecom (TT). The head of the consortium, Ivan Pereira de Araujo, told Portuguese news agency Lusa he had been informed of the decision to purchase by the Minister of Public Works, Transport and Communications, Gastao de Sousa and the Director-general of the same ministry, Joanico Gonçalves.

Timor Leste government approves purchase of Oi’s stake in Timor Telecom

10 March 2016
The government of Timor Leste (East Timor) has approved the purchase of the stake owned by Brazil's OIi telecommunications company Timor Telecom, a source from the Timorese government said Thursday in Dili. The source also told Portuguese news agency Lusa that the government would appoint a committee to negotiate the value of the transaction with the consortium authorised by Oi to divest its stake in Timor Telecom (TT).

ADB finances better roads in Timor Leste

10 March 2016
The Asian Development Bank (ADB) has granted an additional loan of US$76.2 million to finance the project underway to create a safer national road network in Timor Leste (East Timor), the bank said in a statement. The finance contract was signed earlier this month by the Timor Leste Minister of Finance, Santina Viegas Cardoso and the resident director of the ADB, Shane Rosenthal.

Trade between China and Portuguese-speaking countries falls 18 pct in January

7 March 2016
China and the eight Portuguese-speaking countries began 2016 with a year on year fall of 18.69 percent in trade in January, which totalled US$6.158 billion, according to Chinese official figures published in Macau. Trade with Brazil totaled US$4.419 billion (-20.61 percent), with China exporting goods worth US$1.682 million (-17.89 percent) and importing goods worth US$2.737 billion (-22.19 percent).

Trade between China and Portuguese-speaking countries falls by 25.73pct in 2015

2 March 2016
The value of trade between China and the Portuguese-speaking countries fell by 25.73 percent in 2015 to US$98.474 billion, a real loss of US$34.106 billion, according to official Chinese figures. The only positive changes in the value of trade occurred in Timor Leste (East Timor - US$106.67 million or +76.48 percent) and Sao Tome and Principe (US$7,9 million or +37.99 percent).

CPLP Economy Ministers present measures to address challenges of global economy

25 February 2016
Ministers of the Economy of the Community of Portuguese-Speaking Countries (CPLP) closed a meeting held in Dili, Timor-Leste (East Timor), with the approval of a joint statement in which they recommended several courses of action. These includes promotion of investment, institutional and business training, financing and strengthening competitiveness, and the group's spokesman, the Timorese Minister for Trade, Industry and Environment, Constancio Pinto, said that these measures were intended to "make the CPLP meet the challenges of the global economy."

Portuguese-speaking countries should take advantage of opportunities in Asia

24 February 2016
Governments and the private sector of the Community of Portuguese-Speaking Countries (CPLP) should make a concerted effort to capitalise on the opportunities that Asia offers, the Timorese Deputy Foreign Affairs Minister said Tuesday in Dili. Roberto Soares spoke in Dili at a conference on the Second Meeting of CPLP Trade Ministers, which precedes the 1st Portuguese language Global Economic Forum due to bring hundreds of businesspeople and delegates from over 20 countries together in the Timorese capital.

Trade ministers of the Portuguese-speaking countries gather in Timor-Leste

23 February 2016
The 2nd meeting of trade ministers of the Community of Portuguese-Speaking Countries (CPLP), will serve, among other things, to assess the degree of implementation of the declaration of the first meeting held in Luanda in May 2012. This second meeting, to be held Wednesday, 24 February, in Dili, Timor-Leste (East Timor), will also serve to ensure that ministers can discuss the design of and draft the Strategic Plan of multilateral trade cooperation (2016-2018).

Timor-Leste offers incentives to investors

19 February 2016
Timor-Leste (East Timor) offers tax advantages and other incentives to those who want to invest in the country and is working to overcome the shortcomings that still exist in terms of legislation, the country's Trade Minister said Thursday in Dili. Constancio Pinto, who is also the Industry and Environment Minister, was presenting the 2nd meeting of trade ministers and of the 1st Economic Forum of the Community of Portuguese-speaking Countries (CPLP), taking place next week in Dili.

Portuguese-speaking countries meet in Timor-Leste to discuss trade

12 February 2016
The capital of Timor-Leste (East Timor), Dili, is this month due to host the second meeting of trade ministers and the first Global Economic Forum of the Community of Portuguese-speaking Countries (CPLP), the organisation announced. One of the main themes of the meeting of ministers, taking place from 21 to 24 February and whose programme was presentedThursday is related to the preparation of "a concept of strategic and conceptual action" for development of trade and investment in the CPLP.

Timor-Leste supports Guinea-Bissau with a donation of US$250,000

12 February 2016
The government of Timor-Leste (East Timor) has provided its counterpart in Guinea-Bissau with a cheque for US$250,000 as part of the funds pledged at a Brussels roundtable meeting, in a ceremony held in Bissau. The representative of the Timor-Leste Cooperation Agency in Guinea-Bissau, Alberto Xavier Pereira, said the donation was half the amount promised at the roundtable and was intended to support reconciliation activities in Guinea-Bissau.

Bolloré Transport & Logistics group to build port in Timor-Leste

2 February 2016
French group Bolloré Transport & Logistics has been chosen by the Timor-Leste (East Timor) government to build and manage the deepwater port of Dili under a public-private partnership, the group s…

Indonesian president visits Timor-Leste to strengthen cooperation

26 January 2016
Strengthening cooperation in trade, energy and infrastructure are the main points to be addressed by the President of Indonesia Joko Widodo Tuesday on a vist to Timor-Leste (East Timor). During the meetings with the President of Timor-Leste, Taur Matan Ruak and Prime Minister, Maria de Araújo, the Indonesian president will also discuss issues relating to land and sea borders of both countries.

Trade between China and Portuguese-speaking countries shrinks 25 pct from January to November

6 January 2016
Trade between China and Portuguese-speaking countries experienced a real contraction of US$31.674 billion from January to November 2015 compared to the same period of 2014, according to official figur…
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