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Timor-Leste

Timor-Leste foreign trade faster with the introduction of “single window”

8 June 2016
Timor-Leste (East Timor) will create a "single window" that will reduce the current average time for processing imports and exports of nine days to between 12 and 36 hours by 2020, the coordinator of the tax reform commission said Tuesday. "This is an electronic system that will eliminate all the paperwork, reduce administrative costs and delays, the possibility of errors and fraud and facilitate foreign trade," said Fernanda Borges, cited by Portuguese news agency Lusa.

Timor-Leste PM asks investors to make a realistic assessment of the country

7 June 2016
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.

Foreign businesspeople invited to invest in Timor-Leste

6 June 2016
The Minister of Planning and Strategic Investment of Timor Leste (East Timor), Xanana Gusmão, Sunday in Dili invited businesspeople and foreign investors to focus on the opportunities in the country. Speaking at the welcome ceremony of an international conference on investment in Timor-Leste, which brings together more than a hundred people in Dili Monday and Tuesday, Gusmao stressed that the government has been laying the foundations to attract investors.

Ministers of the Portuguese-speaking countries discuss maritime affairs in Timor-Leste

18 May 2016
The ministers of maritime affairs of the Community of Portuguese-Speaking Countries (CPLP) are meeting Wednesday in Dili, Timor-Leste (East Timor), at the third meeting to discuss the expansion of the so-called "blue economy" and the conservation and sustainable use of the seas and oceans. The purpose of the meeting, according to a statement released by the CPLP, is an "appeal to the conscience" of leaders for economic and business cooperation for the "blue economy", mainly in the areas of fisheries, tourism and exploration of hydrocarbons and other resources.

Trade between China and the Portuguese-speaking countries falls 23pct in 1st quarter

5 May 2016
Trade between China and the Portuguese-speaking countries contracted by 23.03 percent year on year in the first quarter of the year to US$16.727 billion, according to official figures published in Macau. Over the first three months of the year China exported to the eight Portuguese-speaking countries goods worth US$5.844 billion (-44.95 percent) and imported goods amounting to US$10.882 billion (-2.1 percent), assuming a deficit of US$5.038 billion.

Timorese oil company, Timor Gap, receives international ISO certification

22 April 2016
Oil company, Timor Gap is due Thursday to receive its certification from the International Organization for Standardization (ISO) in the areas of quality, health, safety and the environment. The certification was awarded by DNV GL, a company operating in over 100 countries and employing over 16,000 professionals dedicated to providing classification , certification, verification and training services.

Trade between China and Portuguese-speaking countries falls about 26 pct in first two months of the year

19 April 2016
Trade between China and the Portuguese-speaking countries fell 25.54 percent in the first two months of the year compared to the same period of 2015, according to statistics from China's Customs Service released by Macau Forum.

Investment in Timor-Leste under discussion in Dili in June

12 April 2016
The International Timor-Leste Investment Conference will be held in Dili on 6 and 7 June this year and the official opening will be chaired by Minister Kay Rala Xanana Gusmao, announced the organisers.

GDP of Timor-Leste grows in 2016/2017 with increased investment

11 April 2016
Increased public and private investment should lead to the growth of the Timor-Leste (East Timor) economy increasing to 4.5 percent in 2016 and 5.5 percent in 2017, the Asian Development Bank (ADB) said in a recent report. The Asian Development Outlook 2016 report said that the public-private partnership to build a new seaport west of the capital Dili is expected to begin in 2017 requiring an investment of US$290 million, 19.8 percent of the country's Gross Domestic Product (GDP) in 2015.

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).
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