DILI, 09 november, 2021 (TATOLI)- The United States International Development Agency (USAID) and The Coordinating Minister of Economic Affairs and CCITL introduced the draft of fortification Economy policy through Medium, Small Enterprise (MSE) in Timor-Leste to share the ideas for the business strategy on economy policy framework to ensure the effective coordination between government and private sectors.
The adviser of Coordinating Minister of Economic affairs, Stanislaus Aleixo Da Silva said that the information sharing is related to the economic fortification strategy within the draft law outlined and conducted by the MCAE, USAID, and CCITL.
“The business framework and economic fortification framework was developed between UNDP, MCAE, and CCITL with the help from the specialist from the University of Monas,” he said.
He said that covid-19 is disturbed the business sectors around the world and the country economy is weak due to all the investors losing their business revenue. Timor-Leste is a small country that has suffered from covid-19 and the entrepreneurs lost their income and affected the country’s economy.
“It is required for economic strategy and policy development to support the private sector business to contributing to the country economic development,” The Specialist Strategy Economy Development, Mr. Karry said on his presentation via virtual conference.
The government of Timor-Leste must ensure the domestic and foreign investors that investing in Timor-Leste especially for some key challenges composing of accessing for business, security management issues tax arrangement and the foreign investors.
Ms. Natalia in her presentation recommended the government of Timor-Leste to drive an open business.
“This strategy is introducing to the world Timor-Leste preparation for the business opportunity,” she said.
She highlighted that the government of Timor-Leste should be developing the medium, small enterprise to engage with this strategy draft fortification policy. It is required development approximation on the work map.
The Prime Minister of Timor-Leste is required to support the change maker and has responsible to engage with the partners to ensure there is effectiveness in the implementation of the strategic policy of economic fortification.
Ms. Natalia recommended to the government of Timor-Leste ensure the establishment of a legislative framework to ensure the foreign investors to run their business without a doubt on addressing the business licenses.
She added that the government should review the tax to help entrepreneurs for tax management within using modifying and even simplifying and clear bank criteria of credit access to the medium, small enterprise groups.
Vice President for Juridical and regulation of Chamber Commerce and Industry Timor-Leste (CCITL), Julio Fernandes said that these draft laws must offer the benefit for the private sector for the investment. CCITL commits to promoting all private sectors in business sectors.
Based on the recorded data from United Nations, 39.3% of businesses have been affected by the Covid-19. While 5.9% of people lost their job.
Journalist: José Belarmino De Sá
Editor: Nelia Borges Rosario
