Four companies to invest more than US$70m in productive sectors

Four companies to invest more than US$70m in productive sectors

(Image Tatoli/Francisco Sony)

DILI, 23 november 2021 (TATOLI) – The Coordinating Minister of Economic Affairs, Joaquim Amaral handed over the Declaration of Benefits to four companies, including Keshavarz Great Timor (Iraq), Timor Marina Square (Singapore), Fung Ao Seu Unipessoal Lda, and Dili Vanilli HMN Lda to make investments in Timor-Leste.

The four companies received the Declaration of the Benefits from MAKE to invest in two different main sectors, namely agriculture (veterinary, fisheries, and aquaculture) and tourism.

Keshavarz Great Timor is originally from Iraq would invest in the area of agriculture, focusing on veterinary and aquaculture with US$2 million.

Timor Marina Square is originally from Singapore, would invest in the area of tourism. The company would build two luxury skyscrapers in Lecidere-Dili for US$50 million.

Fung Ao Seu Unipessoal Lda is a national company, would invest in the agricultural plantation in the Welaluhur of the Manufahi municipality, with US$25 million.

Dili Vanilli HMN Lda is a joint venture of Timor-Leste and an Australian company, would invest in the vanilla plantations with US$294.350.

The Executive Director of TradeInvest Timor-Leste, Arcanjo da Silva informed that the investment would create more than 500 job opportunities in the country, adding Keshavarz Great Timor would hire 20 people, Timor Marina Square would employ 420 people, Fung Ao Seu would hire 66 workers and Dili Vanilli HMN would employ 17 people.

Coordinating Minister of Economic Affairs (CMoEA), Joaquim Amaral congratulated the four companies for being selected out of other companies to receive the Declaration of the Benefits.

“I praised these four companies for their determination to keep putting efforts despite the Covid-19 pandemic,” Silva told reporters at the Conference Hall of the TradeInvest, in Dili, today.

He said these four companies would invest in the productive sectors which are aligned with the government priority programs, focusing on the development of productive sectors.

Amaral said of the four companies, two are local companies, including Fung Ao Seu Unipessoal Lda and Dili Vanilli HMN Lda: “This is a positive sign and good opportunity for our national companies to make investment and grow.”

“In the next 10 years, we will see Largo Lecidere with a different view and different landscape, as Timor Marina Square would build two luxuries skyscrapers in the area. This is a strategic investment for Timor-Leste’s Economic Diversification Policy,” said Amaral.

At the same place, the representative of the four companies, Brenda Lei Kuansan from Timor Marina Square said: “Building these two luxuries skyscrapers would provide a significant contribution to Timor-Leste’s economic growth.”

“This investment will contribute to the nation’s economic growth by attracting more tourists to the country in the future,” said Kuansan.


Journalist: Filomeno Martins 

Editor: Nelia Borges Rosario 


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