DILI, 24 february 2022 (TATOLI)—Timor Marina Square is provided with 50 million USD to invest in two luxury skyscrapers in Dili.
“Timor Marine Square S.A. from Singapore is provided financially the amount of 50 million USD to construct the highest building in Dili.
“Timor Marine Square Company confirmed that the company has provided USD 50 million to begin the project. Therefore, it is required to finalize the formal license to gain authorization for the commencement of the projects. The project will be started in march 2022,” Director of TradeInvest Timor-Leste (TL), Arcanjo da Silva told Tatoli in an exclusive interview at the TradeInvest office, Colmera.
He added that Timor Marina Square is a company that originates from Singapore. It will invest in tourism sectors. To ensure this project can be implemented, the company has received a license declaration of Benefit certificate on november 23, 2021.
This investment is also to provide tourism facilities and aims to attract international tourism visiting Timor-Leste.
The company is recommended at least a month will be officially launched on the first stone as a sign to begin the construction. After signing the contract with the government of Timor-Leste,” He said.
Timor Marine Square S.A Company has three months or 90 days to officially launch the construction project. Before the first stone and if in the process the company intends to cancel or delay, the TL Government will impose a fine by the agreement made between the two parties.
“The requirement is offering not more than one month to be implementing the project. The company is recommending that the government accelerate the process of responding to the proposal. It is required 18 days to complete the requirement. Thus, we have 90 days to implement the project,” He said
In addition, three other companies have received a Declaration and gained the benefits certification which is valid by the Government to invest in the agricultural sector (veterinary, fisheries, and aquaculture).
“All companies will contribute to providing job opportunities for Timorese people,” the official said.
It is known that Iraq’s Keshavarz Great Timor Company was introducing two million USD to TradeInvest Timor-Leste to invest in agriculture sectors. It will be preferred in veterinary and aquaculture.
Moreover, a national company called Fung Ao Seu Unipesoal Lda wishes to invest in agro-floristry on plantations, It is decided to implement the project in the Welaluhu area in Manufahi municipality. The company also has provided the amount of US$25 million for this investment.
Dili Vanilli HMN Lda is a Timor-Leste joint venture and an Australian company, investing in vanilla plantations for US$294,350.
Journalist: José Belarmino De Sá
Editor: Rafy Belo
