DILI, 21 november 2024 (TATOLI)— The Government of Timor-Leste today, for the first time, held a two-day Timor-Leste Tourism Investment Forum that brought together national and international investors to focus on tourism as a sector with great potential.
With keynote speakers and panel discussions, partnership opportunities, a trade show, and site visits, the forum was designed to inspire collaboration and innovation.
Together with local and international stakeholders, investors, tourism industry experts, and government representatives, spread the vision, share ideas, and explore new opportunities in Timor-Leste’s tourism sector.
Vice-Prime Minister and Minister Coordinator for Economic Affairs and Minister of Tourism and Environment, Francisco Kalbuadi Lay, in his speech welcomed the national and international investors who attended the forum as a major form of support, especially in the development of the tourism sector that will advance the economy in Timor-Leste.
“We are here to jointly develop the economic sector, and today we have distinguished guests from various countries; your participation provides a commitment to make sustainability in tourism and the economy in this country,” the Vice-Prime Minister Kalbuadi Lay said at the forum held at the Dili Convention Centre (CCD).
The Chief Representative of the International Finance Corporation (IFC) in Timor-Leste, David Freedman, said as a partner of this year’s forum, is very proud to be able to work with the Ministry of Tourism and Environment (MTA) to organize the forum because the tourism sector has a great potential.
“We hope that with this forum in the future we can mobilize domestic and foreign investment in the tourism sector and can create job opportunities to develop the economic sector in Timor–Leste,” he said.
According to Freedman, Timor-Leste is only in the early stages of tourism development, and it is hoped that this process can be realized through the creativity and initiative of the Timorese people in collaboration with foreign partners.
The President of the Timor-Leste Chamber of Commerce and Industry (CCI-TL), Jorge Serrano, recognized that this forum could bring together various investors to better see the opportunities and chances of investing in Timor-Leste.
“If investment goes well, it will have an impact on the economy in the country; employment opportunities, development, and others are one package because if the economy goes well, income can rise. The infrastructure here is not the best, but we have done many things, and this is the condition prepared to attract investors,” he said.
Meanwhile the forum also outlined five reasons to invest in Timor-Leste.
- New country with great economic potential; financial stability is attractive for investment opportunities. Despite being a small country, Timor-Leste is achieving rapid economic growth, reaching 3.9% in 2022, higher than East Asia and the Pacific islands’ 3.4% and global growth of only 3.0%. Timor-Leste’s economic growth is projected to be 3.5% in 2024.
- Strategic export platform: Access to preferential markets with a population of nearly 2 billion people in 56 countries with world-class port facilities.
- Competitive labor costs with younger and more dynamic workers. Second most competitive minimum wage country in Southeast Asia (US$115/month), with over 66% of the population being young people under the age of 30, higher than all countries in East Asia and the Pacific Islands (40%) with an average of 49% worldwide.
- Competitive tax regime with special incentives for investment: The tax rate is the lowest in Southeast Asia (10% income tax), with incentives such as tax holidays for up to 10 years, legal stability agreements, and investor-preferred land leases.
- Democratic and peaceful country—the most democratic country and the best political stability, no violence in the Southeast Asian region.
The four priority sectors in Timor-Leste’s tourism industry are:
- Fishing and swimming – The Coral Triangle of Biodiversity is home to the largest concentration of tai species in the world. Enjoy and take advantage of the clean beaches.
- Whale watching. This is one of the world’s leading whale and dolphin watching spots. From September to December, the Timor Sea becomes a major passage for blue whales migrating along the North Coast.
- Hiking – Trekking, birdwatching and coffee. Explore beautiful landscapes from the sea to the mountains and good quality coffee. Rich in bird biodiversity, traditional communities and villages, and șira temples.
- History, Culture & Heritage – Experience a unique culture shaped by 4 different influences: ancient and heritage sites, beautiful and historic Portuguese architecture. Important World War II sites and important landmarks of the resistance movement.
Journalist: Camilio de Sousa
Editor: Rafael Ximenes de A. Belo
