Singapore

PM Wong encourages Singaporeans to visit, do business in Timor-Leste as it opens up

He urged Singaporean businesses to look at opportunities as Timor-Leste’s economy diversifies beyond oil and gas into sectors such as hospitality and infrastructure.

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Justin Ong Guang-Xi

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DILI, Timor-Leste: Mr Lawrence Wong hopes his visit to Timor-Leste, the first by a Singapore prime minister, will spark greater interest and exchanges between Singaporeans and the Timorese people.

“There are many possibilities, and hopefully with this visit it will spark more interest among Singaporeans, and it will spark more exchanges and interactions between Singaporeans and the Timorese people,” Mr Wong told Singapore media on Friday (Jul 3), at the end of his two-day trip to the capital Dili.

There is “a lot of room for optimism in Timor-Leste’s long-term potential”, he said. “They are a young nation, youthful population, they have the resources, they have the potential to grow much more than where they are now.”

Mr Wong said Timor-Leste’s status as an emerging economy would also present challenges for Singaporeans looking to invest there.

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“For businesses coming into any emerging market, they have to come in with their eyes open, recognising that there are always going to be complexities when you go overseas – businesses have to take the long view and have to find good local partners,” he said.

“That’s something that businesses need to know how to do. Governments cannot guide businesses in making these decisions.”

Mr Wong met a group of 50 to 60 Singaporeans based in Timor-Leste on Thursday, and said he was encouraged by the exchange. 

“Small though they may be, but there have been many who are here, have been here for a long time, they have sunk roots here, and some of them have indeed started businesses in a wide range of different areas,” he said.

While not everyone has succeeded, “quite a number of them” are thriving and optimistic about the road ahead, he added. 

Singaporeans considering business there face “another new dimension of learning”, but can draw on the experience of those who have already found success.

As Timor-Leste diversifies its economy beyond oil and gas, Mr Wong said new sectors such as hospitality, infrastructure and the blue economy – the use of coastal areas and the sea for economic growth – could open up for Singapore businesses.

“As Timor-Leste opens up its economy, there may well be new opportunities for Singapore businesses, and our business associations may be interested,” he said, adding that a business mission could be mounted to let more companies “see for themselves what these opportunities are”.

Mr Wong also encouraged Singaporeans and other tourists to visit Timor-Leste and learn about its culture and people.

“Do not just come in presuming that people want to learn from us, they do, but I think in many ways we can learn from them as well,” he said, adding that visitors should make an effort to learn local customs, norms and some of the local language.

During the visit, Mr Wong received Timor-Leste’s top honour from President Jose Ramos-Horta. He also announced that Singapore will open its construction, marine shipyard and process sectors to workers from Timor-Leste next year.

Source: CNA/jx

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