Timor-Leste Seeks ASEAN for Sunrise Project
- timor-Leste is actively courting investment from ASEAN countries, especially Malaysia, to develop it's petroleum industry and unlock economic growth.
- the Timorese government is determined to see the pipeline and processing facilities for the Greater Sunrise field located within Timor-Leste.
- Lisualdo Simões, a representative of Timor-Leste, emphasized this commitment during an appearance on Bernama TV's "The Nation" program, titled "Timor-Leste's ASEAN Journey Begins."
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Timor-Leste Seeks ASEAN Investment for Greater Sunrise Gas Field Growth
Table of Contents
Published November 12, 2023, 5:16 AM PST
timor-Leste is actively courting investment from ASEAN countries, especially Malaysia, to develop it’s petroleum industry and unlock economic growth. The nation is prioritizing the development of the Greater Sunrise gas field within its borders and is nearing a decision on its development direction.
Strategic Focus on Domestic Processing
the Timorese government is determined to see the pipeline and processing facilities for the Greater Sunrise field located within Timor-Leste. This strategy is intended to maximize economic benefits and create employment opportunities for its citizens, according to statements made by Timor-Leste officials.
Lisualdo Simões, a representative of Timor-Leste, emphasized this commitment during an appearance on Bernama TV’s “The Nation” program, titled “Timor-Leste’s ASEAN Journey Begins.”
Inviting ASEAN Investment
Timor-Leste is specifically seeking partnerships with private sector players from ASEAN, with a particular focus on Malaysia. Investment is welcomed in supply base development and collaborative ventures with local companies to provide services for the Greater Sunrise project. A decision regarding the development direction of the gas field is anticipated in early 2024.
ASEAN Accession: A Milestone for Economic Growth
Timor-Leste’s recent progress towards accession into the Association of Southeast Asian Nations (ASEAN) is viewed as a pivotal moment for its economic development. The country believes that aligning its economy with regional standards will foster growth and attract foreign investment. Timor-leste officially became the 11th member of ASEAN on September 12, 2023 [ASEAN Official Website].
Currently, the nation’s immediate focus is on ensuring compliance with the legal instruments of the ASEAN Economic Community and harmonizing its domestic regulations to meet regional standards.
Harmonization and investor Confidence
Lisualdo Simões explained that the process of joining ASEAN involves harmonizing legislation with ASEAN standards and practices. This harmonization is expected to boost investor confidence and encourage businesses to invest in Timor-Leste.
Leveraging Trade Preferences
Despite ongoing infrastructure development, Timor-Leste offers investors, particularly those from ASEAN, significant potential through its special market access arrangements. As a least-developed country, Timor-Leste benefits from preferential access to key markets including the European Union, India, New Zealand, and Australia, as well as reduced tariffs to the United States. [World Trade Association – Developing Country Status] This positions Timor-leste as a potential hub for processing or manufacturing goods for these markets.