TIMOR-LESTE EYES ASEAN PARTNERS FOR GREATER SUNRISE PROJECT

By Muhammad Fawwaz Thaqif Nor Afandi

KUALA LUMPUR, Nov 12 (Bernama) -- Timor-Leste has invited ASEAN investors to participate in the development of the Greater Sunrise gas field project, which is expected to open new investment opportunities and strengthen local industry participation, said its Ambassador to Malaysia, Lisualdo Gaspar.

He said the petroleum industry remains the backbone of Timor-Leste’s economy, serving as the main source of revenue for infrastructure development and national progress, while reaffirming the country’s stance that the Greater Sunrise gas field project, located 150 kilometres south of Timor-Leste, will maximise economic benefits and create employment opportunities for the country.

“Our government’s position is clear, we want the pipeline and processing to be developed in Timor-Leste to enable economic development and create jobs.

“We welcome private sector players from ASEAN countries, especially from Malaysia, to come and invest in the petroleum industry in Timor-Leste, be it in our supply base or by partnering with local companies to provide services for the operation of the Greater Sunrise gas field,” he said on Bernama TV’s The Nation programme titled Timor-Leste’s ASEAN Journey Begins.

He added that discussions on the Greater Sunrise gas field are ongoing and a decision on its development direction is expected early next year.

Meanwhile, regarding Timor-Leste's accession into ASEAN, Lisualdo said it marks an important milestone for the young nation's economic growth and is an opportunity to align its economy with the regional bloc standards.

Currently, the country's immediate priority is to comply with legal instruments under the ASEAN Economic Community while harmonising domestic regulations to match regional standards.

“Through this process of joining ASEAN, we harmonise our legislation through ASEAN standards and practices. This process will enhance investors’ confidence and attract them to come and do business with Timor-Leste," he told Bernama following The Nation programme.

He added that although Timor-Leste is still developing its infrastructure, the country's special market access provides investors especially from ASEAN with a significant potential.

"As the least-developed country, we have preferential access to the European Union, India, New Zealand and Australia and lower tariffs to the United States. So, Malaysia and ASEAN investors can see Timor-Leste as a hub for processing or producing for certain markets," he said.

-- BERNAMA