Business protection initiatives in Timor-Leste
Having long championed enacting laws designed to foster and safeguard investment in Timor-Leste, I am delighted to see that several senior leaders and influential figures have recently echoed these priorities.
As a taxpayer for almost a quarter of a century, both as an individual and through my company East Timor Trading Group, the largest non-oil taxpaying company in Timor-Leste, I have been a significant contributor to the national economy. As such, I believe it is incumbent upon me to advocate for reform in investment laws to ensure that business operations and related processes continue to become more efficient and effective for current and future investors in the country.
Over my nearly 25 years, I have consistently emphasised the importance of the rule of law, a level playing field for all investors, the implementation of land title law, easier access to finance, contract enforcement, double tax treaties, and clear business registration guidelines and processes. I am pleased to see that the current government, with its development manifesto and popular mandate, is working on a broad spectrum of these legislative improvements.
If we look at land title law alone, this will provide liquidity, lower interest rates, and generate economic activity from new foreign investors and amongst the new generations of aspirational Timorese so that they can participate in their country’s development, achieve individual prosperity, and unlock their great potential. Without land tenure laws, it is difficult to access capital at affordable rates because there is no security for bank loans.
As the saying goes, ‘Rome was not built in a day’. Nonetheless, with ASEAN membership on the horizon, there is a renewed urgency for such protections to be instituted as Timor-Leste prepares for its new place in the regional and global business landscape. Greater security for foreign businesses investing in Timor-Leste will also help to increase the much-needed economic diversity and, in time, help to create a more even development profile across the country's districts.
With great respect for due legislative process and hope for Timor-Leste's continued development, I am pleased to witness the emergence of multiple voices supporting these crucial changes and I trust that the government will successfully implement the necessary reforms in the near future.