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Timor Leste keen on attracting ASEAN investment

Timor Leste is making efforts to attract investment from ASEAN member countries while strengthening activities to accelerate its process to join the association.

Timor Leste is makingefforts to attract investment from ASEAN member countries whilestrengthening activities to accelerate its process to join theassociation.

The statement was made by José LuisGuterres, Senior Minister and Minister of Foreign Affairs andCooperation of Timor-Leste during his meeting with ASEANSecretary-General Le Luong Minh on January 15, according to the ASEANSecretariat’s press release.

Timor Leste Prime MinisterXanana Gusmao will visit ASEAN countries to strengthen bilateral ties,introduce the country’s investment potential and opportunities as wellas call for interest in taking part in its development, the Ministersaid.

At the meeting, Guterres informed Minh of Timor Leste’s efforts in meeting ASEAN admission requirements.

He stated that over the past time, the Timor Leste Embassies in ASEANcountries have facilitated the submission of tender proposals bycompanies for infrastructure projects, such as roads and ports, inTimor-Leste.

To date, Indonesia , Singapore and thePhilippines have been the three most active ASEAN member statesparticipating in the development projects of Timor-Leste, he said,adding that Timor Leste’s two-way trade with Indonesia and Singaporeaccounts for 80 percent of its total foreign trade.

The Secretary-General updated Guterres on the current work carried outby the ASEAN Coordinating Council Working Group (ACCWG) in assessingTimor Leste’s application to join ASEAN.

Timor-Leste had applied for an ASEAN membership in 2011 and invited the ASEAN Foreign Ministers to visit the country./.VNA

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