Kuala lumpur: 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 emphasized the significance of the petroleum industry as the backbone of Timor-Leste’s economy, noting its role as the main source of revenue for infrastructure development and national progress. Gaspar reaffirmed the country’s stance that the Greater Sunrise gas field project, located 150 kilometers south of Timor-Leste, will maximize economic benefits and create employment opportunities for the country.

According to BERNAMA News Agency, Timor-Leste’s government is determined to ensure that the pipeline and processing facilities for the project are developed within the country. This development is seen as a crucial step towards economic development and job creation. The government is actively welcoming private sector players from ASEAN countries, especially Malaysia, to invest in the petroleum industry in Timor-Leste. Opportunities are available in various areas, including the supply base and partnerships with local companies to provide services for the operation of the Greater Sunrise gas field.

Gaspar highlighted that discussions regarding the Greater Sunrise gas field are ongoing, with a decision on its development direction expected early next year. Meanwhile, concerning Timor-Leste’s accession into ASEAN, he noted that it marks an important milestone for the young nation’s economic growth and provides 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 harmonizing domestic regulations to match regional standards. Gaspar emphasized that this process is expected to enhance investor confidence and attract business to Timor-Leste. Despite being in the process of developing its infrastructure, the country offers special market access, providing significant potential for ASEAN investors.

Timor-Leste, as a least-developed country, enjoys preferential access to markets in the European Union, India, New Zealand, and Australia, along with lower tariffs to the United States. Gaspar pointed out that these advantages position Timor-Leste as a hub for processing or producing for certain markets, particularly for investors from Malaysia and other ASEAN nations.