ASEAN’s least-visited country: How Singaporeans are helping put Timor-Leste on the tourist map

Timor-Leste also uses the US dollar to underpin post-independence economic stability, which keeps prices higher than in neighbouring countries with weaker currencies.

Investors have hit roadblocks too. Singapore-owned Pelican Paradise Group was left in limbo after its US$700 million project was cancelled by the Timor-Leste government following 18 years of delays, the Business Times has reported.

Mr Julian Chiang, a Singaporean businessman who has lived in Timor-Leste for 14 years, said foreign investors remain wary of committing large sums because foreigners are barred from owning land.

“Why would I want to bring in $10 million, $15 million to build a building and the land doesn’t belong to me? If you take the same money, you can go to another country, and get it back in five years,” he said.

“So here they need to make it a bit more attractive for real investors.”

Mr Da Silva said the country needs more foreign direct investment to “build up the nation”, while also working within its domestic procedures. 

He pointed to Timorese who have already reinvested in hotels, Timor Plaza and aviation, and said Timor-Leste remains open to partnerships with foreign and local private companies alike, “as long as they comply with local regulations”.