CHINA, EAST TIMOR STRENGTHEN FISHERY CO-OPERATION THROUGH MACAO PLATFORM

In recent years, Macao has actively been utilising its strength as a cultural hub between China and Portuguese-speaking Countries, constantly promoting the development of the Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries. It aims to assist Mainland enterprises in going global and tapping the markets of Portuguese-speaking Countries, as well as providing support to companies from these countries in accessing the Mainland market. With the assistance of Macao, East Timorese fishery attracts RMB40 million investment, with more Chinese investment poised to boost economic growth.

Minister of State, Co-ordinator of Economic Affairs and Minister of Agriculture and Fisheries, Estanislau da Silva

The Government of East Timor is ready to explore development opportunities in partnership with Macao and Mainland China, says East Timor’s Minister of State, Co-ordinator of Economic Affairs and Minister of Agriculture and Fisheries, Estanislau da Silva. Of the first signs of the deepening relationship, East Timor will welcome to its territorial waters two fishing boats from Zhoushan Ningtai Ocean Fisheries Co. Ltd. The initial investment for the construction of the fishing boats is said to be about RMB40 million (MOP47.1 million). Zhoushan Ningtai is based in Zhoushan, Zhejiang province, which is the Mainland’s biggest base for the production, processing and marketing of seafood.

The Mainland company will develop the fishery industry in East Timor with a local partner, Sociedade de Desenvolvimento Díli Lda. The project came to fruition with the support of bilingual staff and professional services of the Economic & Trade Co-operation and Human Resources Portal between China and Portuguese-speaking Countries.

The project will be a “springboard” to extend cooperation and boost economic development, Mr Silva tells Macao Image. The plan is to build processing and cold storage facilities in East Timor in the near term, as well as to invest in aquaculture projects.

“The total investment amount will grow and this project will help create jobs and generate revenue in the medium and long term,” he says. “This project also showcases the friendly ties between East Timor and China.”

Mr Silva visited Macao in October 2016 to participate in the 5th Ministerial Conference of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao). He attended the Entrepreneurs and Financiers Meeting, as part of the Ministerial Conference. Representatives from East Timor, Zhoushan and Macao took part in a seminar on fishery co-operation on 12 October. The seminar was designed to promote maritime co-operation, including the expansion of Zhoushan’s businesses in East Timor.

Opportunities aplenty

Mr Silva says the 5th Ministerial Conference of the Forum for Economic Trade Co-operation between China and Portuguese-speaking Countries (Macao) yielded “very positive” results. “The Entrepreneurs and Financiers Meeting was also very important to encourage exchanges between entrepreneurs from both sides,” he says. “I was impressed with the commitment from the People’s Republic of China in supporting the development of Portuguese-speaking Countries.”

Premier Li Keqiang told the meeting that Mainland China would invest RMB4 billion in Portuguese-speaking Countries in Africa and Asia, further strengthening cooperation in infrastructure development and supporting livelihood projects.

During their Macao visit, the Timorese delegation signed five co-operation agreements. Mr Silva says East Timor offers plenty of investment opportunities. “We have been very cautious in issuing licences in different sectors, but we welcome foreign investment,” he says.

He says that the Government has revised the legislation related to investment and to starting a business in East Timor. “We want to ensure that investors are welcome and feel comfortable in East Timor.”

Mr Silva says East Timor is focused on diversifying the economy, in order to make it less dependent on revenues from the sale of oil and natural gas. He says there are abundant business opportunities in several sectors, including tourism, manufacturing, agro-industry processing, mining and infrastructure construction.

“We are prioritising investment in infrastructure in order to build the backbone needed to support the economic development of the country. Chinese investment will play an important role. There are several Chinese companies building infrastructure projects in our country,” said Mr Silva.

Mr Silva says Chinese companies can contribute to the development of the country through experience and know-how. “That will certainly contribute to create jobs and for the economic growth of East Timor.”

He says Macao is the “strongest link” in the relationship with Mainland China, and East Timor and Macao share historical ties. “These cultural and historical links can help strengthen ties between East Timor and China,” he says, adding that we would like to see the launch of direct flights between the two countries.