The Specialised Investment Agency (AEI) of East Timor is working closely with the World Bank to improve the country’s private investment law, said the agency’s president Tony Duarte, quoted by news website Macauhub.

Mr Duarte said the technical support provided by the World Bank would help draw up an “investment map that identifies obstacles, constraints and also opportunities for investment.”

Data published by AEI show that since 2006 the Government has awarded 163 certificates to investors – 110 to foreign investors, 51 for domestic entrepreneurships and two for consortiums. According to the agency, these investments are worth up to US$880 million.

The new investments include US$310 million from a Singapore company, which plans to build a five-star hotel complex between Díli and Tibar, called the Pelican Paradise.

Among the new projects is a plant from Dutch brewer Heineken International; an investment worth US$40 million. The formal agreement with the Government of East Timor was signed on January 8 and construction should start this year. The brewer will produce beer and other alcoholic, low-alcohol and non-alcoholic beverages, as well as drinkable water.