New opportunities for Singapore businesses as Timor-Leste diversifies economy: PM Wong

[DILI] As Timor-Leste pivots away from oil towards tourism and the blue economy, Singapore businesses can tap these emerging prospects, leveraging improving ties between the two South-east Asian neighbours.

Singapore business associations may consider mounting missions to Timor-Leste so companies can see for themselves the various areas of engagement that exist, said Prime Minister Lawrence Wong.

He made these remarks during an interview with the Singapore media on Friday (Jul 3) to wrap up his two-day visit to Timor-Leste.

This is his inaugural trip to the South-east Asian country, and the first visit by a Singapore prime minister to the young nation since it gained independence in 2002.

He said: “Hopefully, this visit will spark more interest among Singaporeans, and it will spark more exchanges and interactions between Singaporeans and the Timorese people.”

Asked about the nation’s long-term prospects, the Singapore leader noted that there is significant room for optimism – thanks to its youthful population, resource richness and growth potential.

“Businesses coming into any emerging market, they have to come in with their eyes open, recognising that there are always going to be complexities when you go overseas,” said PM Wong.

“Businesses have to take the long view and find good local partners,” he continued, emphasising companies must figure this out for themselves and that governments cannot guide such decisions.

The prime minister attended a reception held in Dili on Thursday, where he met with dozens of Singaporeans with ties to Timor-Leste. Some 50 to 60 of them live in the country, with the community comprising mainly business people and missionaries.

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“Not everyone is successful – that’s the nature of business. But quite a number of them are thriving, and they are excited and optimistic about the prospects,” he noted.

Bilateral ties stronger than ever

PM Wong noted that cooperation between the two countries is “stronger than ever”, and added that Timor-Leste’s development plans and continued aspirations as a full member of Asean will pave the way to even more opportunities.

Singapore’s relationship with Timor-Leste goes back a long way – to its pre-independence days.

The Republic was one of the first countries to contribute to the International Force East Timor in August 1999. It maintained peacekeeping efforts in the country for more than a decade and launched multiple programmes and packages to support Timor-Leste in its journey to Asean membership.

Singapore set up its resident embassy in the Timorese capital of Dili in April 2024; in March 2025, the Republic appointed its first resident ambassador, Teo Lay Cheng.

“The visit now comes at a natural point when they have become a full member of Asean. This is a good occasion to visit and to elevate our partnership, and to do more together,” said PM Wong.

The road ahead

Singapore’s next phase of support will be to help Timor-Leste not just benefit, but also contribute to the bloc, he added. This is especially timely, given the young nation’s aspiration to chair the regional alliance in 2029.

“All of us who have gone through Asean chairmanships know it’s a massive and significant responsibility and undertaking. That’s why we are again leaning forward to say we will support (Timor-Leste),” said the prime minister. This includes boosting the current support package with more Asean-related programmes.

Timorese officials will be offered Asean-related workshops and seminars, financial management courses, as well as the opportunity for attachment stints with Singapore teams during the city-state’s chairmanship term next year.