On May 5th, 2026, in Jerudong, Timor-Leste and Brunei Darussalam jointly hosted the Business Engagement between Brunei Darussalam & Timor-Leste, an initiative aimed at strengthening bilateral economic relations, promoting investment opportunities, and deepening cooperation between the public and private sectors of both countries. 
Vice-Prime Minister, Coordinating Minister of Economic Affairs, and Minister of Tourism and the Environment Francisco Kalbuadi Lay attended the event on behalf of Prime Minister Kay Rala Xanana Gusmão, together with the Minister of the Prime Minister’s Office and the Second Minister of Finance and Economy of Brunei Darussalam, Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah.
In his remarks, Minister Amin Liew Abdullah highlighted the strengthening of diplomatic relations between the two countries since 2002 and expressed interest in promoting new opportunities for economic cooperation, including for small and medium-sized enterprises, with a view to expanding partnerships and integrating into regional value chains.
Francisco Kalbuadi Lay expressed his gratitude to Brunei Darussalam and the other ASEAN member states for their support for Timor-Leste’s full accession to ASEAN and outlined the country’s economic and national development priorities.
The Vice Prime Minister stated that “Timor-Leste is open for business” and highlighted ongoing reforms to diversify the national economy and reduce dependence on the oil sector. He also noted the expected growth of the non-oil economy by 2025 and emphasised the need to strengthen investment and international partnerships to accelerate economic development.
The Vice Prime Minister also highlighted investment opportunities in sectors the Government considers priorities, including agriculture, fisheries, tourism, energy, and infrastructure. In tourism, he emphasised the potential offered by marine biodiversity, natural landscapes, and the development of new infrastructure and connectivity.
In the energy sector, Francisco Kalbuadi Lay noted Timor-Leste’s interest in deepening regional cooperation—including with Brunei Darussalam—in oil, gas, and renewable energy, as well as in developing integrated energy projects.
The Vice Prime Minister also presented the legal and regulatory reforms adopted to improve the business environment, including legislation on private investment, competition, insolvency, and export promotion, as well as measures to streamline administrative procedures and facilitate investment.
During the meeting, a business dialogue session was held to identify new areas for cooperation and to strengthen economic ties between the two countries.
On the sidelines of the forum, several Memoranda of Understanding were signed, including healthcare and business cooperation agreements. The President of the Timor-Leste Tourism Authority, Virgílio Smith, also signed Memoranda of Understanding with companies from Brunei Darussalam to cooperate on tourism promotion, investment, and the development of tourist destinations.
The forum brought together government representatives, business leaders, and investors from both countries and helped coordinate efforts to promote regional economic cooperation after Timor-Leste’s full accession to ASEAN.