Emília Pires, Minister of Finance (MoF) of Timor-Leste and the Prince Philipp of Liechtenstein, Chairman of the LGT Group Foundation signed a Memorandum of Understanding (MoU) on 11 November.

The purpose of this MoU is to encourage cooperation and strengthen the business relationship for mutual benefit between the MoF and LGT and related corporations, which may include, subject to future discussions, transfer of technical know-how and joint investment activities.

LGT Group Foundation is a leading wealth and asset management group ultimately owned by the Princely House of Liechtenstein. With LGT Group’s experience in prudent asset management and investment diversification programmes, the LGT Group, at the request of the MoF and in accordance with the mechanism stipulated in the Petroleum Fund law, may assist in the review and evaluation of future investment opportunities contemplated by MoF.

Therefore, subject to discussions and specific documentation between the MoF of Timor-Leste and LGT Group Foundation may wish to setting up of a framework and programme to enable nominated representatives from MoF to participate in a training programme at the LGT Group, including MoF or LGT may initiate collaboration on joint investment activities.