The annual 2015 Timor-Leste and Development Partners’ Meeting took placein Dili capital on June 6 focusing on institutional consolidationtowards integrating and participating into ASEAN.

Speaking at the event, Timor-Leste Prime Minister Rui Maria de Araujosaid that improving institutions towards integration into ASEAN and theinternational economy is a top priority in Timor-Leste’s developmentstrategy.

He told participants that thecountry’s 2011-2030 Development Strategy, which was built at the 2011meeting, set a target of becoming a middle-income nation with health andeducation systems meeting people’s demands. The strategy was based onfour pillars of social development, infrastructure upgrading, economicgrowth and management capacity strengthening.

The Government leader thanked support from development partners,especially those from the Southeast Asian region, affirming thatintensifying dialogue is significant to help the country achieve thesetargets.

According to a World Bank report,Timor-Leste’s economic growth is forecast to reach 6.9 percent in 2015,lower than the two-digit growth rates in the previous years. Economistssaid that the decrease is due to the country’s dependence on oil and gasexports.

Meanwhile, oil reserves at the BayuUdan oil field, which contributes up to 95 percent of the country’s oiland gas revenue, is predicted to become exhausted in 2021, four yearsearlier than scheduled.

Therefore, developmentpartners suggested the tiny Southeast Asian country to swiftly diversifyits economy, and call for investments in agricultural and industrialproduction, services and tourism.

This year’sevent attracted the participation of representatives from nearly 20development partners, including the US, Japan, Australia, New Zealandand several ASEAN nations, and international organisations like theUnited Nations and the World Bank.-VNA