China’s Growing Influence in Timor-Leste: A Quiet Shift
- Timor-Leste's national budget has increased significantly from $68 million in 2002 to around $2 billion today, with life expectancy rising from 57 to 70 years.
- The country is facing economic challenges, relying on the capital of the Petroleum Fund, which may be exhausted by the early 2030s, and is seeking investment from China's Export-Import Bank for the Greater Sunrise gasfield project.
- Ramos-Horta stresses the importance of maintaining strong international relationships and healing past wounds with Indonesia, while remaining optimistic about the nation's future.
Timor-Leste's President, Ramos-Horta, reflects on the nation's progress since gaining independence 25 years ago, highlighting improvements in the national budget and life expectancy. He acknowledges the country's strong relationships with China, Australia, and the U.S., while also expressing concerns about economic management. The reliance on the Petroleum Fund's capital rather than its interest raises alarms about sustainability, with predictions of depletion by the early 2030s. To address economic challenges, Timor-Leste is pursuing the Greater Sunrise gasfield project, collaborating with China's Export-Import Bank after Woodside hesitated on costs. Ramos-Horta emphasizes the importance of maintaining good relations with Indonesia and the need for healing past wounds, while also commenting on global political dynamics, including the situation in Ukraine and Taiwan. He remains unfazed by the potential return of Trump to U.S. politics, indicating a focus on stability and cooperation in the region.