Learning from Norway: A Pathway for Timor-Leste’s Prosperity
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Amsterdam, September 10th, 2024 – Timor-Leste, a nation rich in cultural heritage and natural beauty, stands on the brink of a transformative era. With recent oil and gas discoveries, the country has a unique opportunity to emulate Norway’s success in using natural resource wealth to build a fair and prosperous society. By focusing on sustainable development, job creation, and enhancing public services, Timor-Leste can pave the way for a brighter future.
Harnessing Natural Resources for Sustainable Development
Norway’s approach to managing its oil wealth through the Government Pension Fund Global (GPFG) offers a valuable blueprint for Timor-Leste. By establishing a sovereign wealth fund, Timor-Leste can ensure that the revenues from oil and gas are invested wisely, promoting long-term economic stability and growth. This fund can be used to finance infrastructure projects, support small and medium-sized enterprises, and invest in renewable energy sources, ensuring a diversified and resilient economy1.
Creating Jobs and Empowering the Workforce
One of the key lessons from Norway is the importance of creating jobs and empowering the workforce. Timor-Leste can invest in vocational training and education programs to equip its citizens with the skills needed for the evolving job market. By fostering a culture of innovation and entrepreneurship, the country can stimulate job creation in various sectors, including technology, tourism, and agriculture. This not only reduces dependency on oil revenues but also promotes inclusive economic growth2.
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Enhancing Public Services: Education and Health
Investing in public services is crucial for building a fair society. Norway’s robust education and healthcare systems have been instrumental in its development. Timor-Leste can prioritize similar investments, ensuring access to quality education and healthcare for all its citizens. By improving educational infrastructure, training teachers, and expanding healthcare facilities, the country can enhance the overall well-being of its population and create a more equitable society3.
Fostering Good Governance and Transparency
Good governance and transparency are the cornerstones of Norway’s success. Timor-Leste can adopt similar practices by promoting accountability, reducing corruption, and ensuring that the management of oil revenues is transparent and inclusive. Engaging civil society and fostering public participation in decision-making processes can strengthen democratic institutions and build trust between the government and its citizens1.
Conclusion
Timor-Leste has a remarkable opportunity to transform its newfound wealth into lasting prosperity. By learning from Norway’s example, the country can harness its natural resources for sustainable development, create jobs, enhance public services, and foster good governance. With a collective effort and a vision for the future, Timor-Leste can build a fair and thriving society where every citizen has the opportunity to succeed.
2: BTI 2024 Timor-Leste Country Report 3: Timor-Leste’s uncertain future – Lowy Institute 1: Timor-Leste’s Petroleum Revenues: The Challenges of Managing ‘Easy Money’
What do you think about these ideas? Do you see any other areas where Timor-Leste could benefit from Norway’s example?