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Indonesia, Timor Leste to talk on double-taxation elimination

Jakarta Post | June 29, 2018
 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

President Joko "Jokowi" Widodo welcomed East Timor President Francisco "Lú Olo" Guterres at the Bogor Palace in West Java on Thursday.

It is Guterres’ first foreign visit after being elected president last year.

During the meeting, both leaders discussed various issues, including the improvement of economic relations, particularly in investment and trade.

"We agreed to start negotiations on investment promotion and the elimination of double taxation," Jokowi said after the meeting.

He expressed the hope that an agreement would be reached with the new government of East Timor. "I hope President Lú Olo will keep on supporting Indonesian investments in Timor Leste."

Indonesia’s investment in the country stands at US$595 million annually. Nine state-owned enterprises and about 400 other companies owned by Indonesians operate there.