New council to build business ties with East Timor; the new country of East Timor is looking to rebuild after its tumultuous past. Tamsyn Smith reports on how Australian businesses are helping with the process. (New Opportunities).

On 20 May this year, East Timor became the world's newest country. The celebrations of becoming an independent nation have been replaced by an energetic bid to attract the right kind of foreign investment, as the East Timor Government takes a realistic look at the state of its affairs.

The country is currently suffering from an energy crisis, disrupted infrastructure and an unstable economy--an overall situation that requires a great amount of effort to turn around.

To assist in this rebuilding, a group of Australian businesses have formed the Australia-East Timor Business Council (AETBC), which met for the first time in Sydney last month.

The council aims to encourage and develop business opportunities between the two countries by coordinating Australian business input into the reconstruction of East Timor, in close cooperation with both governments.

Private sector help

Jose Teixeira, East Timor's Secretary of State for Tourism, Investment and the Environment, welcomed the formation of the AETBC, saying that such organisations are …