Potential from oil & gas production and agriculture
In May 2002, the Democratic Republic of Timor-Leste was internationally recognised as an independent state, making it one of the world's youngest nations. Relations between Timor-Leste and Germany are friendly, with KfW playing an active role in the country's maritime transport sector. Timor-Leste has around 1.3 million inhabitants and is smaller than the German federal state of Schleswig-Holstein. Timor-Leste's long-term prospects are good, because of its oil and gas reserves in the Timor Sea, which it shares with Australia. The country sustainably invests the income it generates in a state fund, similar to how it is managed in Norway, fuelling hopes of lasting positive economic development.