East Timor is open for business, the world's newest nation said today. The nation was aiming to attract foreign investment in agriculture, fishing, manufacturing, tourism and the petroleum support industry as it struggles to achieve financial independence, East Timor Secretary of State for Investment Jose Teixiera said today.

Mr Teixera said the nation – which celebrated its first birthday last month – had just developed its first business and investment laws.

"We believe we are now in the position and will be in the next couple of months to launch a very business-friendly package of laws," Mr Teixiera told the South East Asia Australia Offshore Conference (SEAAOC).

"In relation to the law in investment, Timor Leste will have a transparent regime for attracting and licensing foreign investment which will be non-discriminatory and apply the modern universal guarantees sought by investors."

The nation would install an investor-friendly tax regime, and also establish a one-stop shop for investors, including information and support services.

East Timor, which suffers chronic poverty and massive levels of unemployment, received a boost with the announcement this week the $2.3 billion Bayu-Undan gas development in the Timor Sea will proceed. East Timor stands to earn $6 billion in royalties over the 20-year life of the project.

Mr Teixiera said the government would establish a fund in which to inject all the revenue from petroleum and gas developments, to safeguard the money for future generations. "The future of our people is so dependent on these revenues, we have a responsibility to preserve and safeguard these for future generations," he said.

Foreign Minister Alexander Downer said Australia would continue to support East Timor through its aid program. "I don't think it would be right for Australia to scale back its aid program in the short term just because East Timor is getting that revenue."