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About Malta

AboutMalta

Malta is located at the crossroads of the Mediterranean and is the ideal bridge between Europe, North Africa and the Middle East. The island has strong and positive relations with its Mediterranean neighbours and, thanks to the island’s history, the Maltese have acquired considerable cross cultural skills and capabilities. Malta has a track record in the production of a surprisingly diverse range of quality products and services which are exported globally to some of the world’s most demanding and sophisticated markets.

During the past four decades, the country has notched up an equally impressive record in attracting foreign investors to Malta and who continue to re-invest in their production and service facilities on the island. As an independent nation, Malta has adopted an industrial policy aimed at maintaining steady productive growth whilst keeping in line with international economic developments. Malta has nurtured an environment that is conducive to the needs of international business with minimal bureaucracy and a pragmatic ‘can do’ approach. Malta has, as an independent European nation, consistently enjoyed strong relations with Europe. The Maltese economy is already well integrated with the European Union with the EU being by far Malta’s largest trading partner. In 2003 Trade with the EU represented 44.3% of Malta’s exports and 67.7% of the island’s imports. Now that Malta is formally part of the EU, the free physical movement of goods and capital, in view of the single market, will further facilitate trade and investment. In particular, firms located in Malta will have far easier access to the full EU marketplace than in the past.

A report on Malta’s entry unto the Eurozone next January, carried in a recent edition of the influential publication The Economist (July 14-20), describes Malta’s efforts to qualify for euro adoption as “a textbook case of the beneficial effects of meeting the entry criteria”. The lure of euro membership was explained by The Economist in these terms: “Malta does three-quarters of its trade with the EU. Membership of the euro eliminates the cost of swapping into and out of a currency used nowhere but a small Mediterranean island. It will help tourists from the euro area and the growing number of overseas firms drawn by Malta's sunny climate and well-educated, English-speaking workforce.”

The Maltese economy has met the qualifications for the currency switch to the euro. GDP growth in the first quarter of this year was 3.5 per cent; unemployment is the lowest in 12 years; the tourism industry is enjoying the best year in six years; new niches in the manufacturing sector have successfully established themselves; and the banks are making record profits. All these statistics bear out the outstanding performance of the Maltese economy in the last 12 months. This week’s publication of the interim financial results of HSBC Malta continues to confirm the dynamism of our economy.

Visitors coming over to the Maltese Islands for the first time are invariably struck by the sense of hospitality and friendliness of the Maltese people. The visiting business person will therefore find that it's a pleasure to do business in Malta. Malta is in many ways the ideal place to mix business with pleasure.

Sources:
http://www.maltaenterprise.com
http://www.maltatoday.com.mt
viewed on 27th November 2007