Message from the Minister

Message from the Minister of Finance, the Economy and Investment  Hon. Mr Tonio Fenech

Malta’s international financial services centre is one of the fastest growing in the world, with the industry expanding by around 30 %per annum in the past three years. Indeed, financial services have become a key component of Malta’s economy, contributing some 12% of GDP and employing some 4% of the island’s workforce. Supported by an efficient regulatory structure, competitive costs which remain among the lowest in Europe, an advantageous, EU-approved fiscal system, and over fifty double taxation treaties, as well as a state-of-the-art telecoms and ICT infrastructure, the financial services industry is powered by a highly qualified and motivated workforce.

Human resources constitute Malta’s most valuable asset. Malta has invested substantially in education and training over the last two decades, with the positive result of this investment evident in the fact that investors regularly cite the Maltese workforce as one of the main reasons they choose to do business in Malta.

In addition, accession to the European Union in 2004 proved a catalyst for the financial services industry in Malta, as new, globally-praised and EU-harmonised legislation was introduced and the island began to enjoy the benefits of passporting rights across the entire European market. Euro adoption in 2008 acted as a further incentive to the industry, attracting many leading financial institutions to set up operations in Malta in the two years since.

This has not happened by chance. The Maltese government’s commitment to the expansion of the financial services industry over the years has seen significant investment in both infrastructure and education, while Vision 2015, sets out our clear objectives to ensure Malta becomes a centre of excellence in financial services within the next six years. This will mean continued investment, continued dialogue with the industry and continued commitment to our guiding principle of offering the most competitive and effective financial legislation and regulation in the world.

In the meantime, foreign investors will find that Malta may indeed offer the ideal solutions for the further growth and profitability of their business. The combination of EU and euro area location, excellent human resources, relatively competitive costs and highly efficient fiscal systems make Malta an attractive destination. I’d like to invite you to learn more about the island and discover exactly how being in Malta could help you, and your business, flourish.