The Minister of Finance, the Economy and Investment, the Hon. Tonio Fenech has today highlighted the role of financial services as the cornerstone of Malta’s modern economy and pointed out that the country is fast gaining international recognition for its excellent service, competence, technical infrastructure and legislative and regulatory frameworks in this area.

 

Concluding Finance Malta’s first annual conference, Minister Fenech remarked that the industry accounts for no less than a 12% direct and indirect contribution to the country’s gross domestic product, an amount which is set to double in the next decade. Malta recorded a GDP growth rate of 3.8% in 2007 which continued on the positive trend of recent years. The sector’s gross value added exceeded €210 million in 2007. 

 

Minister Tonio Fenech explained that Malta’s reputation as a successful international financial services centre did not happen as a coincidence, but is rather the result of Government’s strategic plan for the restructuring and evolution of our economy. However, such success would not have been possible without the commitment of the local worker - Malta’s most important resource. A qualified, adequately trained and flexible work force is fundamental for the economic development of our country.

 

Today, we have seen how the challenge we are facing is not that of unemployment, but rather of ensuring that the necessary number of students are trained for the posts that are increasingly becoming available at all levels in the financial services sector.

 

Government is committed towards improving these figures and reaching the goal of having Malta as a key player in the financial sector by 2015, by when, the ever-growing sector will have become a key pillar of the country’s economy. It is for this reason that Government, following consultations with the industry, made the important decision of establishing FinanceMalta with the objective of promoting and enhancing Malta’s fast-developing financial services sector. This was an important step in that, what was previously left up to the Regulator of Financial Services – the Malta Financial Services Authority – has now been transferred to an independent body which is mainly driven by the industry itself.   

 

Refering to the recently launched consultation document on Islamic finance, Minister Fenech explained that this is yet another opportunity for our country, and urged those present to look out for possible ways of participating in this ever growing market, and in consideration that Malta stands a competitive advantage due to its geographical proximity to the Islamic world.

 

During this event, Minister Fenech has also launched the Doing Business in Malta Guide and Business Directory, which FinanceMalta has issued as its first publication in collaboration with Country Profiler. This quality publication looks at the benefits that Malta presents in all aspects relevant to the financial services industry and 12,000 copies are expected to be distributed worldwide in order to attract potential investors to the island.