Tax-News.Com Archive

Sponsored by: PEARSE TRUST
Independent advice on corporate and trust structures

ARCHIVE ROOT | TODAY'S NEWS | LOWTAX

First Finance Malta Conference Concludes
by Robert Lee, Tax-News.com, London
11 June 2008

Malta's Minister of Finance, the Economy and Investment, Tonio Fenech has 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 framework in this area.

Concluding Finance Malta’s first annual conference last week, Minister Fenech remarked that the industry accounts for 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 EUR210mn in 2007.

Fenech explained that Malta’s reputation as a successful international financial services centre did not happen occur coincidentally, but is rather the result of government’s strategic plan for the restructuring and evolution of the Maltese economy. However, he stressed that the a qualified, adequately trained and flexible work force is fundamental for the economic development of the country.

According to Fenech, the 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 which time, the ever-growing sector will have become a key pillar of the country’s economy.

It is for this reason that the government, following consultations with the industry, established FinanceMalta with the objective of promoting and enhancing Malta’s fast-developing financial services sector. Previously, this task was left to the Maltese financial regulator, the Financial Services Authority.

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

During the event, Fenech additionally launched the Doing Business in Malta Guide and Business Directory, which FinanceMalta has issued as its first publication in collaboration with Country Profiler.

This 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.

.

 

IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.