Malta, China Pledge To Support Economic Alliance

by Ulrika Lomas, Tax-News.com, Brussels

09 January 2012

Maltese Deputy Prime Minister Tonio Borg extolled the dramatic increase experienced between Malta and China in terms of bilateral economic activity in previous years as the two countries look to foster strong business ties.

At a meeting between Borg and the Chinese Minister for Foreign Affairs, Yang Jiechi, both ministers committed to furthering their relationship, with bilateral trade having increased by 25% over the past three years despite the international economic crisis.

At the meeting, Jiechi expressed his satisfaction with Malta’s role within the European Union in promoting the EU-China Partnership. The Chinese Minister said that more Chinese tourists and students will be encouraged to visit Malta, which he described as a safe place and very attractive for investment. He specifically referred to sea transport, education, financial services, high value-added manufacturing, energy and tourism as areas that can experience growth in the coming years between the two countries.

The Chinese Ministry of Foreign Affairs previously reported that bilateral trade growth has been expanding at a greater pace between China and Malta than the average increase in trade between China and the 27 EU member states.

The two countries already share extensive agreements to promote cooperation including a Memorandum of Understanding Regarding Securities and Futures Regulatory Cooperation, a Memorandum of Understanding between the China Banking Regulatory Commission and the Malta Financial Securities Services Authority, and most recently an agreement between China and Malta for the avoidance of double taxation.

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