Malta Enterprise Reveals Interest From Foreign Firms

by Robert Lee, Tax-News.com, London

27 January 2004

In contrast to a recent warning from the Federation of Industry that the island is facing a potential investment crisis, the head of Malta Enterprise, Joe Zammit Tabona, has revealed in the local media that the agency has received dozens of applications from internationally-based firms seeking to establish new operations in the jurisdiction.

In a recent interview with the Maltese Times, the Malta Enterprise chairman explained that ten applications from manufacturing firms will be discussed at a meeting next month. He also indicated that the agency is expecting to be sounded out by an additional twenty firms in the near future.

His comments contrast with the Federation of Industry's recent warning that a spate of job losses in the manufacturing and tourism sectors is a sign that all is not well with the Maltese economy, despite healthy levels of current investment. “It is an indicator that enterprises are suffering in the global market place, losing market share and perhaps even the will to invest in Malta. This is indeed serious,” the FOI observed.

Mr Zammit Tabona, however, recognised the need for Maltese firms to remain competitive, calling on the elimination of “government-induced costs, inefficiencies and bureaucracy.”

The ME chief revealed that the agency will be concentrating its efforts on attracting foreign investment from the UK, France Italy and Germany.

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