Malta Furthers Plans For Establishing World Trade Centre

by Lorys Charalambous, Tax-News.com, Cyprus

31 July 2001

Malta's Economic Services Minister, Josef Bonnici, has confirmed that the government will be issuing a notice for expressions of interest in the development of a World Trade Centre within the next few weeks. In March earlier this year, Mr Bonnici revealed plans to establish a World Trade Centre in Malta after a successful trip to the United States where he attended a meeting of the World Trade Centre Association (WTCA). Not only were Malta's plans welcomed by the WTCA, the association has also formerly endorsed Malta's application for membership.

Mr Bonnici told the local press: 'This is an extensive task and a major development - we intend constructing a complex which can house a number of business activities. We are hoping to attract the attention of a business organisation which has experience in this field. The idea is to have a joint venture, where the government would provide the land and the licence while the business organisation will provide the financial backing for the project to succeed.'

The government of Malta considers the establishment of a World Trade Centre in Malta as a vital step in the promotion and development of Malta as a principal hub for trade in the Mediterranean region and has already purchased a licence to operate a World Trade Centre from the WTCA at a cost of $250,000.

'This is an exciting time for us,' explained the Minister, 'and we have to keep in mind that the European Union is interested in seeing the economic development of the region and is also looking south towards North Africa - Malta could feature quite successfully in this scenario.'

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