The Maltese economy was buoyed by significant growth in the island’s financial services sector during 2009, according to the island’s Minister for Finance, the Economy and Investment, Tonio Fenech.
Speaking at a press conference upon the launch of a new FinanceMalta guide to investing in Malta, Fenech said that Malta has emerged from the global economic crisis relatively unscathed.
Fenech disclosed that the financial services industry grew by 22% in 2009 despite the difficult situation in the sector internationally. He said prospects for the industry going forward were also positive, citing a report from US firm Angelou Economics, which says that the industry will create 1,500 skilled jobs for islanders over the next five years.
Several initiatives have helped to improve Malta’s competitiveness Fenech said, among them efforts to enhance its shariah-compliant offerings, and moves to increase the island’s network of double tax avoidance agreements.
.Tags: tax | offshore | investment | business | agreements | financial services | investment funds | tax havens | international financial centres (IFC) | double tax agreement (DTA) | Malta | services | Malta
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