New Body To Promote Malta's Financial Services Industry

by Robert Lee, Tax-News.com, London

24 May 2007

A new organisation to promote Malta's financial services sector to international investors was officially launched by the government earlier this week.

The new non-profit body, branded Finance Malta, will be headed by the current chairman of the Malta Stock Exchange, Joe Zammit Tabona, and would centralise promotional activities previously carried out by the Malta Financial Services Authority and private sector organisations.

Speaking at the launch, Parliamentary Secretary Tonio Fenech explained that the new orgnaisation will "harness the resources of the industry, the regulator and the government to ensure that the country maintains a modern and effective legal, regulatory and fiscal framework in which the sector can continue to grow".

Fenech noted that financial services were playing an increasingly important role in the Maltese economy, accounting for about 12% of the country's gross domestic product. The financial sector’s gross added value component reached EUR208 million by the end of 2006, representing added value to the tune of EUR40,000 per employee, Fenech added. Meanwhile, the industry's productivity grew by 37% in 2006, he revealed.

The Maltese government has set a target of 2015 for the jurisdiction to become one of the most important financial centres in the region.

Finance Malta's board of governors will include four government representatives and four representatives from the private sector. Initial funding for the organisation will be provided by the government. Funding of future promotional campaigns will be shared between the public and private sectors.

Recommended