Aug 2010:
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Malta has been most successful at building a diverse economic base. Although tourism continues to be a mainstay of the economy – as with any Mediterranean country blessed by glorious weather and a famous history – other industries are becoming increasingly important. There is an industrial base, and a growing regional transhipment hub. Malta benefits from its unique geographical position lying between Italy and North Africa and she continues to build extensive links with the Middle East. Diplomatic relations are excellent and Malta has earned a good credit rating from the international agencies. Malta aims to become one of the foremost information and communication technology (ICT) centres in the world.
Financial services are a vital sector. As in Gibraltar, world class banks, law firms, accountants and the rest are to be found on the island. Due to its robust corporate legislation (originally based on English law) combined with a friendly “can do” attitude encountered everywhere, it is no surprise that this sector is growing year on year. My own visit to see Sovereign’s office in Valletta was linked specifically to growing a particular part of our group’s business. Wherever I went I was greeted enthusiastically, be it by other professionals, or indeed the government agencies with whom I came into contact. The country is clearly open for business and, most encouraging of all, I encountered a keenness to go that extra mile and overcome barriers to progress.
I returned to Gibraltar most encouraged and uplifted following my visit. Of course I have written in this column that Gibraltar is a great place to do business and that continues to holds true, but there are times when another country – or jurisdiction as we say – is also needed for financial planning or other purposes. Malta is certainly a place to be seriously considered in such cases. Given the links between the two countries I encourage anyone who has not yet been there to visit. Certainly, I hope to return before too long.
But don’t just go for business reasons. Maybe next time I might dispense with the jacket, tie and laptop. There is so much to see on the island and for its size, it has to be one of the richest countries on earth in terms of its history – yes, next time I think it will be the camera and some time away from the financial world.
Reproduced by kind permission of Ian Le Breton and the Gibraltar Magazine.