1. What makes your country attractive to investors?
Malta, an EU member, offers business promotion incentives in various areas, including manufacturing, shipping, financial services and back-office operations. It has also concluded double taxation agreements with several countries. With FDI stocks of 61% of GDP, Malta has all the credentials of further attracting FDI.
2. What are the economic prospects for your country over the next three to five years?
The economy has a potential growth rate of 4% in real terms. In the coming years, its economic growth rate is expected to be 3%-4% as the restructuring currently under way to integrate into the Single European Market (with further inflows of FDI) bears fruit. Under the next financial perspective of the EU currently being negotiated, Malta is expected to receive a considerable amount of funding, which will further enhance its competitive edge.
3. How do you foresee the financial sector in your country changing?
Currently, the financial services sector contributes 12% of Malta’s GDP. The government has earmarked this sector as a growth area with considerable potential for increasing such contribution to 25% in the medium to long term. In view of the European Commission’s post-financial services action plan, specialisation in niche areas such as fund management and wealth management are crucial in increasing our core competence and attaining this objective.
4. What role will your bank play in your country’s future development?
Bank of Valletta is a main contributor to the development of the Maltese islands. We are active in supporting the main economic pillars that include the manufacturing, tourism and services sectors. As a Maltese bank, we are best positioned to provide support and added value, as well as a customer experience that is more straightforward, through the simplification of interactions and products at all touch-points. Our goal is that the success of our customers and our role in Malta’s future development will see us continue to leverage our full potential to support the economic and social development of our country.
