As an EU member state, Malta is tailoring itself to meet the challenges of a modern, globally oriented economy, President Eddie Fenech Adami said yesterday when he addressed a business presentation in Madrid entitled Malta-Spain Business Partners.

The President and Mrs. Fenech Adami are on an official visit to Spain, the first by a Maltese Head of State to that country.

"Malta's main emphasis for economic growth lies in long-standing export-oriented business, business process outsourcing, research and development, tourism, information communications technology, e-commerce, financial services, transhipment and much more. Malta is leaving no stone unturned to achieve its goal of becoming a centre of quality," Dr Fenech Adami said.

President Fenech Adami described Malta as an inviting location to conduct business.

"It has followed closely and admired the progress Spain has made since joining the European Union in the late 1980s. Spain has moved from being a net receiver of foreign investment to a country which is becoming a leading investor abroad. I hope my visit to your beautiful country will contribute to making Malta better known among the Spanish investors and entrepreneurs.

"Spaniards might not know much about the investment opportunities in Malta. In fact, recently a Spanish journalist visiting Malta defined our island as the 'EU's best kept secret'. Malta is an excellent place to invest in," he said.

Dr Fenech Adami said Malta has a "can do" business environment, where flexibility and speed are the name of the game, a multi-lingual, highly skilled, competitively priced workforce, attractive incentives and support package for investors, high productivity levels and excellent distribution, freeport and telecommunication facilities.

"It is a modern, safe, pleasant and hospitable country with a European lifestyle and an educational system of high European standards. Besides, Malta has a fascinating history, heritage and culture.

"There are many areas where Spain and Malta can co-operate. Spain and Malta are both EU member states and Mediterranean countries. They have similar cultures in many aspects and this facilitates business networking and cultural exchange," Dr Fenech Adami said.

Yesterday, the President met King Juan Carlos at the Palacio de la Zarzuela in Madrid at the start of his official visit to Spain. During the meeting, the President and the King discussed matters of common interests between the two countries.

The meeting was followed by a luncheon hosted by the King and The Queen of Spain in honour of the President and Mrs Fenech Adami at Palacio Real de Madrid.

During his speech, the King thanked the President for the invitation extended to him and Queen Sofia to visit Malta and remarked that they were looking forward to the visit in the near future.

King Juan Carlos said that relations between the two countries had acquired a new dimension through Malta's European Union membership. He also highlighted the importance of the upcoming summit in Barcelona commemorating the 10th anniversary of the Barcelona process and thanked Malta for its valuable involvement.

In his speech, Dr Fenech Adami said that bilateral relations between the two countries were being consolidated through Spanish investment in Malta.

During his first day of a four-day visit in Spain, President Fenech Adami also met Manuel Marín González, President of the Spanish Parliament and Mariano Rajoy Brey, President of the Popular Party. Today the President is expected to meet the Prime Minister of Spain, José Luis Rodriguez Zapatero.

The President and his delegation will also be travelling to Barcelona where he is to meet other officials from the region.

In Barcelona, he will also be addressing another business seminar organised by Malta Enterprise.

Maltese businessmen representing public and private companies are accompanying the official delegation for talks on business opportunities.

The President who is accompanied by Foreign Minister Michael Frendo is expected back on Thursday.

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