BoV sponsors Malta's entry in WEF index

For the fourth consecutive year, the Bank of Valletta is sponsoring the inclusion of Malta in the World Economic Forum's Competitiveness Index. This initiative serves to provide a measure with which Malta's competitiveness is ranked in relation to other countries. It is therefore a valuable tool for shaping economic policy and for guiding investment decisions.

The index, compiled annually by the World Economic Forum (WEF), covers 125 economies. It is co-directed by Professors Michael E. Porter and Klaus Schwab, and serves to capture the observations of business leaders in all the countries which are represented.

The latest findings (2006) show that Malta ranks in the 39th place in the Global Competitiveness Index. Last year, it ranked in the 44th place.

The local partner for the WEF index is Competitive Malta, of which BoV is one of the founder members. The mission of the foundation is to elevate national competitiveness to the forefront of national debate. This is done with the objective of securing the long-term viability of the Maltese economy and therefore the standard of living.

Speaking during the presentation of the sponsorship to Adrian Said, chief co-ordinator of the Competitive Malta Foundation, Lawrence Micallef, head of strategic planning at Bank of Valletta, said: "BoV is proud to be in a position to contribute directly to Malta's drive in becoming more competitive.

"Bank of Valletta is a key player in Malta's financial services sector and is a key contributor to economic development in our country. Indeed, remaining competitive is essential in order to support continued economic growth."

BoV's contribution, coupled with the sponsorship of the survey, also forms part of the bank's stated commitment to play a leading and effective role in the country's sustainable development.