IFS Seminar - Malta - an attractive international domicile for business
The Institute of Financial Services last Wednesday held its annual seminar with the theme Financial Turmoil In International Markets: What Lessons Can We Learn? The keynote speakers at the well-attended conference held at the Hilton Portomaso in St...
The Institute of Financial Services last Wednesday held its annual seminar with the theme Financial Turmoil In International Markets: What Lessons Can We Learn? The keynote speakers at the well-attended conference held at the Hilton Portomaso in St Julians were Klaus Vondra, economist at the National Bank of Austria, and Stuart Green, global economist at HSBC Bank plc.
What started out as a problem of the sub-prime mortgage market in the US has not only affected financial institutions but economies as a whole, said Finance Minister Tonio Fenech when opening the seminar.
Giving a short overview of Malta's economic development in the last couple of years, Mr Fenech said that with a GDP of about €4.9 billion and a population of some 400,000, Malta is the smallest and most densely populated EU member state.
The island recorded a GDP growth rate of 3.8 per cent last year which continued on the positive trend in recent years, he added.
While the economy continues to change through "large amounts of foreign direct investment and new ventures", the country is not immune to the impact of international developments.
"In the wake of the international financial turmoil, the regulatory framework within which the financial services industry operates came under close and intensive scrutiny of the key stakeholders in this industry - the operators themselves, governments and regulatory and financial authorities.
"In addition to this, a strengthened and widened regulatory framework is being discussed intensively at a European level," Mr Fenech said.
Malta is achieving international recognition for its excellent service, competence, technical infrastructure and legislative and regulatory frameworks in this field.
"We have a dynamic and well- functioning financial services sector that has the necessary competence, resources and potential to grow further. Financial services mean thousands of jobs and a significant contribution - 12 per cent - to our GDP. We want this figure to keep growing. That is why the government's strategy is to refine and perfect all aspects of Malta's new economic landscape."
In recent years the sector has developed a number of innovative high-value-added areas and this has helped the country become an attractive international domicile for business.
In this context, the setting up of FinanceMalta as an autonomous entity to promote the islands' financial services brand, both within and outside Malta's shores, is another positive development which is leaving the desired results, the minister noted.
What started out as a problem of the sub-prime mortgage market in the US has not only affected financial institutions but economies as a whole, said Finance Minister Tonio Fenech when opening the seminar.
Giving a short overview of Malta's economic development in the last couple of years, Mr Fenech said that with a GDP of about €4.9 billion and a population of some 400,000, Malta is the smallest and most densely populated EU member state.
The island recorded a GDP growth rate of 3.8 per cent last year which continued on the positive trend in recent years, he added.
While the economy continues to change through "large amounts of foreign direct investment and new ventures", the country is not immune to the impact of international developments.
"In the wake of the international financial turmoil, the regulatory framework within which the financial services industry operates came under close and intensive scrutiny of the key stakeholders in this industry - the operators themselves, governments and regulatory and financial authorities.
"In addition to this, a strengthened and widened regulatory framework is being discussed intensively at a European level," Mr Fenech said.
Malta is achieving international recognition for its excellent service, competence, technical infrastructure and legislative and regulatory frameworks in this field.
"We have a dynamic and well- functioning financial services sector that has the necessary competence, resources and potential to grow further. Financial services mean thousands of jobs and a significant contribution - 12 per cent - to our GDP. We want this figure to keep growing. That is why the government's strategy is to refine and perfect all aspects of Malta's new economic landscape."
In recent years the sector has developed a number of innovative high-value-added areas and this has helped the country become an attractive international domicile for business.
In this context, the setting up of FinanceMalta as an autonomous entity to promote the islands' financial services brand, both within and outside Malta's shores, is another positive development which is leaving the desired results, the minister noted.