The Ministry of Finance, the Economy has welcomed the findings of the annual Competitiveness Report, published by the World Economic Forum, in which Malta this year climbed four places, up to 47th in the Global Competitiveness Index.

"Such results support Malta's efforts to attract more foreign direct investment, which is a crucial driver of economic growth and job creation. Malta is the third country from the EU-27 which has mostly gained in its rankings," the ministry said.

It noted that the report showed that the government's investment in education was bearing fruit, with the Maltese system classified amongst the best twenty in the world.

The report also noted significant investment taking place in infrastructure, as Malta's ranking improves by ten places to 35th.

The report ranked Malta amongst the most advanced nations for availability of financial services, financing through local equity market, ease of access to loans and soundness of banks.

The Ministry also welcomed the improvement in the key issues raised with regards to doing business, which saw decreases in problems related to bureaucracy,  access to financing, in the availability of trained workers and in taxation.