Malta Stock Exchange must focus on Internationalisation, Incentivisation and Transparency


Prime Minister Joseph Muscat said that through a greater focus on internationalisation, incentivisation, and transparency, the Malta Stock Exchange will allow Malta to develop the potential of both domestic and international markets.

Dr Muscat was speaking during a tour of the Malta Stock Exchange building with Finance Minister Prof. Edward Scicluna on Monday 16th September, 2013.

Malta-Stock-Exchange-66

During a brief address, Dr Muscat stressed that after having underwent a period during which the Stock Exchange consolidated the domestic market, the time has come to look outwards with more ambitious goals. Dr Muscat urged the Stock Exchange to not only look towards Europe, but also beyond.

“This Government’s strategy is to look towards Malta as a global player, not simply a European one. We want to be seen as a European player which is also relevant in the global context,” Dr Muscat stressed. “In this, we have not only Mediterranean markets to look towards, but also other markets further afield. The secret to success is for Malta to keep in mind its global mission.”

Dr Muscat also stressed the need to further encourage international players based in Malta to invest further in the domestic market, and underlined how the Government intends to launch the Third Pillar Pensions.

He said that the Government will be launching not only the framework for the Third Pillar Pensions, but also incentives so that private companies, banks, and financial services institutions are better able to offer private pensions to individuals, who can benefit from them on a voluntary basis.

Dr Muscat also said that the Government will be ensuring that it will allow room within the framework for it to insert incentives to promote the take-up of private pensions.

Dr Muscat also stressed that the issue of transparency and consumer protection is acquiring ever-greater importance, and will be a determining factor in coming years, especially given how consumers are becoming more vigilant, informed, and discerning.

 

pr1959b

 

“We need to be up to this scrutiny now in the future, as we were in the past,” Dr Muscat stressed, while expressing confidence that the Malta Stock Exchange will be able to meet the challenge, as it has consistently done in the past.
In his own address, Finance Minister Prof. Edward Scicluna said the Malta Stock Exchange is especially important to the Maltese economy given how small and medium sized enterprises rely heavily on banking institutions.

He said that the Stock Exchange is that institution that allows SMEs to grow beyond bank reliance and shift into shareholding, and as such it is an essential institution in a country’s economic development.

“This is not easy, and despite how the Stock Exchange has created a secondary. At the same time, it remains a challenge for this institution to succeed in bringing onboard as many growing family firms as possible, and open their business to the public,” Prof. Scicluna said.

Referring to ever-more stringent regulations emerging from the European Parliament, Prof. Scicluna echoed Dr Muscat’s statement that there is a greater emphasis being placed on absolute transparency in the financial services market.

“If you want to enjoy the trust of the leaders of Maltese enterprise, one needs to be transparent,” Prof. Scicluna stressed, saying that the Government is regularly scrutinising and implementing latest regulations pertaining to this issue.

In a brief address, Malta Stock Exchange Chairman Paul Spiteri welcomed both Dr Muscat and Prof. Scicluna, and said that the Stock Exchange will be looking beyond Maltese shores ate various market sectors to attract international companies to use its services and to be admitted to listing on the Stock Exchange.

 

govmt_logo  newsbook_logo   timesofmalta_logo    maltaindependent_logo   tvmnews_logo   dive_logo  orizzont_logo

 

– Monday, 16th September 2013

 

,

Leave a Reply

Your email address will not be published. Required fields are marked *