“Malta’s pro-business climate has traditionally been positioned to strengthen Malta’s attractiveness as an open market economy, and this new Government is wholly dedicated to upholding that mission,” said Finance Minister Prof. Edward Scicluna.
Prof. Scicluna was speaking during a retreat for high-achieving local and foreign entrepreneurs, managers, and board members who form part of the Young Presidents’ Association on Saturday 25th May, 2013, at Palazzo De Piro, Mdina.
“Our motto is ‘Let business get on with its business.’ Businesses would prefer governments to remove red tape and bureaucracy, than to give them hand-outs,” he said.
Prof. Scicluna went on to say that Malta is quickly becoming recognised globally as a strategically located services hub and one of the world’s ideal venues for investment in knowledge-based sectors, including financial services; IT based activity and high-end manufacturing.
“Malta is attractive to foreign investment not only because of its strategic positioning, easy and ready access to European and international markets, and highly skilled workforce, but also because of its pro-business approach to regulation and bureaucracy.”
“Thanks to its close ties to mainland Europe, North Africa and the Middle East, its excellent port infrastructure, and EU membership, Malta represents an ideal gateway to the Euro-Mediterranean region and further.”
“Progress and flexibility are key factors in the success of Malta’s ability to react quickly to international trends and the global market place,” Prof. Scicluna said.
Prof. Scicluna noted that Malta’s desirability to foreign investors is well documented, pointing to a 2012 survey Ernst and Young among local and foreign companies confirmed that the majority (86%) feel that Malta is an attractive location for foreign direct investment thanks to the stability of the social climate, our competitive corporate taxation, the stability and transparency of the political, legal and regulatory environment, and the skill-set and flexibility offered by our workforce.
Prof. Scicluna also noted that despite attempts to draw comparisons between Malta and other ailing member states, various reports published by established international institutions credit rating agencies have all concluded that Malta’s risk of contagion from other ailing member states is low, and that Malta’s banking and financial sector has proven itself sound and resilient.
These include Fitch, Standard & Poor’s, Bloomberg News Service, Nomura Global Services, the European Commission itself, and more recently the International Monetary Fund.
ABOUT Young Presidents’ Organisation (YPO)
The Young Presidents’ Organisation (YPO) is social networking organisation that connects 20,000 chief executives of leading companies under the age of 50. Together, the YPO membership effectively generates $6 trillion and employs more than 15 million people in over 120 countries.
YPO is based on some core principles: the value of a peer network and trusted mentors, the importance of ongoing education, and the need for a “safe haven” where issues can be aired in an environment of confidentiality.
The Maltese chapter of the YPO was set up in 2008, and today has 21 members. The combined revenue of the companies headed by the YPO members accounts for roughly 11% of the national GDP.
– Saturday, 25th May, 2013