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Malta Financial Services Sector Registers Double Figure Growth

Last Updated: 31/05/2011
Author: Dr. Silvana Zammit
On the 20th May 2011, at the fourth annual Finance Malta Conference, Prime Minister Lawrence Gonzi confirmed that ever since the global financial crisis, Malta's financial services sector has registered double figure growth. The Prime Minister confirmed that this is one of Malta's primary economic drivers, vis-à-vis finances and employment growth.
Dr. Gonzi also stated that Malta's resilience was reaffirmed as evidenced by the sector's 30% growth. The island’s economy emerged from the international financial crisis relatively unscathed, with its financial system intact, having 1,000 people join in the past three years and winning international acclaim for the solidity of its banking system. Indeed, in the World Economic Forum Malta is classified as 10th out of 139 in the banking sector, and 11th out of 139 in the financial services sector.
The Prime Minister said that the Maltese Government has recognised that its success is the result of a strong regulatory regime with good legislation in place which is based on sound principles. However, this success did not come easily and certain obstacles were met along the way. Nevertheless, stakeholders had a plan to place the sector as the top-ranking in the region and in the world by 2015 and in order to fulfil this vision they needed to maintain the sector and sustain its growth.
Regardless of the financial crisis, the Government strongly believed that the 2015 vision was attainable.
Dr. Gonzi reassured that the Government was working towards the improvement of the 50 double taxation agreements and will be working on more in the near future.

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