Malta, which has a population of only around 400,000, is the smallest of the European Union member-states. Having adopted the euro as its national currency early this year, Malta’s government hopes that this will provide an opportunity for the country to continue treading the path towards greater economic growth.
The huge investment that has recently poured into Malta’s economy transformed its different industries. Its high-value manufacturing industry, for one, has seen an increase in the number of firms that have transferred their operations to the island. Lufthansa has plans of moving its bigger plane repair operations in Malta’s airport. Pharmaceutical companies have herded to Malta as well, because of a law that allows them to copy patented drugs and release them in the market when the patent expires.
The financial services sector is also on the rise, particularly the in-house insurance operations of multinational companies. Big car manufacturers, such as BMW, Renault, and Volkswagen, have set up their insurance units in Malta.
IT, an industry sector that has only been introduced to Malta’s economy recently, is also booming. IT giants like Oracle, Cisco, Microsoft, and Hewlett-Packard are currently developing a facility called Internet City, similar to what they have in Dubai.
Its tourism sector is also booming. Because of its adoption of the euro, there is an increase in the comfort level of visitors from the surrounding euro-using countries. A quick comparison of Malta Business Directory will show you the evident growth of the business sector.
Just three and a half years after it joined the EU, Malta is already reaping the benefits of its membership. Such positive results can be accredited to the advantages it offers to potential investors: the ease and security of doing business within the borders of the EU, a good reach of the markets in the Middle East and North America, a multilingual workforce that offers inexpensive labor, and a stable political and economic environment. All of these factors contribute to its image as the regional hub best for expansion-driven businesses.
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