PM urges Malta to raise profile as finance centre

Malta must reinforce its efforts to promote itself internationally in order to attract investors, hears conference

Not enough people around the world know about Malta, despite the fact that Malta’s financial services industry saw significant growth and expansion over the last year, Prime Minister Lawrence Gonzi said in his opening address to the FinanceMalta Third Annual Conference.

The financial industry in Malta grew by 22% in 2009 and now employs some 7000 people, but in order to achieve the ambition of raising its contribution to GDP from 12% to 25% by 2015, Malta must reinforce its efforts to promote itself internationally in order to continue to attract investors. “Our biggest challenge is that people don’t know about us,” said the Prime Minister. “Malta needs to be out there more.”

The Prime Minister was speaking to some 200 foreign and local practitioners at the FinanceMalta annual event that brought the industry, government and regulators together to discuss developments in international financial regulation, new business opportunities for Malta’s practitioners.

Conference participants surveyed by Angelou Economics during the event echoed the Prime Minister’s remarks, with early results showing the vast majority of participants rated improved marketing as one of the main development goals for the industry.

Kenneth Farrugia, FinanceMalta Chairman, said that while the global financial industry has begun to emerge from the shadows of the ‘annus horribilis’ of 2008, the financial services industry is facing regulatory upheaval with the introduction of new, stricter rules for banks, investment funds and insurance companies.

“Last year was positive for Malta, which ideally positions the island to serve as an international finance hub able to offer companies a full range of professional services,” he said, however it is essential that the island also addresses the challenges such as providing adequate trained staff, remaining nimble and flexible and quick to respond to the needs of industry.

Malta must also remain vigilant, responsive and competitive in order to maintain this position, and, as reiterated by Finance Minister Tonio Fenech in the closing session of the conference, more needs to be done to raise the island’s profile around the world.