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It may be the smallest country in the EU, but Malta is by no means the smallest player on the international stage. Not only has it developed a vibrant banking and financial services sector, it is also one of the most important hubs in Europe for online gaming firms and it continues to build on its long history in the shipping industry.
That’s not bad for a country slightly smaller than the Isle of Wight, but there are some unique aspects to the island that have helped it to build up its reputation in these areas.
For one, their experience of almost continuous invasions over the centuries has made Maltese people nothing if not adaptable – the country only gained independence from Britain in 1964. Its small size also means regulators and other key decision makers are very accessible; something that can make a big difference when firms are trying to understand the details of local regulations or lobby for changes to the rules.
These days Malta is part of a much bigger club, having joined the EU in 2004. According to senior business executives, that has brought multiple benefits to the country, opening up a vast market on its doorstep. The situation has been enhanced by the country’s membership of the euro since 2008.
“The fact that we’re part of a bigger community means it’s much easier to do business, especially since we adopted the euro,” says Nazzareno Vassallo, chairman of Vassallo Group and one of the most prominent entrepreneurs in the country.
The local economy is being affected by the downturn in fortunes of some of its European neighbours, but Malta itself escaped lightly from the global economic crash of a few years ago.
“Malta has a very diverse economy so the recession did not hit us hard,” says Tonio Fenech, Minister of Finance. “We weathered the recession in quite an effective manner. For us it was very short.”
Malta has also been buffeted by the winds of change sweeping across the Arab world this year. As the closest EU state to Libya and Tunisia, it has often had a crucial role to play in the diplomatic activity that has gone on, although it has been careful to avoid any military involvement.
But the island is not just about business and politics. The growing tourism trade, boosted by an ever growing number of cruise ships calling at Valletta’s port and the growth in low-cost carriers flying in and out of the country, means that these days many people know Malta as much for its food, beaches and nightlife as they do for its business friendly environment.
The island’s unique past plays a big role in attracting all these visitors, with historic sites dotted across the country. Where older generations of traders and invaders found opportunity in the past, a new generation is finding it again today. |
