Maltese business is on the rise
Malta, with a population of only around 400,000, is the smallest of the European Union member states. Having adopted the euro as its national currency earlier this year, the Maltese government hopes this will provide an opportunity for the country to continue on the path to further economic growth.
The huge investment that has recently been poured into the Maltese economy transformed its different industries. Its high-value manufacturing industry, for example, has seen an increase in the number of companies that have moved their operations to the island. Lufthansa has plans to move its largest aircraft repair operations to Malta Airport. Pharmaceutical companies have also flocked to Malta, because of a law that allows them to copy patented drugs and bring them to market when the patent expires.
The financial services sector is also booming, particularly the in-house insurance operations of multinational companies. Major car manufacturers such as BMW, Renault and Volkswagen have established their insurance units in Malta.
IT, an industry sector that has only recently entered the Maltese economy, is also booming. IT giants like Oracle, Cisco, Microsoft and Hewlett-Packard are currently developing a facility called Internet City, similar to the one they have in Dubai.
Its tourism sector is also booming. Due to its adoption of the euro, there is an increase in the comfort level of visitors from neighboring countries using the euro. A quick comparison of the Malta Business Directory will show you the evident growth of the business sector.
Just three and a half years after joining the EU, Malta is already reaping the benefits of its membership. These positive results can be credited to the advantages it offers potential investors: the ease and security of doing business within EU borders, a good reach of markets in the Middle East and North America, a multilingual workforce offering cheap labor, and a stable political and economic environment. All of these factors contribute to its image as the best regional hub for expansion-driven businesses.