NEWS | Wednesday, 12 March 2008

Malta doing well in the Global Financial Centres Index

The Global Financial Centres Index, which has just been published by the City of London, has sent out excellent news to the world: Malta is doing extremely well in terms of competitiveness and enjoys very good growth prospects.
This report, the third in a series, ranks 66 financial centres worldwide based on external benchmarking data and current perceptions of competitiveness. Previous GFCI reports, and other City of London commissioned research show that international financial services firms, and the talented staff they employ, are both highly mobile and responsive to a range of both market and non-market factors. It is for this reason Malta must keep up a constant look out for its dynamic competitive factors.
Malta ranked fourth, following Dubai, Shangai and Singapore, as a centre that is most likely to increase in importance over the next few years. Moreover, our island classified fifth in the ranking of the Top Financial Centres where organisations may open new operations in the next two to three years. In this respect, Malta’s main competitors are Dubai, Luxembourg, Singapore and Mumbai.
The Index informs worldwide investors that ‘Malta is worth watching as it consolidates its position in the EU after adopting the Euro at the beginning of 2008.’
It is evident Malta’s accession in the European Union, together with the recent membership within the Eurozone has given Malta the impetus to rank higher in such an important report. Other competitive factors included in the report refer to Malta’s strategic location in the centre of the Mediterranean, its climate (which has recently been ranked as being the best in the world), its rich heritage and excellent quality of life. Moreover, other important assets include the presence of a highly educated and well-trained labour force, a tax-efficient environment backed up by over 45 double taxation agreements and a strong, yet flexible, single financial services regulatory body. Malta’s sophisticated ICT infrastructure but comparatively competitive ancillary labour costs also make the island a very attractive yet cost-effective location.