The Maltese archipelago is located in the in the middle of the Mediterranean Sea – being a stepping stone between Europe and Africa. Maltese and English are the official languages of Malta – Maltese being its national language, is of Semitic origin with innumerable words derived from other languages such as English, Italian and French. Furthermore, the Italian language is widely spoken in Malta with German and Spanish firstly picking up. Being a multi-lingual country, Malta is the perfect location for the set-up of multi-national companies.
Malta’s rich history, which dates back to the dawn of civilisation, is another salient feature which attracts tourists to Malta. Amongst many of the feasts which are mainly celebrated during the season of summer, the feast which is held dear by the Maltese nationals is that of St. Paul’s Shipwreck, which commemorates Christianity being introduced in Malta in the year 60 A.D., by Saint Paul himself whilst he was on his way to Rome. Malta was ruled by the Knights of the order of St. John, also known as the Knights of Malta, brought about an innovative culture which led Malta and its population to the golden age which is still recognised till this day through various works of art, such as those of Caravaggio, Mattia Preti and Favray who left their influence in Malta through their master pieces with Caravaggio’s Beheading of Saint John the Baptist being the most famous.
Malta was part of the British colony until 1964, when it became an Independent State – after which it became a Republic State within the British Commonwealth in 1974, and a Member State of the European Union in 2004. Following EU Membership, the Euro was adopted by the Malta in 2008.
Valletta being the capital city of Malta, has been declared as the European Capital of culture for the year 2018, by the council of Minister of the European Union after the unanimous decision which was taken by the international jury of cultural experts to nominate Valletta as such.
Malta has a pleasant Mediterranean climate with mild, wet winters and hot, dry summers, rendering the Maltese islands a popular tourist destination. Tourism in Malta keeps on growing steadily throughout the years, particularly during the months of summer.
The Maltese economy is being driven by the financial services sector, followed by tourism and IGaming The financial services sector in Malta has been growing into a more productive niche, irrespective of the financial crises which affected other foreign countries. Given that Malta is endowed with an advantageous tax system, a robust and sophisticated legal system and a relatively low cost environment, Malta has managed to emerge as one of the most reputable and successful financial services centres in Europe and worldwide.
Malta’s performance over the years not only confirmed the Island’s resilience to face hard circumstances but also earned positive reviews. Overall, the economy does not appear to suffer from lack of competitiveness. The economy underwent a structural shift away from traditional manufacturing and towards higher technology activities, mainly in services, in a relatively smooth way. The restructuring was job-rich and thus able to absorb a significant increase in labour participation, in particular as more and more women entered the labour market. Export market shares increased, mainly in services, but also in some segments of the trade of goods. Price and cost competitiveness have improved following the crisis, thereby supporting an export-led recovery of the economy and a further improvement in the current account balance. A stable regulatory environment and a relatively cheap and skilled labour force certainly contributed to these favourable developments.