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Euro Info CentreCountry ProfileNovember 2006MALTA
Country’s full name: Republic of Malta (Repubblika ta’ Malta). Capital city: Valletta (population 7,137). Population: 400,000 (2006). The Maltese are descendants of ancient Carthaginians and Phoenicians with strong elements of Italian and other Mediterranean roots. Official language: Both Maltese and English are official languages. Currency: Maltese Lira of 100 cents. Religion: Roman Catholicism is the religion of 98% of the population. Location: 93 km south of Sicily and 288 km east of Tunisia. Area: Malta is composed of three major islands ( and 3 minor):
There are also some minor uninhabited islands. The total area of Malta is 316 sq km (122 square miles). Terrain: Mostly low, rocky, with dissected plains and many coastal cliffs. Climate: Mediterranean with hot dry summers and mild winters. Annual rainfall is 23 inches and falls mostly between October and March. Administrative divisions: The country is administered directly from the capital Valletta. However, there are 67 local councils. Weights and measures: Metric. Time zone: GMT plus one hour. From late March to late September a daylight saving scheme is in operation which is two hours ahead of GMT. International dialling code: 00 356. RECENT HISTORYFrom 1814 Malta was part of the former British Empire, gaining independence as a sovereign state within the Commonwealth in 1964 and becoming a republic in 1974. There was a withdrawal of British military and naval personnel from its famous dockyard and in 1979 the British base in Malta was finally closed down. Since independence Malta has generally sought to maintain a policy of non-alignment in international relations and has negotiated economic agreements with many countries. Malta signed an association agreement with the EU in 1970 which was renewed periodically. In 1990 Malta applied to join the EU. The application was frozen in 1996 but re-activated in 1998. The accession negotiations with Malta opened in February 2000. In March 2003 a referendum was held in which 53.6% of the population voted in favour of Malta joining the EU. Malta joined the EU on 1 May 2004. Malta is not a member of NATO and does not, due to its policy of neutrality, participate in NATO’s Partnership for Peace co-operation. GOVERNMENTMalta is a parliamentary democracy. There is a single house parliament, the House of Representatives, which has 65 members elected by universal suffrage for five years. Elections are based on proportional representation. There is provision to give the party with the largest popular vote additional seats to ensure a working legislative majority. The President is the constitutional Head of State and is elected for five years by the House of Representatives. The executive consists of the Prime Minister, the leader of the majority party or coalition appointed by the President, and the Cabinet formed by the Prime Minister. Lawrence Gonzi was appointed Prime Minister and leader of the Nationalist Party in 2004 after Fench Adami’s retirement. Fench Adami was then appointed President of Malta in late 2004. The next parliamentary elections will be held in 2008. ECONOMIC OVERVIEW Malta has experienced a rather limited economic development in the last few years. The average growth has only been 0.5% annually over the last five years. However, the Maltese economy is getting stronger as the annual growth was 2.5% in 2005, an increase of 0.6% compared to 2004. With few natural resources and a small domestic market, Malta has prospered over the past 40 years by developing tourism, manufactures for export and shipping and transhipment services. The EU is Malta’s main market but the export markets of North Africa, the Near East and North America have been developed. Malta is amongst the world’s ten most trade dependent nations and this can make it vulnerable to world and European economic downturns. However, with its advantageous geographical location, skilled and educated workforce, good supply of local capital and modernisation of infrastructure, Malta is widely considered to be an attractive country for outside investors. Malta has succeded in decreasing its budget deficit to 3% of GDP through major privatisation and modernisation schemes. Malta is expected to join the eurozone in 2008/2009, however with continuing problems of high inflation, Malta may struggle to fulfill EU’s convergence criteria. Malta is also a member of the WTO.
Source: Eurostat INFRASTRUCTURE/ENVIRONMENTRoads and RailwaysThere are 2,227 km of roads, including 185 km of motorways. Some 94% of roads are paved. There is no railway network in Malta. ShippingThe two major ports are Valletta and Marsaxlokk. Valletta is called ‘The Grand Harbour’ and is one of the world’s best natural deep water harbours. Both harbours handle general cargo, liquids, oil, containers and cement. There are over 1,200 vessels (1000 GRT or over) in the Maltese merchant marine. The Malta Drydocks at Valleta are renowned for ship repairs and have facilities for vessels up to 300,000 deadweight tonnage. A car ferry service operates between Malta Island and Gozo. Malta’s natural harbours provide natural safe marinas for yachts from all over the world and its strategic location and major port facilities make it a centre for transhipment used by the major shipping lines. Over 40 ship owners/operators are established in Malta. The Malta Freeport was established in 1988 and is now a major maritime transhipment centre in the Mediterranean region offering warehousing, storage and oil blending facilities. Malta Freeport, Freeport Centre, Port of Marsaxlokk, Kalafrana BBG 05, Malta Tel: 00356 21 650 200. Fax: 00356 22 251 900 Website: www.freeport.com.mt Civil Aviation Malta International Airport near Valletta serves the important tourist passenger and commercial airfreight traffic. There are also air transport opportunities between Malta and the second largest island Gozo with the Malta-Gozo air link operated by helicopter between Malta International Airport and the Gozo Heliport. In 2005 2.8 million people came through Malta International Airport which is an increase of over 200,000 passengers compared to 2004. National and international freight and mail are also handled at the airport. The national airline is: Air Malta plc, Head Office, Luqa, LQA 01, Malta Tel: 00356 21 690 890. Fax: 00356 21 673 241. Email: info@airmalta.com.mt Website: www.airmalta.com EnergyTwo thermal power stations at Marsa and Delimara serve Malta’s electricity requirements. Malta has a large offshore area, and exploration for oil deposits by oil companies, sanctioned by the Maltese government, still continues. Libya is presently the principal oil supplier to Malta. WaterMalta possesses no river systems and has limited fresh water resources. Half of Malta’s drinking water supply is produced by the desalination of seawater. Telecommunications and Postal ServicesMaltacom plc is the leading provider of telecommunications services in Malta. There are over 204,200 telephone lines and 250,000 personal computers in use and over 300,000 internet users. The Malta Communications Authority has reported that at the end of September 2005 there were 324,763 wireless subscribers in the country, an increase of 8.9% in 12 months, reflecting a penetration rate of 81%. The state owned Maltapost plc provides postal services and operates some 50 post offices and there are branch post offices and sub-post offices in most towns and villages throughout Malta. EnvironmentIn October 2002 Malta concluded a year of negotiations with the EU on measures to improve the environment before and after accession. These covered improvements in waste management, drinking water supplies and air quality, reduction of polluting emissions from power stations and vehicles, ending the dumping of untreated sewage into the sea and some adjustments to traditional hunting practices. Now, two years after accession, fulfilling the environmental part of the acquis is still a priority for the Maltese government and progress has been made, especially within coastal protection, pollution and waste management. MAJOR SECTORS OF THE ECONOMYAgricultureAbout 4,500 people work in agriculture, fisheries and forestry; a low figure representing 3% of total civilian employment and 3% of the Maltese GDP. The main crops are potatoes, vegetables and fruit. Livestock are cattle, sheep, pigs and poultry. Malta is self-sufficient in vegetables, pork, poultry and milk. Crops dominate agricultural production. The number of full-time farmers is decreasing significantly as is the number of part-time farmers. This is mainly due to the rapid ageing of the farming population as younger people leave for more attractive available jobs and causing a serious problem for the future of Maltese agriculture. FisheriesTraditionally part-time fishermen have largely carried out fishing. However, there has been some recent modernisation with the setting up of fish farms producing fish for export, mainly sea bass and bream, most of which is exported to the EU. TourismTourism is one of Malta’s major industries contributing 24.3% to GDP. Employing about 41,000 people, it is the main foreign currency earner. The beauty of the islands set in the Mediterranean, a warm and sunny climate, a treasure trove of historic churches and buildings, rich history and cultural traditions and a safe peaceful environment, have long made Malta a popular tourist destination, especially for tourists from the UK, Germany, Italy and other countries of the EU. In 2005 approximately 1.2 million foreign tourists visited Malta. Almost 500,000 of these were from the UK, which is a 9% increase compared to 2004.
Source: Malta Tourist Authority Statistics Malta Tourism Authority, Auberge d’Italie, Merchants Street, Valletta CMR 02, Malta Tel: 00356 22 915 000. Fax: 00356 22 915 893. Email: info@visitmalta.com The Malta Tourist Authority is a source of detailed information and statistics on Malta’s tourist industry.
CraftsMalta has many individual craftsmen and small workshops engaged in making traditional hand-made products which are sold to the tourist industry and also exported:
ManufacturingMalta’s manufacturing industries contribute 23% to GDP and constitute the bulk of exports. Malta has been particularly successful in attracting overseas companies to set up manufacturing plants and there are over 250 foreign-owned manufacturing companies engaged in electronic components and assembly, engineering, telecommunications, software, rubber and plastics, pharmaceuticals and medical products. Malta’s advantageous location, its skilled and flexible workforce and government encouragement have made Malta an attractive location for overseas companies and EU membership has made Malta even more attractive. The main manufacturing sectors are:
Malta Enterprise is the national external trade promotion organisation and its website contains a classified directory of Maltese product suppliers and exporters. Website: www.maltaenterprise.com RetailMalta’s retail trade, as well as having the usual range of outlets, grocers, supermarkets, clothing stores, etc, has many specialist shops, cafes and restaurants catering for the tourist trade, which is so important to the country’s economy. The Big Bon Group which owns franchises of Zara, Mango, Esprit and Vero Moda is the largest retailer in Malta dealing in fashion, jewellery, furniture and household goods. UK companies BHS and Mothercare have stores in Valletta. Education,Training and ConferencesMalta has many language schools, including those offering English, which bring in almost 100,000 overseas students per annum. Facilities for conferences and conventions have been and are being developed. Malta Conference Bureau: Website: www.conferencemalta.com ImportersThe following website is a useful source listing importers in Malta: Malta Yellow PagesWebsite: www.goldenpagesmalta.com BANKING AND FINANCEBankingMalta’s banking system is well regulated by the autonomous Central Bank of Malta which follows a policy of a stabil currency, inflation control and the promotion of a sound financial system. Central Bank of Malta, P.O. Box 378, Pjazza Kastilja, Valletta CMR 01, Malta Tel: 00356 25 500 000. Fax: 00356 25 502 500. Email: info@centralbankmalta.com Website: www.centralbankmalta.com Two banks dominate retail banking, HSBC and Bank of Valletta plc. Other major banks are APS Bank Ltd and Lombard Bank Malta plc. The Malta Financial Services Authority (MFSA), Notabile Road, Attard BKR14, Malta Tel: 00356 21 441 155. Fax: 00356 21 441 188 Website: www.mfsa.com.mt The MFSA is an autonomous body set up by law in October 2002 and is now responsible for the regulatory and supervisory functions previously carried out by the Central Bank of Malta and the Financial Services Centre. It is the regulator of all banking, investment and insurance business in Malta. The Malta Companies Registry is also located at MFSA. The Board of Governors of MFSA reports to the Maltese Parliament. During the past decade Malta has moved from an offshore to an onshore jurisdiction. Creating a unified regulatory structure almost completes a programme of reform and legislation designed to bring the finance sector in line with international best practice. Financial services are now one of the fastest growing sectors of the Maltese economy. Malta Stock Exchange (Borza Ta’ Malta), Garrison Chapel, Castille Place, Valletta CMR01, Malta Tel: 00356 21 244 051. Fax: 00356 25 696 316. Email: borza@borzamalta.com.mt Website: www.borzamalta.com.mt InsuranceThere are many international insurance companies operating in Malta, often through established local agents. Middle Sea Insurance Company Ltd is the largest local insurance company. Website: www.middlesea.com OPPORTUNITIES FOR UK EXPORTERS / INVESTORS Malta is a small market but most industrial supplies and consumer goods are imported. English is an official language and business practice and regulations are similar to those of the United Kingdom. The main opportunities lie in goods and services which can be further processed/enhanced and then re-exported from Malta whose geographical position makes it ideal for further exports to North Africa and the Middle East. Promising sectors for UK exporters are:
TourismNew tourist developments, improvements in hotel and conference facilities, new marinas and leisure facilities, yachting and popularity with cruise liners are giving a new image to Malta’s tourism and there is scope for attracting more visitors from outside Europe. Apart from package holidays, Malta also has the option of making more of its great architectural and historical heritage to attract the more selective and high spending visitor. There is great potential for investors within hotel managagement, construction, leisure, catering, water and sport facilities and other services. ManufacturingThere are extensive investment incentive schemes and more than 250 foreign companies have set up manufacturing operations in Malta. The government is welcoming external investment and foreigners are permitted 100% ownership of enterprises in almost all sectors. In 2001, the Maltese government has implemented a new incentive package to boost existing and new investment, primarily in the manufacturing sector which employs over 30,000 people and which, together with tourism and the services sector, is a key element of Malta's economy. The new package contains not only new tax incentives with reduced rates of corporate tax but also investment tax credits, a value added incentive scheme, special provisions for small businesses and other incentives related to training and job creation. Telecommunications
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