October 5th 2012 witnessed an epic reunion on the Maltese islands as Malta hosted the first Europe-Arab summit in a decade, the European-Arab 5+5 Summit. Terrorism, lawlessness, immigration and the European debt crisis were the major topics of discussion on this very important day.
Malta’s Economic Climate
In a public address during his visit to Malta for this event, President of the European Commission José Manuel Barroso praised the success of the economy of Malta, stating: ‘Malta is doing better than most in the European Union, this is reality.’
Malta is one of two EU member states to have reduced its fiscal deficit during the 2008 – 2010 global financial turmoil and it reports the fifth lowest unemployment rate in the EU. Foreign direct investment increased by €500m last year with reported growth in multinational manufacturers, pharmaceutical and aircraft maintenance service companies and the financial services industry, which offers a wide range of services, such as hedge funds, FOREX operators, trusts and insurance businesses.
Malta as an Investment Platform
The European-Arab 5+5 Summit brought together heads of state and government from the five Arab Maghreb states and five EU member states bordering the Mediterranean Sea. Its purpose is to strengthen economic and security cooperation amongst these states and more broadly within the region.
The Prime Minister of Malta reflected on the choice of Malta as a venue for the Summit. He explained how Malta’s geographic location, complemented by its stable economic and political environment, has allowed it to act as a unique channel between Northern African states and the EU. This glowing review should help secure Malta’s place at the forefront as the jurisdictions of choice from which to operate international business. With Malta’s financial, locational and fiscal offerings as well as its highly educated workforce, the island definitely stands as the location of choice for international business between Europe and North Africa.
