SEPTEMBER 2019 businesstravelerusa.com18
DESTINATIONS
Long one of the Mediterranean’s
most appealing tourist spots,
Malta is also proving to be a
magnet for foreign investmentT
here’s a rather endearing folk tradition in
Malta called il-quccija. On a child’s first
birthday, friends and family gather round
while the baby is encouraged to pick from
a selection of objects placed on the floor.
The choice suggests what the baby’s eventual
career might be. In the old days, items might
include a Bible (priest), a pencil (writer),
a book (teacher), a boiled egg (lots of children) or a
knitting needle (seamstress).
In today’s Malta, il-quccija is still widely practiced,
only there are new objects now, reflecting the influx
of contemporary industries flourishing on this
Mediterranean island. Twenty-first century babies
might also be offered a calculator (accountant),
a computer mouse (IT specialist) or a credit card
(banker).
Ever since Malta joined the European Union in 2004,
and the Eurozone four years after that, its economy
has been growing steadily. “In recent years, Malta has
seen high GDP growth, strong employment growth,
a budget surplus and a buoyant services sector,” the
European Commission stated in a report in February
this year, predicting economic growth of 5.2 percent in
2019 and 4.6 percent in 2020. Unemployment rates are
low – only 3.8 per cent in January this year, the sixth-
lowest across the EU.The Maltese Business Bureau, part of the Malta
Chamber of Commerce, Enterprise and Industry,
offers advice to businesses looking to invest or relocate.
“Malta has been welcoming investors since the early
1950s,” says Ana Vella, its senior executive, business
advisory and support. “Ever since joining the EU,
we’ve enjoyed consistent growth and are fast becoming
the country of choice for a number of multinational
companies looking for an ideal market within the EU.”
She highlights several areas ripe for investment.
Financial services is perhaps the most dynamic of these,
with banking, financial planning, fund administration,
insurance, pensions and – thanks to the country’s
proximity to North Africa – Islamic finance all healthy
and buoyant. International banks such as Deutsche
Bank and HSBC have offices on the island, as havePICTURED: A cruise
ship dwarfs the
16th-century
buildings of the
capital, VallettaISLAND OF INDUSTRY
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