MALTA

have great pleasure in introducing development and value-added manufacturing. this official FIRST report on to There are strong and important historical mark Prime Minister Lawrence Gonzi’s links between Britain and Malta dating back visit to the . We are to 1800 when the Royal Navy blockaded the Iparticularly grateful to His Excellency Joseph entrance of Grand Harbour helping to expel Zammit Tabona, the High Commissioner of Napoleon and leading to his eventual defeat. Malta, for all his help. We hope this report In 1814 Malta became a British colony and will focus the attention of international during the Second World War was subjected business leaders and policy makers on the to a long blockade and five months of heavy many investment and trade opportunities bombing – considered to be more devastating that exist in Malta. than the Blitz – and refused to Malta plays an important regional role surrender. In 1942 Malta was awarded the given its geographic location between George Cross in recognition of the courage the mature economies of Europe and the and fortitude of its people during this period. emerging ones of North Africa. Malta Malta continues to play an important has also been less affected by the global role on the world stage – hosting the economic crisis due to strong economic Commonwealth Heads of Government growth in the preceding years and a low risk Meeting in 2005 and has kept close Foreword by lending strategy in the financial services diplomatic relations with its neighbours sector. Malta’s success can, in part, be in North Africa. When unrest flared up in The Rt Hon Lord Hurd attributed to its ecnomic adaptability as Libya in 2011, Malta played a key part in of Westwell ch cbe pc well as its courage in embracing positive the humanitarian effort, helping the EU change. Prime Minister Lawrence Gonzi nationals to safety and providing medical Chairman, FIRST must take the credit for pursuing a flexible assistance to injured Libyans. As Prime and adaptable economic strategy that has Minister Lawrence Gonzi said last year “I Advisory Council allowed Malta’s small and open economy to was particularly pleased to note the British survive and prosper. Prime Minister’s appreciation of Malta’s Malta has surpassed European and euro efforts during the Libyan crisis.” area economic averages with a growth More recently, this year, Malta played host rate of 4.4 per cent in 2011. With GDP to the 5+5 Dialogue summit attended by the of €6.4 billion and GDP per capita of leaders of Libya, Tunisia, Algeria, Morocco, €15,300, Malta’s economy is focussed on Mauritania, France, Italy, Portugal, and tourism, electronics, the Freeport, financial Malta, resulting in the Declaration. services, ICT and light manufacturing Prime Minister Lawrence Gonzi’s visit with an emphasis on high value-added to the United Kingdom while providing an pharmaceutical and semi-conductor sectors. opportunity for private discussions, will give The business legislation and tax systems us all the opportunity to study the important of Malta are considered to be amongst the developments in Malta and to weigh carefully most attractive in Europe and combined with the many opportunities to work together its position, straddling the busiest shipping even more closely. lanes in the Mediterranean, Malta has We at FIRST are delighted to have been become a favourable destination for foreign asked to produce this official publication to investment. Among the areas specifically mark Lawrence Gonzi’s visit and hope that it targeted for investment are the knowledge contributes, in a small way, to its success and economy sectors including financial services, the further development of this important information technology, research and bilateral relationship. F 5

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