Service Industries Such As Finance Insurance And Tourism Are Called Maltese Business’s on the Increase

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Maltese Business’s on the Increase

Malta, with a population of around 400,000, is the smallest of the European Union member states. Having adopted the euro as its national currency earlier this year, Malta’s government hopes it will provide the country with an opportunity to embark on an even greater economic growth path.

Recent massive investment in Malta’s economy has transformed its various industries. Its high-value manufacturing industry, for one, has seen an increase in the number of companies that have transferred their operations to the island. Lufthansa plans to move its major aircraft maintenance operations to Malta’s airport. Pharmaceutical companies are also hanging in Malta, because of laws that allow them to copy patented drugs and sell them on the market after the patent expires.

The financial services sector is also growing, particularly the in-house insurance operations of multinational companies. Major car manufacturers such as BMW, Renault and Volkswagen have set up their insurance units in Malta.

IT, an industry sector that has recently been introduced to Malta’s economy, is also growing. IT giants like Oracle, Cisco, Microsoft, and Hewlett-Packard are currently developing a facility called Internet City in Dubai.

Its tourism sector is also flourishing. Due to the use of the euro, the comfort level of visitors from surrounding euro-using countries has increased. A quick comparison of the Malta Business Directory will show you the clear growth of the business sector.

Three and a half years after it joined the EU, Malta is already reaping the benefits of its membership. Such positive results can be recognized in the advantages it offers potential investors: ease and security of doing business within the borders of the EU, better access to markets in the Middle East and North America, a multilingual workforce offering cheap labor. and a stable political and economic environment. All these factors contribute to its image as a regional hub for expansion-driven businesses.

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