Malta is currently enjoying economic success as the direct result of the Government’s action in addressing its weaknesses four years ago, such as the low female participation in the labour force.
Minister for Finance, Prof Edward Scicluna made this statement as he delivered a key note address at the Spring Meeting of the International Credit Insurance and Surety Association (ICISA), which was held in Malta for the first time. This meeting brings together over 100 delegates from around the world representing 95% of global market share of credit insurance which collectively insure around 15% of global trade.
Minister Scicluna recalled how the Government immediately offered free childcare as well as tax breaks in order to entice mothers to re-enter the labour market. Furthermore, the Government is further addressing other obstacles to economic growth such as early school leaving and bureaucracy. The Minister recalled how Maltese banks did not require bail outs, thanks to their conservative stance. He added that in spite of its position in a very difficult region, Malta is a stable country, both economically and politically, with the highest employment growth rate in the EU and an economic growth rate which is triple the average growth rate of the Eurozone.
Thus, Malta has become a solid base from where to conduct business in the area and is succeeding in attracting new kind of business, such as attracting tertiary education and health institutions catering for the MENA region, said Minister Scicluna. He also referred to the current international climate of disruptive politics which may affect international banking, and international trade.