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affietge FIALTAS T{l st{rt*Eitg A'BYI*A}IE DWERSEAUSNES5 A|to ISGA'IX'ITHAS EROT'GI{'T R€ST'LTS. A Medite$eea*Islaad aation of just.over 4r?,ooo tuibaliFts, nbttr has a febled histo{y as a stafarers' fraven sf stri*irry be*uty. ThrougHtt the centtrrieq Malta ha$ bea a covet€d ppssession af the dominant natio$ in tbe region. pe@nccfma in 196.4, this biliqual c€{rEq itself as one of the EOSI ecoomic succes8 stories in soutfuem.*$ryt, makiag it a faseirntiog deetinatian for iF€stffi aad trav€lters alike. IlF $Edlest coqEH'y i+t&:f*rop,r=an uci,ea" in tErms of s_im, populatioa md econony, f@-trb,d€cisionlto io4* * EU in ee+ iisd &pt the etlro h qt$ Fb,prorca'irgrotal Go is dery@Efat as a mior ifft€matioml busin€s c€eu4 At tte,sm tire, a wis d?ersifustion ftrrt€ggr helpeA s*eagthm the island's eco+6by. l.bday, Mal&is cneof tb€ f€ur gxorrthFc@tuies in tlte Etlr€Feaf, U*ion. 8flfEEile@$itrHtrs: !r.!........r..........r;r..i,..........-........... Iaded at &€is€$thern rip of ltaty a*d ig* ovet.rS s#fetitomet€s in area, the Iftlese bl*eds |ie virtudly midmy'betweer Today, Matta is one of ih€if€w grs,t th economies in the Eurspean Union. Europe aad lolo*h africa,,some 9o kilonetres south sf Si€ily aad p kiloBe$es mrsl af dbya. fhe archipelago comprisel of Malta; Gozo a$d Comiao. I.te sain islaad: lrtalta" is z7 kilone$rs }ong end measule r4.t kilom€fi€s at iB wi&st poipt. E tafte8 itst 45 miautes to csss fidta; redrrcireg.(€*rrisuti{g times ad i*creasi*g bisu;re tirae libe ofrcial laeguagts ar€ Mal@ and'Es$lirfr, with gBip€r c€dd'ffalese beiq taHllybilingual. A rocky Meditei.ranean islaod with a dry and, ofui riody cliurate, Udh,enfeys $!o: @.E of surEhiEe ib a y€tr asd &€ best weather in dle world; *€€€xili*!':16, ;p, 2611 nnkiagof 65s€rsi$elat€nudeuittii:i*g, The capisl city Yaktta is bo6 &i adiairristrative and lxsimss ceatre of the coEatry. Other main to$rrs i'clEde: the popufar sea-side torras of Sliema acd St. tnliauls on the west coa6t *e inlEEd. tdw.Es of ltd€sta and Bir$rkein, sibat€d iqthe,eeaae of the islad; asd Pela in tbe ioutb. {thile wse 90 per ceEt of l*altese tive *n u*&a settiagq, thefe ar€ sufireron$ saall vilige.t$at'sttd evok the tditbnal Ailediterr*aeaa, mral varflttl*. :r..:.Airs'F€LrrEs D€oceadents of ancieot'€adragiaiaas afid Pbo€aiciens, with *ocg,eleueae of I' lian and other Mediterranean gck, the ilal* arc sait b be asedgtke ffi &9. 'Eatio*.el of people; SdS ahisk+*Sih8 seen a succession of foreigu rulers Pkbrdciass, &e Romam, the the frabs, the Ottomans, fte Kni of St John, the Frenlh and tle British, ttre ers heve*giled a uniqu€ Sility to 'new ideas ad adopq and isprove, t&em.to tfoeir l*timate adya{ftage. Ir{ak*:s'fp0latioa is dlso one of pelitieall.y aetive ir europe wit$ seei*g:ffig 1ui' rut regutarty per ce*L Ttirlay, Malta isa reserf.tive d€mocratic republic, in ecutige padrc*s&s{Fit& tfra Prim€ while tte Pfc6*abx;**ffiIs the Head of Sbt€. th€.l1{&dhdi$t pafry, led by'Ithe ftiiiil*t*r lasenc.e shaped &e c{xin*fr ;*i:itriEes ceneral el*fud,are':bts*l1g Se*rl ia 2ot3 and will see }fi*re },lioister rg?infttssepfrfrtilsfat, tfu rFarty. tgt-AitDEomlanr idad'€*Rdl, ogca, eonony hes rena*elily resillent h the hce tie eeononic downgra; M:{a been pesitive grow$ figures in years and ras rcgularty among rmilg economies in the EU. In , registered annual real GDp .z per cent, and for zog, the is forecastinga grovdi r.6lp€r ce$. Mdtat unearp&oyment 'sa€ af the lorrst in fu'5u md of zore stood at arannd e per em, ;r&3 d*: FI bedt ,tbe :of :is rk : 1 i i t
the deflcit has narrowed to 3 Der cent of GDP. During the past iecades, Malta has transformed itself into a modern economy based on knowledge industries and has set uP Powerful sectorspecific develoPment Plans' Long PoPular as a safe and sunny tourist destination for sun-starved nofthern Europeans, Malta attracts over r.4 million visitors each Year, and the tourism sector contributes some 25 Per cent of the island's GDP. Another high growth sector is financial services, now accounting for rz Per cent of GDP, a figure that is expected to rise to z5 Per cent in the coming years. Life sciences and digital media are joining the traditional economic generators and creating a solid base of diverse oPera- tions from which Malta is competlng on an international level. '. lvlatta has atso invested heavitY in modern tetecommunications and transport infrastructure, ruvhite providing a fu[[ package of incentives tlhat range from fiscaI benefits to the provision of custsm-built production facitities' The maritime sector is one of the oldest industries on the island' Today, Malta is home to the largest ship register in Europ'e and has emerged as one of the major logistics providers in the Mediterranean. The cottntry now aims to replicate this success in the aviation sector and has introduced new legislation to offer this growing industry sector a toP-notch environment. Malta's biggest weakness is its dependence on imported energy sources' However, the recent oil and gas finds in the Mediterranean Sea are attracting renewed interest for exPloration in Maltese waters. INVESTMENT HOTSPOT with economic success stories everywhere, it is no surPrise that Malta has constantly attracted steady inflows of foreign direct investment (FDI) across all sectors of its economY. Malta's FDI stock Position reached rz.5 billion euro at the end of zorr. The country's key source for FDI is the EuroPean Union, with 8.9 billion euro, or 7l Per cent of total FDI. Germany accounts for more than 56 per cent of this amount, confirming the country's impoftant role in Malta's economy. The finance sector accounts for over 75 Per cent to Malta's total FDI stock. Providing access to the nU single market, the island's proximity to, and cultural links with, North African and Middle East countries are also attracting companies that are using Malta as a stePping stone for trading, distribution and marketing of their international operations in Southern Europe and North Africa. Companies such as the Swedish industrial group Trelleborg and German company Playmobil have been among the flrst to es- anzelge Above:safi Aviation Park ' Below: Matta Freeport Termlnats tablish operations in Malta' They were later joined by companies from the flnancial services, lcr, digital media, creative and pharmaceutical industries in more recent years' To assist high performance industries locating to Malta, the country has inffoduced business-friendly policies underpinned by a legal and regulatory framework that is fully harmonised with EU legislation' Malta has also invested heavily in modern telecommunications and transport infrastructure, whiie providing a full package of incentives that range from fiscal benefits to the provision of custom-built production facilities' PROGRE9S POINTERS The island is now faced with the challenge of protecting its economic stability in an uncertain macroeconomic environment. Looking at how far the country has come in recent years, the island's leaders are oPtimistic that the ambition and flexibility of its people, qualities that are a direct result of the che
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