For the fourth consecutive year, the Bank of Valletta is sponsoring the inclusion of Malta in the World Economic Forum’s Competitiveness Index.

This index serves to provide a measure by which Malta’s competitiveness is ranked in relation to other countries and is therefore a valuable tool for the formulating of economic policy and for guiding investment decisions.

The index, which is compiled annually by the World Economic Forum (WEF), covers 125 economies. It is co-directed by Professors Michael E Porter and Klaus Schwab, and serves to secure the observations of business leaders in all the countries that are represented.

The 2006 findings show that Malta was ranked in 39th place in the Global Competitiveness Index. In 2005, it was ranked 44th.

The local partner for the WEF index is Competitive Malta, of which BOV is one of the founder members. The mission of this Foundation is to raise national competitiveness to the forefront of national debate. This is done with the objective of securing the long-term viability of the Maltese economy and therefore the standard of living of the Maltese.

Bank of Valletta head of strategic planning Lawrence Micallef, speaking during the presentation of the sponsorship to Competitive Malta Foundation chief coordinator Adrian Said, said: “BOV is proud to be in a position to contribute directly to Malta’s drive to become more competitive.

“Bank of Valletta is a key player in Malta’s financial services sector and is a key contributor to economic development in our country. Indeed, remaining competitive is essential in order to support continued economic growth,” said Mr Micallef.

BOV’s contribution, coupled by the sponsorship of the survey, also forms part of the bank’s stated commitment to take a leading and effective role in the sustainable development of the country.