Finance, Economy and Investment Minister Tonio Fenech yesterday urged business to tap the Spanish market, which he described as an international business hub enjoying a privileged position for South Europe’s key markets and Latin America.

He was addressing business people and referring to Malta’s participation at the Zaragoza Expo during June-September, which he saw as “an excellent opportunity to promote Malta as a destination for trade, investment, financial services, tourism and culture”.

The initiative by the Malta Expo National Commission, Malta Enterprise, the Malta Tourism Authority, the Malta Chamber for Small and Medium Enterprise (GRTU), the Malta Chamber of Commerce and Enterprise, the Federation of Industry (FOI) and Finance Malta to organise a business delegation during the Expo was commendable, he said.

The choice of focusing on Spain was not a coincidence. Spain has grown into the ninth largest world economy and is the seventh largest of OECD countries.

It registers GDP annual growth of around 3.9 per cent, above EU average, surpassing member states like the UK, France, Germany and Italy.

The Spanish economy is an open economy with 55.7 per cent trade to GDP ratio, above the OECD average.

Spain enjoys a leading position in a number of industrial sectors, including the aerospace, machinery and industrial technologies, automotive, biotechnology and renewable energies sectors.

Malta’s exports to Spain increased by over 38 per cent in 2007 compared to year 2000, reaching e14 million in 2007.

The main products Malta exports are automotive components, educational toys, pharmaceuticals, electronic and electrical components and products and plastic packaging.

On the other hand, imports from Spain have also increased substantially reaching e103 million in 2007. Products imported include a wide range of consumer and industrial products.

“Over the last few days we have had some positive news also with regards to air links: the Malta-Spain route has been one of the major beneficiaries of the low cost revolution, and the frequent, low-priced flights to and from cities such as Barcelona and Madrid further facilitate the possibilities being explored today,” Mr Fenech said.

Efforts by Malta Enterprise have resulted in a significant investment here from Spain – Medichem, Combino Pharma and Crystal Pharma, all operating in the pharmaceutical sector, which have invested over e30 million and employ around 70 people.