Speaking during a visit to Globe Financial Services operations centre in Balzan, Competitiveness Minister Censu Galea said that while acknowledging that Europe was facing stiff competition from the Far East in the manufacturing sector primarily due to cheap labour costs, Malta’s competitiveness within the services sector has been maintained.
Underlining the progress made within domestic financial services, Mr Galea said, “Financial Services have grown significantly and come a long way and has become a pertinent pillar for the Maltese economy. Whilst further developing the concept of offering a sterling service at competitive rates, the government will continue to evaluate and update relevant legislation and regulations for Malta to retain its competitiveness within the sector.”
Through strategic decisions taken by the government, Malta has obtained international recognition as a stable financial services centre of repute. This fact has to be further enhanced. In this regard, the Competitiveness Ministry, through the Malta Standards Authority (MSA), is encouraging the services sector to certify and implement standards within their structures as these could result in personal assets, and improving competitiveness by guaranteeing optimum work practices to customers.
The MSA aids industry and economic players to become knowledgeable and compliant to internationally recognised standards, amongst which recently the ISO 9000 Quality Management Services certifying acceptable quality standards to customers in the services sector.
Through the single passport, EU membership has given Maltese operators access to a market of over 400 million consumers, therefore strengthening the potential for international service providers to operate from Malta, whilst giving an added value to domestic ones.
“Malta’s sound and modern telecommunications infrastructure complemented by its highly trained human resources underpins the Malta Financial Services Authority’s strategy in promoting Malta as a potential regional hub within the sector,” said Mr Galea
During his visit Mr Galea was welcomed by Group CEO Nicholas Portelli, and met several of the 140 employees within the organisation.
Mr Portelli said Globe Group was listed on the Malta Stock Exchange and was planning to continue expanding its operations. “In fact, the company is exploring possibilities to expand its operations overseas,” he said.
Through the investment of resources, the organisation has set up an efficient provision of services, handling amongst others the Aberdeen Asset Management plc., local back office operations and all BUPA’s local operations related to underwriting and claims handling.