Alfred Sant said it was about time to have a new strategic report which would open up possibilities and a new potential for the future so that the financial services sector would continue to expand.

The Labour leader was speaking in Valletta when he visited Jesmond Mizzi Financial Services as part of the activities for Worker’s Day being held by the Labour Party.

Chairman and managing director Jesmond Mizzi said Malta’s geographical position was beneficial in the expansion of the financial services sector. Malta had a good name in the sector internationally.

Mr Mizzi was quoted in an MLP statement as saying that the Malta Financial Services Authority should help the small companies in the sector because these were competing against international giants and had to carry the same obligations. Without this help, these companies could not be in a position to compete. There should also be contact between companies in the sector, the MFSA and the University of Malta because they were finding that graduating students were cut off from the real world of labour.

Dr Sant said he was happy that one of the factors that had helped the further expansion of the sector was the strategic report drawn up under the 1996-98 Labour government. Over recent years, in agreement between both sides of Parliament, some 90 per cent of the report’s recommendations had been implemented.