AmCham Malta, in collaboration with FinanceMalta, successfully organised a two-hour high-profile event at the prestigious Down Town Association in the financial district of New York City, a stone’s-throw away from Wall Street, at the end of September.
The event, entitled Malta – Europe’s Strategic Platform for Financial Services & International Business – was addressed by Prime Minister Lawrence Gonzi.
It highlighted the various advantages Malta can offer US companies interested in setting up their European operations. Malta’s unique and attractive legislation, its EU credentials, complemented by its proximity to the emerging Northern African countries, present an ideal scenario for US companies and corporations to consider locating or re-locating their businesses to Malta.
In his speech, Dr Gonzi highlighted the main strengths and competitive advantages of the Maltese financial industry, describing how it had not only managed to avoid the fallout from the financial crisis but had cushioned its impact on the real economy.
“An important element behind the development of the Maltese economy during recent years, and a factor contributing to its resilience over the past year, has definitely been the strong growth of the financial services sector which today accounts for some 12 per cent of our GDP,” said the Prime Minister. “Over the last three years, the sector has averaged an impressive annual growth rate of 30 per cent, as Malta started to reap the benefits of both European Union membership and, more recently, euro adoption.
“During the first five years of membership, notwithstanding the challenges encountered, Malta has been exceptionally successful in attracting international financial services companies to locate in Malta, even from new territories that were considered to be the realm of traditional jurisdictions. This is witnessed by the increase in companies registered here in Malta. Throughout the first five years, investment services companies set up in Malta rose by nearly 40 per cent. The same can be said about collective investment schemes, which have risen by over 300 per cent in five years. The fast expansion in both collective investment schemes and insurance firms operating in Malta not only confirms the fundamental strengths of our financial services sector but, more importantly, they are a vote of confidence in the prospects of the industry.”
The event was also addressed by the organiser of the event, Dr Anton Tabone, president of the American Chamber of Commerce in Malta, and FinanceMalta chairman Kenneth Farrugia.
“AmCham Malta is yet again living up to its statutory obligations, namely, to facilitate the safeguarding, the development and the promotion of economic exchanges between the United States of America and Malta”, said Dr Tabone. “We hand-picked a select number of influential US professionals to attend this seminar. Partners of major international law firms, CEOs of NYSE-listed companies, investment bankers and private equity firm owners attended – approximately 40 people in all. We are confident that something important for Malta will result from this initiative.”
Kenneth Farrugia said: “FinanceMalta is pleased with the outcome of this first event of its kind to have been organised in the US, and the delegates present were both receptive and participative in the discussions that ensued. What has clearly emerged from this initiative is that Malta’s positioning as an international business, financial and investment jurisdiction extends beyond that related to the ease of passporting services to EU. More so, Malta is becoming increasingly visible as a jurisdiction from where international business services in the widest sense may be provided to both the EU and particularly the south and south-east fascia of the Mediterranean.”
The event was also addressed by Andrew Manduca, Governor at FinanceMalta, and AmCham member Robert D’Alessandro, who gave a practitioners’ perspective of financial services in Malta.
The event ended with a networking session between the attendees, who expressed a desire to learn more about Malta’s financial services and business opportunities.