A wealth of highly-skilled professionals, robust legislation, modern infrastructure, an advantageous fiscal regime and a cost-effective base from which to carry out international business have all contributed to Malta’s reputation for excellence, Foreign Affairs Minister Tonio Borg said yesterday.

Addressing the Consuls’ Meeting yesterday morning, Dr Borg said that these were assets which helped Malta to build the reputation for excellence it enjoys, and which is being spread across the world and bringing ever more business.

A major asset is Malta’s wealth of highly-skilled professionals, whose commitment, expertise and ambition are a most powerful selling point, he said, adding that the “challenge is now to remain at the forefront of this sector”.

European Union membership altered the way Maltese industrialists think and operate, and led to a shift from a labour intensive manufacturing base to high-value added sectors, tapping the best of a dynamic and flexible workforce.

Thanks to attractive investment support packages Malta has managed to successfully diversify its economic base, bringing new investments and expansions in high-value added activities.

Government is committed to continue investing in education and training, as the ability to attract high-value added investment depends on the capacity to provide the human resources required.

“Our higher educational institutions, particularly our vocational college, will continue to provide the supply of highly-skilled and qualified personnel to meet the increasing demand of industry,” he said.

Efforts to bring new high-value added activities to Malta in those niche sectors have intensified over the past years, and the aircraft maintenance industry, which nowadays employs more than 1,000 people and the pharmaceutical industry, which employs around 1,400 people, are cases in point.

The financial services industry is continuing to grow at a rapid pace, he explained, with 9,600 employees within the sector.

In view of such challenges, the government has embarked on several intensive structural reforms to project itself as a regional centre of excellence in various sectors, including financial services, information and communication technology (ICT), tourism and education, Dr Borg explained.

Currently almost 3,000 students in our tertiary education institutions follow finance-related subjects, he said, and the government is offering scholarships to help students further their studies and achieve the excellence Maltese professional service providers are renowned for.

It is also offering tax credits for those students specialising in finance through the Get Qualified scheme, to encourage more students to go into finance.

With close to €12 billion in foreign direct investment, Dr Borg said Malta has established a strong diversified economy. He invited the Consuls to come up with ideas and suggestions on how Malta can continue to register progress in the various fields.

“Ours is a long-term and consistent strategy which aims to be a success story for everyone – the practitioners, the investors and the country,” Dr Borg said.