FinanceMalta, a public-private partnership set up to promote Malta’s financial services sector, has been invited to attend “The International Financial Services Forum” in London as part of the on-going programme to build Malta’s financial services brand across Europe. Attendance is by invitation only.
The International Financial Services Forum, also known as ‘City Week’, is the premier international forum for both the providers and users of international financial services and is the global forum for senior members of the international financial services community. It will once again bring Malta’s financial and legal services expertise into focus for the global financial services and legal communities with the prospect of building future business opportunities together. Last year’s City Week attracted 650 high level delegates from 40 countries. This year, the organisers expect about half of the attending delegates to be from outside the UK, giving additional value to FinanceMalta’s participation in this prestigious event.
Delegates will benefit not only from listening to an impressive cast of speakers, but will also be able forge new business relationships with the global audience attending the forum. Good reasons for these opportunities are supported by the latest official figures issued on Foreign Direct Investment (FDI), which grew sharply last year in Malta, fuelled by the financial services industry. Malta’s open market economy may be vulnerable to the downswings of the world economy but the country suffered no bank failures during the global financial crisis, which is testament to the domestic markets cautious but innovative approach. Recent growth shows that Malta has a bright future in the financial services sector.
Head of Business Development at the public-private partnership, Bruno L’ecuyer, stated: “FinanceMalta continues to define its role as increasing the visibility of Malta as a European Financial Centre (EFC), enhancing business opportunities for overseas corporations to sustain our organisation’s growth out of Malta as part of the new jurisdictional offering.” He added: “To build on that good work, FinanceMalta continue to heighten Malta’s visibility and credibility in the sector’s international markets with this ‘City Week’ presence.” Commenting on euro area woes he said, “Malta’s financial services have continued to grow, registering year-on-year growth despite the financial crisis. Underpinning that growth as an EFC is the investment fund, insurance management, banking and trusts sectors that have been attracted to these shores by a single, efficient regulator, a comprehensive legal and regulatory framework and an efficient fiscal regime.”
As a result, Malta’s financial services industry is set to grow again this year with an increasing focus on the ‘Wealth Management’ category. Financial services are an important contributor to the Maltese economy providing over €1 billion in revenue.
Malta is a financial gateway to Europe and the finance industry offers a number of attractions including a stable economy, liquid markets, skilled workforce, cost-efficient business infrastructure, and advanced IT support. Maltese households and the local business sector enjoy the benefits of a flexible financial services industry, which now employs over 8000 people as well as generating benefits in other parts of the economy. As a key economic pillar, the financial services industry has been gathering momentum in a number of sectors and Malta has, for example, over 500 funds and in excess of 100 asset management companies, with significant growth predominantly in the last two or three years. The latest statistics released by the National Statistics Office show Malta has had substantial growth primarily in financial intermediation. Financial services are a significant contributor to GDP, contributing some 12 per cent to the economic mix.
City Week enjoys the support of the UK government with three government ministers participating in the event: the Rt Hon William Hague MP, Foreign Secretary; Lord Green, Minister of State for Trade and Investment, UK Trade & Investment; and Mark Hoban MP, Financial Secretary to the Treasury. In addition, a wide range of organisations across the wider international financial services industry are supporting The International Financial Services Forum in London. Keynote speakers from the industry include Douglas Flint, Group Chairman, HSBC Group. International speakers from Brazil, Canada, China, the European Union, India, Kazakhstan, Morocco, Russia, Singapore, Switzerland, Turkey, Vietnam and the United Arab Emirates will also take part.
City Week 2012 has five key themes, change drivers in global financial services, the latest developments in banking securities and insurance, the Impact of forthcoming financial regulation, the Implications of the Eurozone crisis for the industry, and a thorough review of the opportunities and challenges in emerging markets. More information is available on FinanceMalta’s website www.financemalta.org