We need to become more ambitious by focusing on the internationalisation of the Malta Stock Exchange, said Prime Minister Joseph Muscat, during a visit at the Valletta premises, this morning.
Being relatively new after since establishment in 1992, he noted the first period was about setting foundations and consolidating the domestic market.
“It is now crucial for the Stock Exchange to have a more active role and urged its employees to look beyond Europe, in line with the government’s strategy to make efforts in a global perspective including by focusing on the Mediterranean market, and further.
International players which are new to Malta are meanwhile to be encouraged to join the Malta Stock Exchange, he continued.
Referring to the pensions’ reform and the introduction of third pillar pensions, he highlighted this is an incentive for private financial institutions to offer pension services while the government would give incentives for people to make use of such services. This will open up a new market and he would like a share of its profits to be re-invested locally.
Dr Muscat highlighted the importance of transparency which, together with consumer protection, has become the “name of the game” and “ever so important” following the fall of the Lehman Brothers.
In reply to questions on the Memorandum of Understanding signed with China opening the possibility for it to enter the European solar panel market – a hotly-debated issue in Europe, and whether this would impinge on our diplomatic relations with other countries, Dr Muscat said Malta is a free market economy and it is open to deal with new markets. Moreover, Malta is not re-inventing the wheel as similarly, the UK opened one of its airports to Chinese investment.
EU regulations will be followed and consequently, there should not be any problems.
On the Opposition Leader’s criticism that he should have been informed prior to the signing of the MOU on the state-owned China Power Investments’ acquisition of a minority stake in Enemalta, Dr Muscat said he will be informed like everyone else in due course as this is not a fait accompli. “The promise of sale has been signed and negotiations will follow. Parliamentary discussion and a vote will also be taken,” he said.
In upcoming Parliamentary debates, more information on cooperation with Libya will be given.
Besides the energy sector, he sees space for growth in tourism, health and aviation, as well as other sectors that may be totally new, or which have so far been given little attention.
Dr Muscat went on to point out that our foreign affairs policy is separate from EU affairs, which he sees as an extension of home affairs.
“We must for instance concentrate more on the Mediterranean region,” he said. “Air Malta barely serves North Africa when analysts predict this will be the fastest growing zone in the coming years”.
Asked on his Israel visit in the coming weeks, he noted this too will be about attracting new business through innovation driven economics.
His visit to the US and Canada will however be of a different nature.