Malta’s PM on economic growth

The Prime Minister of Malta Joseph Muscat said that Malta’s present sustained economic growth did not happen by chance. Muscat was addressing the London Technology Club and the Investment Executive Panel on Wednesday.

Muscat said that Malta’s economic growth has turned around the country’s finances, moving from a structural deficit to a fiscal surplus for three years in a row. He also mentioned how traditional businesses such as that of manufacturing and tourism have grown and expanded.

Moreover, Muscat also discussed how Malta has opened up and diversified to new niches, ranging from Fintech, Blockchain and Artificial Intelligence to aviation and medical cannabis.

On the other hand, new challenges have also emerged in terms of money laundering and financial crimes, said Muscat. Currently there are new regulations being implemented to battle this, by institutions such as the Malta Financial Services Authority and the Financial Intelligence Analysis Unit.

Together with the Prime Minister, there were also present Chief of staff Keith Schembri, Head Government Communications Kurt Farrugia, Malta Enterprise CEO Mario Galea, Joseph Zammit Tabona, and the Prime Minister’s financial adviser Prof. Joseph Bannister.