Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta’s geographic position beween the EU and Africa makes it a recipient of illegal immigration, which has strained Malta’s political and economic resources. The financial services industry has grown in recent years, but is not fully modernized. Malta’s economy is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism all of which have been negatively affected by global economic downturn. Malta adopted the euro on 1 January 2008.
Key exchange rates:
Interest rate: 1%
Current inflation: 2.2%
Inflation target: 2%
Tax rate: 18%
Major Maltese owned companies:
Seasus are specialists in developing comprehensive e-business solutions, from the design of user interfaces through to e-commerce applications, system development or interoperability with your existing software systems and integrated voice/video/data communications.
Central Bank of Malta The main objective of the Eurosystem and the Central Bank of Malta is to maintain price stability. In order to meet this objective, the Central Bank of Malta participates in the preparation and decision-making process of the Eurosystem’s monetary policy.
Banif Bank (Malta) Banif Bank (Malta) is a Maltese bank owned by the BAnif Financial Group and prominent Maltese investors. The bank opened in January 2008 with the aim of becoming a key player in the maltese market by capitalising on the knowledge and expertise gained from countries with a socio-economic environment similar to that of Malta, such as Azores and Madeira where the Bank has a market share of 34% and 26% respectively.
Chetcuti Cauchi Advocates Chetcuti Cauchi Advocates is a boutique law firm with offices in Malta's legal and financial capital, Valletta. The firm's key strengths fall under four main departments reflecting the firm's commitment to its clients evolving needs.
EMD Advocates EMD Advocates is a dynamic and established boutique Maltese law firm which provides traditional legal services as well as specialised legal and advisory services.
3a Accountants 3a is a firm of accountants, auditors and business advisors. Behind 3a is a team of fresh young professionals, blended with the experience and vintage of some well known experts.
MGI Malta MGI Malta is an accounting, audit and consulting firm specializing in advice and services to a variety of local and international clients.
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.
Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.
The chamber’s main objective is to promote and protect business interests. Membership is available to all merchants, bankers, manufacturers, as well as other forms on trade. The Chamber collects, circulates and publishes statistics and other information relevant to the members and their industries.