Business and Tourism
The Maltese Islands - Malta, Gozo and Comino - lie midway between Europe and North Africa. Malta is the smallest EU member state by population and by size. It has a history and culture that stretches 7000 years back in time. Apart from the 415,000 inhabitants, more than 1.4 million visitors arrive in the country every year. The Maltese Islands are economically, socially and culturally well developed. Besides the rich cultural heritage, Malta offers a solid business and industrial background.
Malta Business Climate
Tourism is a cornerstone of Malta’s economy, contributing some 25% of the GDP, and directly employs 30% of the population. It has been recognized as a key industry in Malta, helping to diversify the economy through increased employment, investment and foreign currency earnings. The government has provided a number of incentives for investors in tourism. The country’s economy, the smallest in the EU, emerged from the financial crisis relatively unscathed. Other leading sectors include financial services (with a 30% growth per annum), high end manufacturing, pharmaceuticals, ICT and professional services.
The official languages in Malta are Maltese and English. 90% of the population live in urban settings and is totally bilingual. Also, most Maltese have a good command of Italian, while French and German are widely spoken as well. The local labour force is known to be well educated, highly skilled, productive and dependable. Two-thirds of all visitors originate from 5 countries: UK, Italy, Germany, France and Spain. Younger consumers (up to 24 years old) represent the fastest growing segment in terms of visitors.