11 May 2005

The Web

Tonio Fenech sees good prospects for service industry in Malta

Julian Manduca

Finance Parliamentary Secretary Tonio Fenech sees good prospects for service and financial enterprises locating in Malta.
Tonio Fenech told this newspaper that the growth of the financial sector over the past 10 years is a consequence of the amendments to the Business Promotion Act and “the same could be said in relation to the online betting industry which has been attracted to Malta on the strength of changes in company and tax legislation in 1994, which give a number of final advantages for on-line betting companies and the passage of the Lotteries and Other Games Act, 2002.”
The Malta Financial and Business Times asked Fenech what was being done to attract companies offering services to Malta and the ministry spokesperson replied to say that Malta was being marketed as a financial services jurisdiction by professional services firms, such as law firms, accountancy firms and business consultancies that have specialised in this area.
“Trade associations in the financial sector are also gearing themselves up support the effort being made by their members. The MFSA also disseminates information on regulation and regulatory developments for use by professionals and trade publications in various ways, including training and information seminars both in Malta and overseas, and the distribution of technical brochures and material. The legal and regulatory framework is constantly being developed to attract new business ahead of other well-known jurisdictions,” Fenech added.
Parliamentary Secretary Tonio Fenech is optimistic that more companies will be attracted to Malta and said “prospects in financial services are very good and Malta is attracting more specialised business in this sector and opening up new niches for future growth in banking and investment services and insurance management.”

The Malta Financial & Business Times is published weekly on Wednesdays.
Website is updated weekly on Thursdays at 15.00CET
Copyright © Newsworks Ltd., Malta
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
Tel: (356) 2138 2741 | Fax: (356) 2138 5075 | E-mail