World Country Guide

Business Profile

Economy
The agricultural sector is small, with potatoes being the only major export commodity. Although Malta is an island, the fishing industry is also relatively insignificant. With few natural resources, governments have sought to develop the economy through tourism and export-dedicated manufacturing. Tourism now accounts for over a quarter of Malta’s foreign exchange earnings. The industrial sector includes textiles, footwear and clothing (the most important of the new industries), plastics, printing, electronic components and electrical equipment. The old naval dockyards used by the British have now converted to operate as a commercial shipyard. Malta has developed close economic links with Libya, which has invested heavily in property and commerce on the island as well as supplying the bulk of the oil that meets the island’s energy needs. France has become the principal market for exports, followed by the USA, Germany, Singapore, the UK and Italy. The main economic policy issue under debate in Malta is relations with the EU and the country’s application for membership. The conservative Nationalist Party (PN) favours joining while the Maltese Labour Party is strongly opposed to membership. After a sudden withdrawal in 1996 of its original application, the PN administration reapplied in 1998. The PN went on to win the 2003 poll, and Malta's membership was endorsed in March 2003 by popular referendum. Negotiations progressed fairly smoothly and Malta joined the EU, along with nine other countries (mostly from eastern Europe), in May 2004.

Business
English is widely spoken in business circles and, on the whole, Maltese businesspeople have a conservative approach to business protocol. Punctuality is expected and appreciated and dress must be smart. The best months for business visits are October to May. Office hours: Mon-Fri 0830-1245 and 1430-1730, Sat 0830-1200. Some smaller offices close 1300-1600, opening again later.

Commercial Information
The following organisations can offer advice: Ministry of Foreign Affairs, Palazzo Parisio, Merchants' Street, Valletta (tel: 2124 2191; e-mail: info.mfa@gov.mt; website: www.foreign.gov.mt); or Malta Chamber of Commerce, Exchange Buildings, Republic Street, Valletta VLT05 (tel: 233 873; fax: 245 223; e-mail: admin@chamber.org.mt; website: www.chamber.org.mt).

Conferences/Conventions
The Conference Division of the Malta Tourism Authority can loan a free promotional video to conference and incentive organisers and is happy to assist with all initial enquiries. For further information, contact the Conference and Incentive Travel Division, ‘Auberge d’Italie’, Merchants Street, Valletta, CMR 02, Malta (tel: 2291 5204-6; fax: 2291 5898; e-mail: info@maltaconferences.com or cit@visitmalta.com; website: www.maltaconferences.com).