Last Updated 15 | 05 | 2014 at 14:09

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Minister Chris Cardona attends the Finance Malta Annual Conference 2014

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The Minister for the Economy, Investment and Small Business, Dr Chris Cardona today delivered an opening speech at the Finance Malta Annual Conference 2014 at the Hilton Hotel, St Julian's.

Minister Cardona congratulated Finance Malta and paid tribute to all participants for their work and their role in keeping the Maltese economy turning.

Dr Cardona said that due to competition, one cannot be still in business. In the same way the government is ensuring that the right conditions and environment are being created to attract investment.

"Our economy is growing, we have debt under control, our banks are robust and Malta did not suffer the economic shockwaves seen elsewhere in the Eurozone; our employment rates are high and our immediate prospects are good," said Minister Cardona.

Minister Cardona said that there has been sustained growth in insurance funds and the pensions sectors and that the evident expansion in private wealth management is a major contributor to the growth of Malta's financial sector as reflected by the clusters of highly-driven funds, insurance and pension providers.

"The financial services sector is proving to be a success for foreign companies and local businesses alike and it is a sector which generates better paid jobs," said Minister Cardona.

Minister Cardona reiterated that the Government is committed to sustaining the critical success factors which make Malta an attractive location. In achieving this objective, the government is reducing bureaucracy and facilitating regulation and efficiency.  "Amongst other things, the Government is here to facilitate business and entrepreneurship. We want Malta’s entrepreneurial spirit to flourish." continued Dr Cardona.

Dr Cardona said that the government is facilitating investment, working hand in hand with business and pursuing sensible economic policies, to reduce the deficit to manageable levels because, ultimately, financial stability is critical to sustained economic growth.

Minister Cardona also emphasized that the government is helping the economic sector by investing in education to make sure that the workforce of tomorrow will have the skills that the industry will need.

"We are securing supplies to meet the nation's energy needs while driving down costs, providing free childcare to both increase female participation in the workforce and help companies keep their talented female staff, launched Digital Malta to ensure that we are high-tech in all that we do, and we are encouraging innovation, through initiatives such as the  incubator at the University, where we are ensuring that good ideas get the financial backing they need to leave the launch pad," said Minister Cardona.

Minister Cardona concluded by thanking the board and management team at Finance Malta for their hard work and for the organisation behind the conference which has now become a highly sought after event in the financial services industry in Malta.

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