Financial services sector contributing 97% to Malta's Foreign Direct Investment

VALETTA, Malta - Aug. 5, 2024 - PRLog -- In response, Finance Malta has intensified its efforts to highlight Malta's reputation as a reliable and prestigious financial hub.

In its Annual Report, approved at the June Annual General Meeting by FinanceMalta's founding associations, the organization offers a detailed account of its considerable achievements and ongoing efforts to elevate Malta's status as a leading global financial center.

The report highlights a year of robust activity and notable successes on both domestic and international stages.

FinanceMalta's primary goal has been to enhance Malta's international visibility, engaging regulators and private sector representatives—including its 250 members—at over 32 global events spanning various financial sectors such as funds, asset management, insurance, private wealth management, fintech, and capital markets. These events drew more than 100 delegates.

Noteworthy moments include FinanceMalta's presence at Money 20/20 Europe under its "inMalta" brand and the successful hosting of the prestigious "Malta – A Global Financial Services Platform" networking event at London's historic Guildhall, which attracted over 600 international delegates.

Additionally, FinanceMalta has encouraged a focus on sustainable finance by launching a website dedicated to keeping practitioners informed about the latest developments and best practices in this area.

The organization has also advanced financial literacy across various demographics, bringing together numerous stakeholders to evaluate the landscape of approximately 70 active projects and identify areas for improvement.

Throughout the year, FinanceMalta has bolstered its digital presence with a regularly updated website and the "Insight Newsletter," expanded its social media reach, and produced a record 44 episodes of the #FinTalks podcast series.

Currently, Malta's financial services sector employs around 18,000 people, reflecting a significant increase of 7,000 since 2018.

The growth of Malta's financial services sector has had a profound impact on the local economy in several key ways:

1. Economic Growth: The influx of foreign direct investment (FDI) into the financial services sector has contributed substantially to Malta's economic growth. With 97.6% of Malta's €500 billion FDI stock linked to this industry, the sector plays a crucial role in driving the country's economic expansion.

2. Increased Revenue: The sector's growth has led to higher tax revenues for the Maltese government. This additional revenue supports public services and infrastructure, contributing to overall economic stability and development.

3. Business Development: The expansion of financial services has spurred growth in related industries, such as real estate, legal services, and technology. This interconnected development supports a broader economic ecosystem, creating a multiplier effect that benefits various sectors.

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