Speech by Hon Jose’ Herrera MP at the Exante Corporate Business Breakfast. Global perspectives for professional investors in 2014-2015. New Markets and New Opportunities Good morning.
"Honourable guests, ladies and gentlemen ... I would like to congratulate Exante for organising this high profile, high powered corporate business breakfast, bringing together some of the most talented people in Malta to discuss the global perspectives for professional investors in the years to come. This business is all about creating new markets and seeking new opportunities. And I hope that this business breakfast will serve as the right forum to come up with the right answers to develop the industry further.
Established in Malta in 2011, Exante is an on-line prime broker whose products and technology have been recognised across the globe. EXANTE, as a next generation broker, offers its clients access to a broad range of financial tools and markets. Having been reviewed by international press in 2013 this brokerage firm has paved the way for many others. Its financial products and cutting edge technology are recognised worldwide. With offices in Singapore, Russia, Latvia and the Netherlands,
I am very proud that Malta has also been chosen as a strategic location. The decision to invest in Malta has proved to be a good one. In 2012 and 2013 the company experienced an incredible growth in assets and revenue of a circa 1,000 per cent each year. The company employs about 100 people and is set to expand further. New projects are on the way. Investment is to increase. Malta is proud to host such a successful company as Exante.
There are various factors determining why companies such as Exante decide to choose Malta. It’s a member of the European Union. It has established, successful financial services. Its infrastructure and regulatory framework are top class. Malta’s geographic location right in the middle of the Mediterranean makes it a gateway to the EU for financial services firms outside the Union and it’s an open door to the financial services businesses in the Arab world. We have a strong financial services regulator, one of the soundest banking systems in the world, a very attractive corporate tax regime, a solid regulatory framework, and access to the whole European market. Malta is now an internationally recognised financial services hub. The reputation of the Maltese financial services sector improved even further due to the resilience and stability it showed during the financial crisis. This reputation is expected to fuel further growth. For sure: Malta’s finance sector has expanded and our aim is to continue to expand.
By 2015 ﬁnancial services are expected to contribute 25% of GDP. The figures are truly impressive. This economic sector has more than 10,000 employees. 60,000 registered companies are using more than 70 double taxation agreements, all working to IFRS accounting standards. With a net asset value of funds at 8.95 billion euros, that’s nearly 20% of the European fund business. This level of growth is also attributable to other strengths, including a stable macroeconomic environment, and sensible taxation and ﬁnancial infrastructure. Investment is central to making Malta competitive.
Throughout the years we have invested in the infrastructure. Malta has sought to strengthen the bridges of existing industries while at the same time reaching out to build new ones in emerging sectors, particularly in information and communications technologies (ICT), gaming, maritime and e-commerce. Besides, we have a highly-skilled workforce who in turn help local businesses flourish and attract foreign investment. Our people remain our strength, and our biggest opportunity to sell Malta abroad. That is why the link between education and industry is of crucial importance for the economy. My government is all about enterprise, helping companies to succeed, growing the economy and providing jobs. I wish you all well for the future"
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