Malta - Market OverviewMalta - Market Overview
The Republic of Malta is a small, strategically located, island country. It is 60 miles south of Sicily and 180 miles north of Libya. It straddles some of the world’s busiest shipping lanes. Malta is a politically stable parliamentary republic with a free press. The country has a reputation of being safe, secure, and welcoming to American investors.
Malta is a member of the European Union. Its official currency is the Euro (€). The country offers good business and financial services, telecommunications, flight connections, a highly skilled workforce, competitive labor costs, a sound legal system, and a low crime rate.
Malta joined the European Union in 2004, the Schengen visa system in 2007, and the Eurozone in 2008.
With a population of about 420,000 and a total area of only 122 square miles, it is the smallest country in the European Union. The basis of the Maltese economy consists primarily of services - shipping, banking, and tourism. Maltese and English are the official languages.
Malta’s geographic location, fiscal incentives, political stability, and modern infrastructure make it a natural hub for companies seeking to do business in Southern Europe and North Africa. In a 2012 report, the UN listed Malta as a “front runner” in the high foreign direct investment (FDI) potential category. To date, more than 200 international companies have established operations in Malta.
During 2016, the U.S. accounted for 10.24 percent of Malta’s total trade. Also during that year, the U.S. supplied 4.54 percent of Malta’s total imports and bought 20.32 percent of Malta’s total exports.
Key items Malta imported from the U.S. include: fuel and gas oil, aircraft engines, aircraft parts, machinery parts, parts for gas turbines, motor boats, yachts, navigation instruments, and cereals for the manufacture of bread. On the other hand Malta’s export to the US included: Medicaments for Therapeutic or prophylactic purposes; electronic integrated circuits, switches, automotive semiconductors, steroidal hormones and antibiotics, video-recording and reproducing equipment, medical devices and products, airconditioning machines, aircraft parts and toys.
Malta Trade Development and Promotion