Malta is the ideal place where UK com­pa­nies can co-lo­cate

The Malta Business Weekly - - FRONT PAGE -

“Our ap­proach as a coun­try is to of­fer Malta as a co-lo­ca­tion ju­ris­dic­tion rather than out­right re­lo­ca­tion pos­si­bil­ity. We are an ideal place for com­pa­nies with pres­ence in the UK and which want to have a new foothold in the Euro­pean Union to co-lo­cate. This is the way we are po­si­tion­ing our­selves ir­re­spec­tive of the out­come of Brexit ne­go­ti­a­tions, and in­dus­try play­ers are re­act­ing pos­i­tively to such an at­ti­tude.”

Speak­ing at UK’s Guild­hall Art Gallery at a lunch hosted by the City of Lon­don, Prime Min­is­ter Joseph Muscat told UK busi­ness lead­ers and pol­i­cy­mak­ers that he does not sub­scribe to the idea that busi­nesses will sim­ply run away from the City be­cause of Brexit. In­stead, he be­lieves that what will hap­pen is that the City will re­main a very im­por­tant global player but com­pa­nies are mak­ing plans to be able to have part of their busi­ness co-lo­cated in a Euro­pean Union ju­ris­dic­tion.

The prime min­is­ter said that with Brexit, the EU, par­tic­u­larly smaller Mem­ber States, have lost an im­por­tant voice of a state that has a lib­eral ap­proach to eco­nomic man­age­ment. That changes the rules of the game for those who are still part of the EU, but also changes the rules for all those who want to en­gage with the new EU.

Dr Muscat said that as the small­est Mem­ber State and with the tra­di­tion of an open econ­omy and a nat­u­ral part­ner of the UK, Malta is tak­ing an ap­proach which is proac­tive. He added that preda­tory ap­proaches to tak­ing busi­ness out of the UK is short­sighted.

Dr Muscat also re­ferred to the reg­u­la­tion when it comes to the fi­nan­cial ser­vices in­dus­try and in­sisted that trans­parency and fi­nan­cial ser­vices should not be mu­tu­ally ex­clu­sive. On the con­trary, trans­parency in this in­dus­try has to be­come the name of the game. He said that trans­parency in Malta’s fi­nan­cial ser­vices and com­pany reg­is­tra­tion will be more than ever one of Malta’s com­pet­i­tive ad­van­tages. Malta might be los­ing some busi­ness be­cause of this, but it will still at­tract the right kind of busi­ness, said Dr Muscat. The prime min­is­ter said that Malta’s tax sys­tem is com­pet­i­tive but it does not of­fer tax so­lu­tions ac­cord­ing to in­di­vid­ual busi­nesses.

The prime min­is­ter also spoke about the re­cent events in Malta with the as­sas­si­na­tion of Daphne Caru­ana Gal­izia and said that Malta showed out­rage as such a bru­tal mur­der. The re­ac­tion of the coun­try to this mur­der shows that this is not what we stand for. He reaf­firmed his com­mit­ment to solve this case and bring the per­pe­tra­tors to jus­tice.

The event was or­gan­ised by the Chair­man of the UK-Malta Busi­ness Task Force Joseph Zam­mit Tabona in col­lab­o­ra­tion with the City of Lon­don.

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