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| Flying high Malta’s Economy |
Malta has gone through a lot in the past years of its existence. Even if there were many colonizers, the country of Malta has existed and continues to grow every year.
Even centuries before, Malta has a been a gateway economy to the people who wish to trade over the Mediterranean sea and, because of these, tourism and malta hotels have developed through the years. With the advent of Malta joining the European Union, the country has more to offer to its guests through its culture, people and friendly malta hotels to those who wished to visit and do business in the area.
The cornerstones of the economy in Malta are its favorable location, which is conducive for trade, and its efficient labor force. Although about 80% of food needs, its fresh water supplies and energy source are sourced from other places, the economy becomes strong because of its foreign trade, manufacturing of electronic products, financial services and tourism.
With these comes the increase of malta hotels in the area. The malta hotels caters to 1.2 million visitors in 2003 alone and, with the entry to the European Union in 2004, the number of malta hotels will surely increase again. The country’s entry to the European Union was an issue before but was recently changed because of the country’s positive government actions, which caused it to be admitted in the Eurozone on January 1, 2008. Fishing, agriculture and trade were the cornerstones of Malta’s economy before the 1800’s. At that time, very few industries existed in Malta. Only the cotton, tobacco and shipyard industries flourished in the area. The British Military mostly used the ports. The Napoleonic wars brought a different kick to Malta’s economy as trade began to be the focal point of the country. The opening of the Suez Canal opened Malta to the world of trade further as it became a regular stopping point of traders who crossed the Mediterranean highway.
It was also at this time that malta hotels began to flourish to cater to the different stop over needs of sailors and traders. World war two dampened the economy of Malta as oil-powered ships did not need to refuel at the harbor of Malta. Modern day Malta soon recovered together with the recovery of the European economies as the economy was lifted by growth in exports, tourism and the increase of malta hotels. Since 1987, there has been a steady increased in tourist visits to the country and foreign exchange earnings because of visitors, of about 30% and 63%. The steady growth of the country’s economy is attributed to good international economic climate, available domestic resources in terms of labor and policies, which support foreign export-oriented business. The economy has maintained a low rate of unemployment even if there is an increase of illegal immigrants. The government has slowly shifted towards liberalization and privatization.
Tourism has generated about 35% of the GDP of the country, which can be attributed to an increase in malta hotels. Films such as Gladiator, Troy, Munich and the Count of Monte Cristo were shot in Malta with the support services for foreign films by the Malta film commission. Malta today has been known as a place conducive to business because of its excellent financial service as it offers a strong cost and tax efficient base for financial services.
Malta has an efficient and motivated work force with a low-cost environment and advantageous tax regime, English as a language and strategic location. Malta hotels can offer a world-class environment for the businessman who wants the comforts and ease of a modern environment with the class and sophistication that only Malta can offer.
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