PN candidate proposes freeport for luxury goods
A day after Prime Minister Joseph Muscat says Malta is not fully exploiting its strategic position, PN MEP hopeful Helga Ellul proposed freeport for luxury goods.
17 May 2014, 5:38pm
On Friday, Prime Minister Joseph Muscat argued that Malta’s strategic positon is not being fully exploited, explaining that the close proximity of the Freeport and the airport could offer greater oppurtunities.
It now appears that Helga Ellul has taken the bull by its horns and acted on the government’s proposal to attract companies to make Malta their logistics hub – argung that she would be willing to discuss her proposal with the government.
Outlining her proposal, Ellul explained that the freeport for luxury goods would host high-value items free of any taxes or customs duties. Citing logistic reasons, Ellul pinpointed the grounds at the Malta International Airport as the perfect site for such an operation.
“These items could include anything ranging from works of art to precious stones and documents. Apart from storage, the facility could also house showrooms where people could buy or sell items on-site,” she explained.
Ellul said that such an operation would require an initial investment of some €20 million. She also said that there is a strong interest from a foreign investor in this project.
“Malta has all the qualities to enable the setting up and the successful operation of such a facility, namely its strategic location, a strong financial services sector and excellent air transport connections”, stated Ellul.
The luxury goods freeport is also expected to generate considerable spin-off activities for the local economy, which would involve a wide range of professionals offering services.
“As was the case for the financial sector in Malta. the setting up of such an activity would require the right kind of legislation which would make Malta a reputable jurisdiction. Thus, for example, owners of items deposited in the luxury good freeport would need to provide proof showing that they are the rightful owners of the items.”
“I believe that this is a viable business project which will further enhance Malta’s services portfolio, and strengthen our position on the map – both at a European and national level - as a dynamic and innovative country with which one can do business,” the PN candidate continued.
Daniel Mizzi reports from the law courts.
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