Economy Minister calls for closer ties between Malta and Spain

The Minister for the Economy, Investment and Small Business, Chris Cardona, addressed an event earlier today held on the occasion of the 5th anniversary of the Maltese-Spanish Chamber of Commerce.

Minister Cardona spoke about the strong historical ties between Malta and Spain. Ties which have been reinforced during the last decade in view of the mutual membership in the European Union. Cardona emphasised however that there is ample scope for such ties to be further enhanced and strengthened. 

“I must say from the onset that since its establishment in 2009, the Maltese-Spanish Chamber of Commerce has served as an added and very important tool to facilitate and foster Hispanic-Maltese business relations,” Cardona said.

 Cardona said that Malta’s and Spain’s commercial interests intersect in several important ways.  Imports from Spain are well diversified but regrettably the export side is far more limited in product categories and values.  With a population of around 47 million, Spain is a market of great potential.

Cardona encouraged new Maltese producers to penetrate the Spanish market, the fourth largest in the Euro zone and 13th worldwide.  

“Malta is proud to host sizable Spanish investment, comprising mainly pharmaceutical companies and companies which operate in the services sector which continue to show the Spanish interest in the Maltese financial sector,” Cardona said. 

“I am also pleased to note a growing interest in new sectors relating to digital entertainment, tourism and hospitality, shipping and education,” he added.

“Other Spanish businesses in Malta include a significant number of retail brands that have been present in Malta for decades. Furthermore, a Spanish company became the new operator for the provision of Malta’s public transport services recently.

Cardona said that other sectors where there is further scope for bilateral cooperation between Malta and Spain are the clean energy and water management sectors.

Cardona added that it is encouraging that the Spanish government’s forecast for this year's economic growth stands at 1.8% which is expected to be largely driven by increased exports, rising domestic demand and an expected record year for tourism.

“It is expected that these positive developments in the Spanish economy will also positively impact our commercial relations,” Cardona said.