Kenneth Farrugia, FinanceMalta chairman, tells Veronica Stivala how the organisation is helping to establish Malta as a financial centre of repute.
FinanceMalta was established in 2007 as a public-private partnership with a two-pronged remit: to strengthen Malta’s financial services brand through a comprehensive promotional programme and to create networking opportunities for its members.
I meet its chairman, Kenneth Farrugia to discuss the role of FinanceMalta in attracting and facilitating the setting up of financial services in Malta. Despite being a relatively young and small organisation, FinanceMalta has established itself as a very strong body that is successfully using the country’s strengths – and working on improving its weaknesses – to make it a financial services centre of choice.
It is estimated that between 55 and 65 per cent of all registered and active businesses in Malta are family businesses. They employ around 45 per cent of the gainfully employed and generate around €4bn. These figures confirm the important role that family businesses play in the Maltese economy.
Mario Duca, managing partner at FBS2M Family Business Solutions, provides these informal statistics. According to Minister for the Economy, Investment and Small Business Dr Chris Cardona, when speaking at a Family Business Act Workshop organised by the Malta Association of Family Enterprise, this figure rises even further to 70 per cent, when taking into consideration businesses run but not necessarily owned by families.