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Malta moves up in WEF Competitiveness Report

Malta has climbed four places in the Global Competitiveness Index published by the World Economic Forum, moving up to 47th place among 144 countries.

The Report classifies Malta among the leading economies within the innovation-driven category, with its improvement being among the best among the EU-27 countries where only two other member states registering a bigger movement up the rankings.

Amongst others, the Report shows that Malta’s significant investment in education and infrastructure is bearing its fruit, with the quality of the education system now classified among the best twenty in the world and the overall infrastructure improving by a considerable ten places to 35th place.

In line with Government’s strategy, Malta Enterprise has been one of the drivers behind such improvements through its investment in the Aviation Park that is facilitating the growth of an aviation cluster, the ERDF co-funded BioMalta Campus which will provide facilities for the life sciences industries, and the upgrading of the industrial parks.

Malta has also scored highly in the financial services sector - ranking amongst the most advanced nations for availability of financial services, financing through local equity market, ease of access to loans and soundness of banks - as well as for its technological readiness.

Steps forward have also been noted in the key issues raised with regards to doing business, which saw decreases in problems related to bureaucracy, in access to financing, in the availability of educated resources and in taxation.

Further improvements are expected following the launch of Business First, the one-stop-shop providing more than 50 Government services for businesses administered by Malta Enterprise, which has already had over 7,000 contacts with clients since its launch earlier this year.