The Gozo Business Chamber has said that “Gozo as an island region faces substantial challenges, and it would be good if we could also see the financial services industry establish itself in Gozo in the near future.”

“The pandemic has shown the need for Gozo to diversify its economy, which is too much dependent on tourism, construction, and real estate,” the Chamber said.

The GBC stressed that the establishment of the financial services industry in Gozo, and also other sectors, including new ones related to the green economy and digitalisation, “would ensure the sustainability of the Gozitan economy, and its positioning as a net contributor to the national economy.”

The Gozo Business Chamber welcomed the news that Malta is voted off the Financial Action Task Force (FATF) ’s Grey list.

The Chamber said that “this means that Malta has substantially completed the required reforms and addressed the identified shortcomings. Though monitoring will continue, this is an important step for the country following last year’s decision.”

It noted however that, “it is important that the pace of reforms which has accelerated during the past months continues and that the country as a jurisdiction does its utmost to combat financial crime at all levels.”

The Chamber stressed that “transparency is at the heart of any jurisdiction, and Malta’s greylisting has clearly impacted Malta’s name at various levels. Strategically, there is a long road ahead in order to place ourselves again in an advantageous position in the highly competitive financial services industry.”

“Nonetheless this shows that whenever there is a collaborative effort at all levels and a strategic direction to implement the required reforms, Malta can make a difference,” it said.

“The Government had an important part to play during the Covid-19 pandemic, and is now playing an important part in combating the effects of the war in Ukraine,” the Chamber said.

The Gozo Business Chamber concluded by saying that, “Malta being struck off the grey list means that if there is synergy between all the parts concerned, including the public and the private sector, the country can achieve the intended objectives. This should serve as a benchmark to achieve the challenges ahead in various areas.”

Photo by Alain Salvary

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