Innovation is what drives investment and creates wealth. Too often reduced to only a matter of technology, innovation does not translate into economic progress unless it is itself driven by a culture of innovative adaptation to changing circumstances, by a mindset that does not shy away from reinventing oneself, by a can-do and an up-and-go attitude, by looking outward and forward rather than inward and backward. In Malta, we have always believed that success lies in innovation. And when we say always, we mean always.
Malta, with 7,000 years of history and 300 days of sunshine every year, is a melting pot of civilisations, in the centre of the Mediterranean. It is home to the Megalithic Temples, a UNESCO World Heritage site. Older than Egypt's pyramids, they are in the words of one of the leading archaeologists of our time, Cambridge's Colin Renfrew, "the oldest free-standing monuments in the world". Travelling back to the future, Malta is also home to the latest creation of global architecture superstar Renzo Piano, to be inaugurated next month.
Because of its strategic value, Malta was pursued and ruled by the Phoenicians, Carthaginians, Romans, Byzantines, Arabs, Normans, Swabians, Angevins, Aragonese, Castillians, the Knights of St John, French and the British. The latter ruled for 164 years until 50 years ago almost to the day when, on 21st September 1964, we became an independent nation.
All these peoples have left their imprint on our mindset and lifestyle. I like tell my foreign friends that the Maltese enjoy an Anglo-Saxon work ethic and a Mediterranean lifestyle. A happy mix, and thankfully it is not the other way round.
Throughout our long history, Malta has managed to reinvent its economy, its success, its own self by always being innovative in its outlook.
Its strategic location in the centre of the Mediterranean, exactly midway between Europe and Africa, and at the meeting point between the Eastern and Western basins of this historic sea, means that Malta has always been much more important than its small size would lead one to believe.
Astride a globally vital trade route for at least 500 years, but especially since the opening of the Suez Canal, Malta was essentially a fortress economy guarding the interests of its rulers.
With Independence, half a century ago, the Maltese people confirmed their determination that ultimately a sustainable future lay elsewhere. Taking a bold and innovative leap forward, we set out to develop tourism and to transform Malta into an important export industrial platform for efficiency-seeking multinationals. It worked well beyond all expectations.
It may come as a surprise to quite a number of you that you might have been carrying a bit of Malta in your pockets for quite some time, in the smart phone around which your life revolves, and which most probably has a crucial microchip component proudly Made in Malta. Yes, microchips are our main export, and we do not think that we have exhausted our potential as an export industrial base.
Results over the last six quarters have shown that there is an increased appetite by foreign direct investors to operate from Malta in areas as diverse as life sciences, aviation services, international logistics, regional telecommunications, education and training.
We are not just patiently and passively waiting for such FDI. We are putting our money where our mouth is by investing in the constant upgrading of our infrastructure, itself another opportunity for investors, and proactively targeting the right sort of investors.
Meanwhile we are also working hard to upgrade our tourism product. There too, although tourism has been going strong in our country for longer than I have been alive, we see a considerable gap between what has been achieved and our real potential. We are aiming high and this provides for exciting opportunities for the right sort of international players.
Malta kept moving ahead by venturing in financial services and quickly became a top, reputable jurisdiction in Europe and beyond. Arguably, we now have one of the most competitive frameworks in Europe, the result of a political consensus that is unique.
We also ventured into legislating in relatively new areas, namely remote gaming, where we are now the most advanced jurisdiction, and a global role model, with one of the most sophisticated digital networks in Europe.
We are now using a more innovative approach in other areas, such as logistics, where we will transform Malta in the foremost logistics hub in the Mediterranean, joining Asia to Africa as part of what is being termed as the new green silk road.
All along we have consistently emphasized our three main strengths.
First of all, the high quality of our human capital, which provides for exceptional quality, adaptability and value-for-money.
Secondly, there is our geo-strategic position, the timeless significance of which I have already highlighted. Very few countries can actually enjoy being in practically two continents at once. Malta is one of them. Of course, such a unique strength does not come without challenges. But that is where our aptitude for innovative solutions comes into play.
The third strength is what we term as our legislative agility. Let us be clear. Countries are ending up imitating each other when it comes to programmes and initiatives. So what is so particular about Malta? I would say that it is the short legislative distance between investors and policymakers. Those who take decisions are accessible and ready to listen, and the system is small and nimble enough to be flexible around the concerns of investors, especially those who might be considered as just numbers in other countries.
All this has one underlying theme, namely innovation. Malta has always thought out of the box. Suffice to say that in our half a century as members of the United Nations we made two notable contributions. The first was the introduction of the concept of the sea as a common heritage of mankind, which eventually led to the Law of the Sea. The second was being the first country to identify climate change as a major global challenge.
Not bad for a small country!
It is within this context that Malta has decided to move forward with a brave approach to citizenship. We believe that the concept of citizenship is fast evolving and we want to be at the forefront of this innovation.
That is why we came out with the groundbreaking Individual Investor Programme, the only Citizenship by Investment programme sanctioned by the European Commission.
My colleagues will give you the full exposition of how the programme works.
I just tell you what we are after. It can be explained in one word. And no, it is not "money". It is "talent".
We want to enhance our competitiveness by increasing our talent pool and our global network.
Does it mean that we do not have talent? Of course we have. From John Pace, who cast America's Liberty Bell to Frank Zarb, former chairman of Nasdaq. From Edward de Bono, innovative creator of the methodology of lateral thinking, to Johann de Bono of Britain's Institute of Cancer Research. From tenor Joseph Calleja, currently headlining at the Metropolitan here in New York, to Arvid Pardo, remembered at the United Nations as the father of the Law of the Sea.
This is so much talent. But put simply, we want more.
This is the input we are after because we believe that these are the new borders of a brave new world.
To be clear. Malta wants your talent, not your money. Your networks, not your accounts. This is because we are about the future, not the past.
Those who apply, endure the tight due diligence and scrutiny, and get selected to join the exclusive and limited pool of Maltese citizens, will be part of our future.
They will be part of a country that has registered the highest Q2 to Q1 economic growth in the European Union, that has the third lowest unemployment rate in Europe and that is recording some of the highest job creation rates in the region.
That is why the Individual Investor Programme is a unique international success.
That is why we are inviting you to be part of it.
