The framework for investment between Malta and Russia is excellent – Minister Cardona in Moscow

The Minister for the Economy, Investment and Small Business, Dr Chris Cardona attended Malta Day 2015 in Moscow coinciding with the 51st anniversary from Malta’s independence, during which a Maltese-Russian Business Forum was held.

Minister Cardona spoke about the good relations Malta has held with Russia, which go back many years and which have gained strength through the years, as recent experience has shown. He referred to the agreement on the outstanding indebtedness of the Russian Federation to Malta which was signed and implemented between Malta and Russia, the Double Taxation Agreement which has been in place since 2013 so that people who work in both jurisdictions are not taxed twice and the removal of Malta from the Russian list of off-shore zones. Minister Cardona said that all this makes life easier for individuals and is good for business and to facilitate bilateral trade relations.

Minister Cardona said that the framework for investment between the two countries is excellent. The good air link between the two countries facilitates travel both for those doing business and for the tourists visiting our islands. Whilst inviting the Russian population to visit the Maltese Islands, Minister Cardona said that tourism is playing a big part in driving the Maltese economy, with visitor numbers reaching record levels and tourism to Malta growing at around twice the average rate of other EU Members.

“Malta’s economic growth rate is four times that of the Eurozone average and the European Union itself is predicting that by the end of this year Malta will have the highest growth rate within it,” said Minister Cardona, speaking further about the economic growth taking place in Malta.

Minister Cardona said that Malta is open to direct investment, that the opportunities for business people in Russia are many and that Malta Enterprise would assist in paving their way to set up on the Islands.

The Maltese delegation attending the Malta Day events and the Maltese-Russian Business Forum included Carmel Brincat, Ambassador of the Republic of Malta to Russia, Mr Michael Grech, President of the Gozo Business Chamber, Mr Paul Abela, President of the Association of General Retailers and Traders and a number of entrepreneurs from Malta representing participating business sectors.