Since independence from Great Britain, Malta has made remarkable steps in promoting its unique selling points and securing a constant and growing flow of foreign direct investment. Much of this success can be attributed to the shifting from labor-based to knowledge based industry. This, in turn, has attracted Investment from countries like the UK, Germany, Italy, France, Spain and the United States.
Malta’s favourable industrial climate and pro-business policies have been the pillars on which foreign companies have built their success. The fact Malta is a main tourist destination in the region, with its Mediterranean climate and fascinating culture and history definitely didn't hurt.
Whilst the island provide anything one needs to live the high life with beaches, sun and lovely weather, great restaurants, museum, theatres and a vibrant night life, the Maltese know how to prioritize their lives. The stereotypical Mediterranean siesta mentality doesn’t apply to sunny Malta, for instance. The Maltese alongside thousands of expats are known for their hard work, discipline and high academic achievement. The Maltese workforce constitutes effectively Malta’s strongest advantage.
Direct labour costs stand at 30% to 50% of those in the older EU Member States. However, when labour costs, productivity and working hours are factored in, the picture is even more appealing. Malta’s workforce is cheaper than all established EU economies. What's more, when social security costs and other employment taxes are taken into account, Malta's total labour costs are competitive with the new EU Member States and significantly lower than established EU states. The Maltese industrial relations law follows the British system of industrial relations. The shop steward represents the trade union at shop-floor level and collective bargaining is conducted at enterprise level. Strikes and stoppages are rare occurrences. The legal structure, accounting practices and trading environment run along UK lines as does the education systems. English is Malta's official language, alongside Maltese.