PM: Malta Stock Exchange needs to look internationally for its growth

Prime Minister Joseph Muscat said that the Malta Stock Exchange while it is committed to serve the local economy and is increasing the companies listed in the Exchange, it needs to look beyond the country to achieve its growth.

During a celebration marking the 25th anniversary since the setting up of the Stock Exchange, Dr Muscat said that despite the Stock Exchange work, Malta has only a little more than 40 companies listed on the Exchange. In contrast, Luxembourg and Ireland – which are small economies – have 40,000 and 32,000 listed companies respectively and the majority of them are international companies.

The Prime Minister said that this helped them become huge financial centres and created thousands of good jobs in the process. He stated that the Stock Exchange needs to enter the international markets if it wants to be a relevant capital market. He added that the Government’s vision is not only aimed at the Stock Exchange but also for the country in general.

Finance Minister Edward Scicluna said that there cannot be economic growth and jobs creation without a calculated risk and this, he said, applies to every institution, being a public one and a private institution. He appealed to the financial regulators that their aim is the financial stability and not to cripple investment.

Stock Exchange Chairman Joseph Portelli said that the Exchange is looking at other Stock Exchanges and among its initiatives, he said that shortly it will reveal a strategic plan on the capital market.