29 March - 4 April 2001

Minister says new Business Promotion Act to diversify Malta’s economy

Josef Bonnici, Minister for Economic Affairs was the guest of honour at Deloitte & Touche’s second Business Breakfast on the new Business Promotion Act. Key presentations were also made by Nick Captur, Business Advisory Partner, Deloitte & Touche and Mark Grech, Tax Director, Deloitte & Touche. During his address the Minster spoke of the expected benefits to the Maltese economy of having modern and flexible piece of legislation such as the Business Promotion Act. He felt that this should help the Maltese economy maintain a diversified economic base which would ensure both stability and future growth.
The event was the second Business Breakfast organised by Deloitte & Touche on the new Business Promotion Act. Paul Mercieca, managing partner commented: “These two events highlight the importance that we are attaching to this very important piece of legislation, at a time when the manufacturing sector is facing significant challenges and restructuring”.
The presentations demonstrated how, under the Business Promotion Act and related regulations, key incentives available now depend primarily on manufacturing activity, not export sales. However the regulations are more complex and require professional advice to ensure that potential opportunities are not overlooked.