Malta up four places in Global Competitiveness Index report
Yearly Competitiveness Index report published by the World Economic Forum ranks Malta 47th, up four places.
The World Economic Forum has ranked Malta 47th in its Competitiveness Report on the Global Competitiveness Index.
Welcoming the news, Finance Minister Tonio Fenech said such results supported Malta's efforts in attracting foreign direct investment - a crucial driver of economic growth and job creation.
According to the report, Malta is the third country among the 27 EU member states to have gained mostly in its rankings.
"The report shows that Government investment in education is bearing fruit, with our system classified amongst the best twenty in the world," the finance ministry said in a statement.
The report also improves Malta's ranking by 10 places to 35th for its investment in infrastructure.
"During this legislature, significant infrastructural development is taking place in projects varying from energy generation to wastewater treatment, investment in industrial parks - including the Aviation Park and a biotechnology park - to arterial and residential roads," the ministry said.
Government added that the financial services sector received important recognition. The report ranked Malta amongst the most advanced nations for availability of financial services, financing through local equity market, ease of access to loans and soundness of banks.
The finance ministry also welcomed the improvement in the key issues raised with regards to doing business. This saw decreases in problems related to bureaucracy, in access to financing, in the availability of educated resources and in taxation.
"Although significant efforts are taking place to reduce bureaucracy further, the ministry invites business people and those interested in doing business to contact Business First, Malta Enterprise's one-stop-shop," it said.
Since opening its doors in January 2012, Business First has already welcomed over 7,000 contacts. The service provides information related to business requirements, covering over 50 services related to 19 different government departments or entities.