Malta to increase exports to Africa and Asia

Malta is looking to increase the amount of products and services it exports to Asia and Africa, Economy Minister Chris Cardona said. Eurostat figures show that Malta’s exports dropped by 26% to €1 billion during the first six months of this year when compared to the same period last year.

He was speaking at HSBC’s latest Trade Forecast event.  

Cardona said that emerging markets have been resilient since the 2007-08 financial crisis and the subsequent recession. He quoted the International Monetary Fund and the World Bank’s predictions that by 2025, the pace of growth in emerging markets will be double that of developed markets.

“Studies show that over the next 20 years, 90% of the world’s growth is going to happen outside of the European Union’s borders,” Cardona said. “Malta must tap into the faster growth of non-European countries. In fact, our exports to Asia and Africa have been consistently growing.” 

“Exports and investments are the key to Malta’s growth,” Cardona said.