Prime Minister thanks services sector for 'making Malta future-proof'

Prime Minister Joseph Muscat has praised the economic growth of the services sector and reiterated his commitment to the industry, thanking it for “making Malta future-proof.”

“The services industry remains a driving force in our economy and is going from strength to strength. It is a testament to the fact that Malta can achieve great things as a nation,” Muscat said.

Muscat said his  government “has always promoted relocation services, often at a political cost” and remained committed to the industry because it “attracted and acted as a gateway for correct investment.”

Muscat was speaking as he unveiled a plaque marking law firm Chetcuti Cauchi’s 15 years of operation as the firm’s partners, staff and a number of Chinese IIP clients looked on.

The firm has assisted hundreds of investor families have been assisted in moving to Malta under the government’s controversial Individual Investor Programme (IIP) since its inception, Chetcuti Cauchi’s founding partner Jean Philippe Chetcuti said in a speech marking the occasion.

Muscat praised the law firm’s international growth -it has offices in Malta, London, Cyprus, Zurich and now in Hong Kong -  saying it showed that Malta can achieve great things as a nation.

“The service industry remains a driving force of our economy and is going from strength to strength,” Muscat said.

One of the first local firms to offer a multidisciplinary approach to corporate, finance and tax services, Chetcuti Cauchi has handled some of the largest foreign investment in Malta, advising the Chinese investment side of Shanghai Electric, which is understood to be considering new projects in Malta. The firm also services high net worth individuals’ tax and corporate needs as well as participating in the IIP programme.

Despite having expanded to employ around 170 professionals in its various offices around the world, Chetcuti said that at heart, the firm was “still the boutique law firm of 15 years ago.”