Malta should now be on the look out to attract a Chinese financial institution since financial services in China have reached a global level-playing field, Finance Minister Edward Scicluna said.

Prof. Scicluna was speaking during the annual General Meeting of the Maltese Chinese Chamber of Commerce.

“I will strive as Minister of Finance to attract Chinese financial services to Malta. Such a possibility would boost Malta’s attractiveness to Chinese investment in the region, and boost the Rembibi (RMB) as an international currency. Through such strategically placed location Malta could offer itself as a gateway to Chinese investment in the region,” Prof. Scicluna said.

During his address, Prof. Scicluna noted the historically strong friendship between Malta and China, and said that over the past six months, this was   elevated to a higher level.

He noted several initiatives, among them the landmark Memorandum of Understanding with the Chinese government, which will see a Chinese energy corporation become a strategic partner with Malta’s Enemalta.

He also referred to the restoration and embellishment project on the St Lucija Garden of Serenity funded by the Chinese government as part of its China-Aid Programme, representing an investment with a value of €4.5 million. 

Prof. Scicluna emphasised that Malta, as well as the EU as a whole, must accept the current global realities.

“China is a young dynamic economy reflecting its youth, while Europe is a graceful though more mature economy, sometimes exhibiting some sclerosis as well. This is why such partnerships are important, as the mix of abilities and experience and strategic characteristics of each partner result in a strong business relationship,” Prof. Scicluna said.