American Pharmaceutical Companies See Malta as Providing Cost-Effective Base for Overseas Operations
NEW YORK–(BUSINESS WIRE)–Malta, the Mediterranean island-state, is one of the most stable economies not only in the Eurozone but possibly in the world, sustaining its prosperity in difficult times through a steady policy of fiscal conservatism and the twin blessings of booming tourism and a healthyindustrial base.
Details about the country and its business-friendly environment were provided to industry executives at a Pharmaceutical Symposium that was organised in New York City last week by the Embassy of Malta in the US and Malta Enterprise, the Malta Government’s arm for trade and investment promotion.
Ambassador Saviour Borg, Malta’s Permanent Representative at the UN, provided a general overview of the country and briefly touched on the excellent relations between Malta and the US.
John Mizzi, Malta Enterprise’s Regional Leader for the US and the Senior Commercial Attaché at the Embassy of Malta in New York, emphasized “Malta has a competitive edge in attracting American pharmaceutical companies because we have a fully trained, English-speaking labor pool and a Pharmaceuticals curriculum at the University of Malta.”
Participants at the event also heard first hand testimony from Mark Rosenbaum, the GM at Watson Pharmaceuticals’ Malta manufacturing facility, and Greg Groenke, SVP and GM, Environmental Technologies, Cardinal Health, which also operates a highly successful plant in Malta.
“Watson’s Malta operation is a big financial success. Corporate tax is very competitive, effectively amounting to just 5% which in some cases can be lowered even to zero. Additionally, Malta is far lower risk than operating in Asia, where language and culture can be a problem. It’s a win-win situation in Malta,” said Rosenbaum.
Groenke added “the fully-outfitted Freeport complements Malta’s strategic location at the geometric center of mature markets in Europe as well as emerging markets in Africa and the Middle East, thereby making it easy for American companies to access other key markets from Malta.”
Anthia Zammit, a lawyer specializing in pharmaceutical law, outlined incentives for pharmaceutical companies, particularly concerning R&D, and the beneficial tax optimization packages available to companies registered in Malta.