ADDRESS BY THE HON. EDWARD FENECH-ADAMI, PRIME MINISTER ON THE OCCASION OF THE OPENING OF THE COMMONWEALTH FINANCE MINISTERS? MEETING AT THE CORINTHIA SAN GORG HOTEL, ST JULIAN?S. 19 SEPTEMBER 2000

Let me begin by extending to all present, and in particular, to our guests from overseas, a very warm welcome. The people of Malta are indeed proud to have been given the opportunity to host this important meeting, the first of its kind in the new century.

One of my Government?s key economic objectives has, for some time, been the building of a modern and efficient financial centre based on a legislative framework which is in line with the requirements of the relevant intergovernmental institutions, including the International Monetary Fund, the World Trade Organisation, the European Union and the Organisation of Economic Co-Operation and Development.

Indeed the latter?s recent recognition that Malta?s financial legislation is in line with its own standards is a guarantee that the services provided by the financial institutions based in Malta will consist only of legitimate financial transactions. My Government looks forward to the continued growth of this sector.

These advances have been due in large part to our determination to bring Malta in line with global developments and to create an infrastructure able to sustain a thriving, modern economy.

Following a sustained investment programme intended to upgrade our physical infrastructure, Malta can now boast of a state-of-the-art telecommunications system, an effective energy generation and distribution infrastructure, a modern and efficient deep-water Freeport and highly developed aviation and marine communications with the rest of the European continent and North Africa.

In parallel with this, my Government has also invested heavily in the development of the country?s human resources. Malta has one of the oldest Universities in Europe which produces a graduate population comparable to the highest European standards. A new National College specialising in science and technology is also being set up to improve the quality and diversity of such skills. 

The investment made, both in our infrastructure, as well as in our people, is now paying dividends. One such dividend is the diffusion of information technology in the public and private sectors. A tangible result of this process has been a quality leap in the services provided by both the public and the private sectors.

Malta is now prepared to share the experience it has gained in this area with other Commonwealth countries. Indeed it has already started to do so through the activities of COMNET-IT, an institution which was created under the patronage of the Commonwealth Secretariat and the Government of Malta, and through courses offered within the framework of the Malta-Commonwealth Third Country Programme.

Malta also proposed a new initiative at the first Commonwealth High Level Review Group meeting in New York earlier this month. Ten Heads of Government approved Malta?s proposal to set up a group of experts to make recommendations on how the Commonwealth can best assist member states in the IT field.

Honourable Ministers, Excellencies, Mr Secretary General, ladies and gentleman,

This conference is being held at a time when most intergovernmental organizations, including the Commonwealth, are in the process of re-considering the role they can play in the international community in this new era of globalisation. Most of these organisations have declared economic and social development to be one of their primary objectives, especially in their less developed member states.

In the concluding paragraph of the Millenium Declaration, which was adopted unanimously at the Millennium Summit of the United Nations a fortnight ago, the world leaders agreed to seek to realise universal aspirations for peace, co-operation and development, and pledged unstinting support for these common objectives.

The Commonwealth can, and must, play a part in the pursuit of these objectives. It can play the role of a catalyst by bringing together the civil society, private sector organisations and national governments, and promote joint actions in an effort to make their noble objectives a reality.

As Ministers of Finance in Member States of the Commonwealth, you must be prepared to support any action which promotes freedom, peace, democracy and sustainable development both within your own countries and within the Commonwealth in general. The peoples of the Commonwealth have a right to expect this from you and you have an obligation to do all within your power to satisfy their expectations.

Excellencies, Mr Secretary General, Distinguished Guests, I wish to bring this short intervention to an end by once again extending to you a warm welcome, and wishing you a pleasant and fruitful stay in Malta.