Speech by the Hon. Prof. Josef Bonnici, Minister for Economic Services, during the Official Opening of Bank of Valletta Representative Office in Al-Fateh Tower, Tripoli Libya

It is a pleasure for me to be present today for the official inauguration of the Bank of Valletta’s new representative office here in Tripoli. Today will be remembered as another important date for both Malta and Libya, two countries that have enjoyed excellent economic and political relations for many years. In fact, two countries that have always considered each other, first and foremost as good neighbours and friends.

The rapidly expanding Libyan market is a prime destination for Maltese investment and exports and this new Bank of Valletta representative branch will undoubtedly help in the consolidation of business opportunities between Malta and the people of the Libyan Jamaharija. The Bank of Valletta is one of the most active economic players within Malta. It is consistently looking for new business opportunities, including also at the international level. Its strategy has always been to provide the best support possible to its many clients who trade with Libyan partners and the opening of this branch in Tripoli was a natural decision and a logical progression.

The opening of the Libya Office is the Bank’s most recent effort to invest in new markets as well as to promote relations between Malta and the Southern Mediterranean region. This office is now BOV’s ninth overseas office together with the two in Canada, four in Australia, the office in Milan and the one in Tunis.

In recent years, trade and investment exchanges between Malta and Libya have been strengthened as both countries have made big efforts to promote the development of their respective economies. There are many tangible signs to this positive development. Last March METCO – the Malta External Trade Corporation - opened an office here in Tripoli within this same complex with the aim of increasing the two-way trade between the two countries.

Also recently a subsidiary company of Air Malta opened duty-free facilities at Tripoli Airport.

Such developments are mutually beneficial. By strengthening these types of economic linkages, Malta can play an important role in helping Libyan companies expand their operations towards Europe, especially to the countries in the EU. At the same time, Libya could have a fundamental role to play in helping Maltese companies to do business in other African states. While Malta can help Libya in Europe, it is also true that Libya can help Malta in Africa.

The Government of Malta, is determined to continue building upon the existing political and economic relations between the two countries. Indeed the opening of this Bank of Valletta representative office here in Tripoli is not only indicative of the importance attached to Libya by the Maltese business community but also a visible expression of the desire to consolidate our economic and political relations with the Libyan Arab Jamaharija.