Malta, with its unique historical heritage and profound cultural influence, was selected as the European Capital of Culture in 2018. This event attracted many tourists as well as a significant number of investment scouts.
1. Fund Industry
Malta's recognition as the European Capital of Culture is not only due to economic reasons but also depends on a variety of comprehensive factors. The past 12 months of 2018 witnessed a cultural renaissance in Malta, with the government dedicated to reconstruction and cultural revival. Based on the successful hosting of this event, the Maltese government established a fund named "Valletta 2018," which itself has become synonymous with Maltese culture.
Additionally, Malta has long been known as the "Switzerland of Southern Europe" in the financial sector, and in 2017, it surpassed countries like the United States and New Zealand to win the title of "Best Financial Center of 2017." The healthy banking system ranks 10th, and it is the top location for hedge funds in Europe, with 25 banks from around the world having branches here.
2. Shops and Enterprises
Influenced by "Valletta 2018," many entrepreneurs have begun to flock to Malta to open shops, seek new investment projects, and establish businesses. Frank V. Farrugia, the Director of the Malta Chamber of Commerce, stated that the government is strengthening urban management and infrastructure planning and construction to provide more necessary services and resources for businesses. Looking ahead, Mr. Farrugia expressed his hope that, as the foundation has always claimed, "Valletta 2018 is just the beginning of a new life for the city, and it will create a series of ripple effects for future investors."
Many Chinese compatriots have also recognized the business opportunities in Malta, with many coming here to open supermarkets, restaurants, engage in port trade, or participate in tourism-related industries, reaping substantial profits.
3. Hotel Industry
"Valletta 2018" has also prompted hotel investors and operators to raise the standards of products and services. Currently, the number of boutique hotels, inns, and apartments in Valletta has exceeded 40. The development of the hotel industry has also positively influenced the growth of the catering and retail sectors.
During the "European Capital of Culture" event held in Malta, the previously high-demand hotels became even more sought after, with some "Instagram-worthy hotels" requiring bookings a month in advance. After the event, Malta's tourism is expected to peak, with more tourists entering Malta, making the development of the hotel industry unstoppable.
4. Tourism Industry
According to statistics, the number of tourists entering Malta reached 2.7 million in 2019, an increase of 400,000 from the previous year, which is 6-7 times the population of Malta. The successful hosting of the European Capital of Culture, Valletta 2018, undoubtedly brought new opportunities for the development of the tourism industry.
With its beautiful natural environment, ancient castles and buildings with thousands of years of history, deep religious roots, and various filming locations for Hollywood blockbusters, Malta has undoubtedly become a rare tourist destination in the hearts of travelers worldwide.
5. Arts Industry
As a country with cultural and artistic influence, Malta boasts unique filigree craftsmanship, lacework, and handmade glass. Here, almost everyone can be an artist. In addition, many artists seek inspiration here, continuously creating more works, and one can see photographers and painters looking for inspiration while strolling through the streets.
