The formal diplomatic relation between Nepal and Malta was established in 25 September 1983. Malta has its Honorary Consulate in Kathmandu, Nepal. Embassy of Nepal in London is concurrently accredited to Malta and Malta High Commission in New Delhi is concurrrently accredited to Nepal. Nepal Malta trade is worth of 3 million Nepalese rupees in 2016 and it is heavily in Malta’s favor.
Fact Sheet: Malta
- Background
Great Britain formally acquired Malta in 1814. The island staunchly supported the UK through both world wars and remained in the Commonwealth when it became independent in 1964; a decade later it declared itself a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial centre, and a tourist destination while its key industries moved toward more service-oriented activities. Malta became an EU member in May 2004 and began using the euro as currency in 2008.It is in Southern Europe, islands in the Mediterranean Sea, south of Sicily (Italy) and covers an area of 316 square kilometres.
- Society
It is home to 0.4 million people as of July 2016. More than 90 percent are Roman Catholic and are ethnically Maltese (descendants of ancient Carthaginians and Phoenicians with strong elements of Italian and other Mediterranean stock. They speak Malte language.
- Government
Its convenient long name is Republic of Malta and it has adopted Parliamentary Republican System of Government. With its capital in Valetta, it is divided into 68 administrative localities.
- Economy
Malta – the smallest economy in the euro zone – produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta’s economy is dependent on foreign trade, manufacturing, and tourism. Malta joined the EU in 2004 and adopted the euro on 1st January 2008.
Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. In 2014 and 2015, Malta led the euro zone in growth, expanding by nearly 3.5% each year.
Malta’s services sector continued to grow in 2015, with noted increases in the financial services and online gaming sectors. Malta continues to enhance its regulation of the financial services sector, and passed additional legislation in 2014 and 2015 to improve anti-money laundering oversight for financial and gaming activities. Expanding EU discussions of anti-tax avoidance measures, including the “Anti-Tax Avoidance Package” submitted in early 2016, have raised concerns among Malta’s financial services and insurance providers about passage of laws governing EU tax practices, which could have a significant impact on those sectors.
Malta’s 2015 GDP growth was bolstered by energy infrastructure investments, and revenue growth is expected to continue, supported by a strong labor market and proceeds from a citizenship by investment program equal to roughly 0.9% of GDP. Malta’s geographic position between Europe and North Africa makes it a route for irregular migration. Historically, Malta’s fertility rate has been below the EU average, and population growth in recent years has been largely from immigration, increasing pressure on the pension system. The government has implemented innovative programs, including free childcare, to encourage increased labor participation. The high cost of borrowing and small labor market remain potential constraints to future economic growth.
The size of its GDP is 16 billion dollars in 2016 in terms of purchasing power parity and the service sectors account for 87 percent of GDP. Its GDP per capita is 37,900 dollars.
It imports mineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts thereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts, and its main exports are machinery and mechanical appliances; mineral fuels, oils and petroleum products; pharmaceutical products; books and newspapers; aircraft/spacecraft and parts; toys, games, and sports equipment.
- Malta’s Foreign Policy
Malta’s Foreign Policy is to focus on and consolidate its vocation and commitment in the search for international peace and security, political dialogue and cooperation Malta is committed to participate actively in the work and activities of the European Union as well as those of international and regional organisations and institutions. At the same time, Malta will seek to enhance established political and economic relationships, strengthen others and promote new ones Malta intends to give special attention to the Mediterranean dimension in its contribution to stability, peace and security in the region.