Tax Breaks, Rapid Development And A Sales Pitch: Has Malta Really Changed Since This 1965 Economist Feature?
Malta’s second five-year plan was all the rage in 1965
Maltese people always seem to have the astute ability of shameless self-promotion, whether it’s 1565 (as the endless line of knight-themed paraphernalia can attest) or 1965.
A 1965 Economist article promoting Malta’s fresh independence and endless potential ahead of its "second five-year plan" has recently emerged on social media, and it’s safe to say we always knew how to put our best foot forward.
Taxes - or the lack thereof - have always been a key selling point it would seem, with the article pushing its "ten-year tax holiday" to attract new industries to the islands, sure to create envy among the many, many, many gaming companies on the island.
That’s not to say the programme did not achieve success, with the young nation already getting £2,500,000 in export orders, creating jobs for 45% of the labour force, and seeing over 50 new companies come to Malta with its first five-year plan.
At the time, even the minimal "four and a half hours by air from London" was a crucial selling point!
The "rapid development" promised by the advert seems to have worked. In the 55 years that followed, Malta has undergone a drastic transformation, from small island colony to an EU nation.