Malta and Russia yesterday agreed to work for the conclusion of a double taxation avoidance agreement. The subject was discussed as part of talks held in Moscow between Foreign Minister Tonio Borg and Russian Foreign Minister Sergey Lavrov.

During the discussions the Dr. Borg gave an overview of Malta’s role in the European Union and the way the Maltese economy evolved in the last two decades. He emphasised the need to strengthen further trade relations between Malta and Russia, emphasising the fact that there is a huge potential to increase investment from Russia, and to open new market opportunities for local entrepreneurs.

Malta exports almost two million euro per year to Russia. Currently there are 307 companies registered under Russian ownership in Malta.

Both sides agreed to further discuss the technical issues of the pending Agreement on avoidance of double taxation. The facilitation of Visa issuance was also part of the discussions especially considering the fact that Russian tourists are increasingly showing interest to come to Malta for a holiday, as implied by Minister Lavrov.