Although Malta is an island, the fishing industry is also relatively insignificant. With few natural resources, governments have sought to develop the economy through tourism and export-dedicated manufacturing.
Tourism now accounts for over a quarter of Malta's foreign exchange earnings.
The old naval dockyards used by the British have now converted to operate as a commercial shipyard. Malta has developed close economic links with Libya, which has invested heavily in property and commerce on the island as well as supplying the bulk of the oil that meets the island's energy needs. France has become the principal market for exports, followed by the USA, Germany, Singapore, the UK and Italy. The main economic policy issue under debate in Malta is relations with the EU and the country's application for membership. English is widely spoken in business circles and, on the whole, Maltese business people have a conservative approach to business protocol.