Malta Malta Background Great Britain formally acquired possession of 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 Malta became a republic. Since about the mid-1980s, the island has become a freight transshipment point, financial center, and tourist destination. It is an official candidate for EU membership. Malta Economy Major resources are limestone, a favorable geographic location, and a productive labor force. Malta produces only about 20% of its food needs, has limited fresh water supplies, and has no domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and textiles), and tourism. Malta is privatizing state-controlled firms and liberalizing markets in order to prepare for membership in the European Union. The island remains divided politically, however, over the question of joining the EU. Continued sluggishness in the global economy is holding back exports, tourism, and overall growth. Malta Location Southern Europe, islands in the Mediterranean Sea, south of Sicily (Italy) Malta Flag two equal vertical bands of white (hoist side) and red; in the upper hoist-side corner is a representation of the George Cross, edged in red
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