Malta is an archipelago in the central Mediterranean between Sicily and the North African coast. It’s a nation known for historic sites related to a succession of rulers including the Romans, Moors, Knights of Saint John, French and British. It has numerous fortresses, megalithic temples and the Ħal Saflieni Hypogeum, a subterranean complex of halls and burial chambers dating to circa 4000 B.C. Trade is extremely important to Malta’s economy; the value of exports and imports taken together equals 101 percent of GDP. The average applied tariff rate is 1.5 percent. In general, foreign investment is not screened by the government. Many state-owned enterprises have been privatized. Supervision and regulation of the financial sector have gradually become more transparent and effective. The stock exchange is small but active.