The Commercial Courier 100th Issue - April 2022 by Mediahut Ltd

Commercial Courier THE MALTA CHAMBER

THE OFFICIAL PUBLICATION OF

THE MALTA CHAMBER OF COMMERCE, ENTERPRISE AND INDUSTRY

Celebrating our 100th Edition... and the story continues.

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CONTENTS

What lies ahead – Robert Debono, CEO, db Group

The Chamber Debates

Dr Marthese Portelli, Chief Executive Officer, The Malta Chamber

Creating a Safety Net for Ukrainian Refugees – Carla Zahra

Marisa Xuereb, President, The Malta Chamber

Five ways your business can benefit from unified communications

An experience which is second to none – Coryse Borg

Rachel Attard, Head of Media and Communications Strategy, The Malta Chamber From the British Empire till today, The Malta Chamber’s history Coryse Borg

In their words - Member Testimonials 14 What we did and what’s coming up! Young Chamber Network

Meet the team

Chamber Achievements

A Springboard for Digital Innovation - Carla Zahra

A New Lease of Life – Johanna Calleja

Financial incentives in the form of grants to promote greener and sustainable transport

The Malta Chamber and the General Workers Union present joint proposals for reforms to the pension system – David Spiteri Gingell 29

The Malta Chamber sends humanitarian aid to Ukrainian refugees 51 Leading the way in the local Fintech sector - Alan Cuschieri, co-CEO, Calamatta Cuschieri'

Kneading Tradition with Technology

The Human Capital Research Project - Dr Rose Marie Azzopardi and Prof Alexiei Dingli

Good corporate governance at the forefront of The Malta Chamber’s policy - Daniel Cassar

Promoting Malta as an International Financial Services Centre - Rudolph Psaila, Chairman, Finance Malta

Women are changing the world… let’s recognise their value 65

Published by The Malta Chamber of Commerce, Enterprise and Industry 64, The Exchange Buildings Republic Street Valletta, VLT, 1117 - Malta T: +356 2123 3873 E: info@maltachamber.org.mt www.maltachamber.org.mt In association with

Editors Rachel Attard • Coryse Borg • Carla Zahra

The evolution of the Commercial Courier

Production Petra Urso

Chamber News

Sales Executives Aidan Drakard • Jesmiel Raines

From Competitors to Compatriots: A new legacy – 10 years on Carla Zahra

Addressing the skills gap in Malta Nathan Chatland

Photography Abby Bonello - Media Productions

Maritime Business is where the anchor drops – Angelique Abela

A co-ordinated EU response to the food crisis - Silvan Mifsud

Design Ramon Micallef - BoxDesign

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The Malta Chamber calls on Government to be more of an Enabler BY CEO DR MARTHESE PORTELLI

he Malta Chamber of Commerce, Enterprise and Industry presented 100 recommendations ahead of the upcoming general elections in a document entitled ‘Time to Step Up’. The recommendations are spread over five pillars, namely: Economic Recovery, Resilience and Growth; Good Governance; Human Capital and Education; Infrastructure and Digitalisation; and Sustainability. The document builds on The Malta Chamber’s ‘Economic Vision for Malta 2020-2025’ and its Budget proposals for 2022. ‘Time to Step Up’ focuses on two main aspects: 1. those sectors and industries which need targeted action to facilitate their recovery 2. those sectors and niches that have significant growth potential. It identifies the creative arts and culture, retail and tourism as key areas which require immediate action to support their recovery. For instance, arts and culture require more effective centralised funding and the retail sector needs a masterplan that lays out the future of retail, particularly in key locations that are a touristic and cultural destination in their own right such as Valletta. In the tourism sector, there needs to be a quality leap whereby Malta’s tourism product is redefined to one which is unique and qualitative and where the Malta Tourism Authority needs to become more of an enabler and active regulator. With respect to sectors that have a significant potential for growth, ‘Time to Step Up’ insists on targeted action and a broadening of scope supported by investment in the required skills and competences and incentives to attract talent. These include specific manufacturing segments such as semiconductors, energy storage technologies and the production of green fuels that are being favoured by EU policy. It also recommends a repositioning of the financial services industry particularly

in the light of the corporate tax harmonisation drive. A broadening of scope of the gaming industry beyond iGaming to establish Malta as a centre of excellence for digital games and eSports is also recommended. Additionally, Malta can develop its maritime industry in terms of both luxury yachting tourism and the provision of technical services through more investment in its ports. More investment is also required to support logistics and to kickstart Free Trade Zones, coupled with a holistic reform in the way our ports and customs operate, as well as direct support on transportation costs in view of Malta’s insularity and peripherality in the context of the single EU market. The Malta Chamber insists that Government needs to be more of an enabler. Ease of doing business remains key. This can be achieved by reducing bureaucracy and streamlining systems and procedures through digitalisation, including a fully integrated eGovernment to ensure more transparency, greater efficiency, shorter response times and less costs for business. The Malta Chamber recommends the establishment of a centralised document repository to facilitate due diligence by both public and private entities, such as banks and corporate service providers. Following up on its blueprint on Public Procurement Reform published in January 2021, the document includes some of The Malta Chamber’s more critical proposals related to good governance in public procurement. These include full transparency on direct orders and Government contracts, including modifications and variations, and the blacklisting of operators who are not complaint with tax dues and employment laws. Significant improvement in the way the judicial system operates, supported by the required investment in technology and human resources, is also required to provide an effective deterrent to rogue operators and enable legitimate businesses to thrive. There are also a number of recommendations to strengthen the labour force, following on from its National Workforce Strategy Document of August 2021. Among these are incentives to improve the retention of foreign workers and a fiscal incentive of a five-year tax break to attract local talent that has relocated abroad back to the country. These need to be supported by initiatives to increase expenditure in R&D to 3% of GDP and to reskill and upskill the local workforce based on a national skills mapping exercise. It also advocates for reforms to the pension system to encourage workers who opt for an early pension to pursue part-time employment and those who reach retirement age to continue working.

The Malta Chamber reiterates its call for a complete overhaul of our education system at primary and secondary level to ensure that the next generation is more motivated to learn and better equipped for future jobs. In terms of the future, The Malta Chamber’s recommendations include digitalisation and sustainability. Among the bolder recommendations are the undertaking of a carrying capacity study focused on the built and natural environment, heritage, culture and business requirements as well as a tangible reform in the way planning is done so as to address the vacuum in sustainable long-term planning. The Malta Chamber’s 100 recommendations include a call to safeguard the stability of energy costs to contain inflation, thereby protecting the purchasing power of the population and the competitiveness of local businesses. In view of the process of electrification of vehicles we are calling for significant investment in the distribution network and advocates for its liberalisation. It also reiterates its position that Malta needs to have the EU-funded hydrogen-ready gas pipeline connecting it to the European network, in addition to the second interconnector, to ensure access to a broad low-carbon energy mix. Finally, The Malta Chamber also calls for a reduction in the effective corporate tax rate of local companies to 25%, as Malta’s 35% is the highest in Europe and only a handful of notoriously high tax countries such as France and Germany have corporate tax rates exceeding 25%. The Malta Chamber insists that any reductions in the effective tax rate need to be attached to full tax compliance and should not be capped to ensure a level playing field among complaint operators irrespective of their size – 99% of all local operators are SMEs by EU standards and all deserve to be supported. The Malta Chamber believes that targeted assistance for micro companies (those employing less than 10 people) should be directed at improving their digital capabilities and their operating standards, but corporate tax, unlike personal income tax, should never be progressive as it should not have a redistributive function. Profits generated from enterprise need to be taxed evenly, subject to full tax compliance which The Malta Chamber has constantly promoted as part of its commitment to good governance and its call for ethical business. The Malta Chamber believes that its 100 recommendations can help to foster an ecosystem that promotes economic growth without compromising on quality of life, respect for the environment and social cohesion. n

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The Malta Chamber will continue to be the voice of ethical business BY PRESIDENT MARISA XUEREB

he Malta Chamber of Commerce, Enterprise and Industry is the true and vibrant voice of the Maltese business community that will celebrate 175 years of solid representation in a year’s time. At a time when the challenges for business seem to multiply with each turn of global events, we would do well to stand together within the structures of this respected organisation and its landmark building. As this 100th edition will show you, the main hall of The Malta Chamber has just completed the first phase of its refurbishment, and one of the most important collections of portraits in Valletta is back in its place. The subjects of these portraits are gentlemen who have given a huge contribution to the development of business in Malta and the country as a whole over the past decades. The Malta Chamber, which is the only business organisation established by the Commercial Code of Malta, is as important today as it was throughout these years. Times change, new challenges present themselves, but this organisation remains extremely relevant, because it stays ahead of the times. That is why the gender composition today at The Malta Chamber is very different from that of the paintings in the main hall. We are also proud of this, because today this organisation is the most gender-diverse body sitting around the MCESD table. The loyalty and pride of the most senior of our respectable members is today matched by the energy and enthusiasm of our younger members - the entrepreneurs who are shaping our country’s future. The Malta Chamber today is the business community’s interlocutor with all Governmental authorities, with all political parties, with all resident and non-resident embassies, with all academic institutions, and with all media houses. We are attracting some of the best talent in business, policymaking, and communications. When they start working with us, they flourish because there is real fire in this organisation. Businesses that want to make a real difference approach us not just to become members, but also to sponsor our policy work and events. The relentless pace with which we are operating today, in terms of both the breadth of what we do and the depth of engagement, not only with the business community and relevant authorities, but also with various sections of society, is delivering results. The Malta Chamber is highly visible in the media, but what people see out there is only the tip of the iceberg. A lot of the work we do today will reap the results in future years.

Today we speak clearly and with conviction. Significant investment in terms of thought, time and energy has gone into shaping our policy positions on several fronts, and we continue to renew this every day so that we remain ahead of the policy curve. We do not only react to what matters for business, but we are on the lookout to anticipate relevant developments. Businesses needs to be in the driving seat, communicate and inspire all sections of society. We are engaging actively with the upcoming generation. We constantly say that education is the key to the future of our businesses, and that education is much broader than schooling, and we are involving ourselves in the broader process of education through various forms of interaction with young people. Our own Young Chamber Network for members under 40 is gaining ground, and we have recently launched a Global Shapers Hub under the umbrella of the World Economic Forum for youths between 18 and 30 years of age who have the potential to inspire change. We are also proud to be an unyielding voice on good governance and sustainability. Our positions on these matters are clear and consistent. The Malta Chamber will continue to be the voice of ethical business because we believe in fair competition and in doing business on a level playing field. We are also working hard on this within the European dimension, where we have renewed The Chamber’s engagement on

the challenges of operating from a micro island state within the single market. I therefore urge you all to actively contribution to the work of The Malta Chamber and to make the best possible use of this platform and of the connections and resources we have. Our doors are wide open for business, and our staff will be knocking on your doors if we don’t see you around, because the mission is clear: to support, represent and connect businesses to grow and engage in shaping Malta’s future. Special thanks go to the Board of Management, especially Deputy President Chris Vassallo Cesareo, Vice-President Liz Barbaro Sant and Vice-President Nick Xuereb, and to our CEO Dr Marthese Portelli, for their sterling commitment to their respective roles. I am confident that with such a strong team at the helm of The Chamber, this organisation will continue growing from strength to strength in the foreseeable future. n

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Is the war in Ukraine reshaping Europe and the world? RACHEL ATTARD, THE MALTA CHAMBER HEAD OF MEDIA AND COMMUNICATIONS STRATEGY

magine a small Maltese factory producing wheat-based food products. This local factory opened its doors in January 2022 to record number of absent workers due to the Omicron wave. A month later, the COVID numbers have abated but it faces a shortage of wheat supply as a result of war in Ukraine. First the COVID pandemic and now the war. A double whammy. Who would have thought that after almost two years of fighting a global pandemic, the next thing we would face would be a war on European soil? An unjust and savage war that is killing innocent men, women and children because one man decided to rob them of their right to live in an independent country. The atrocities committed in occupied Ukrainian communities mark a ghastly breach of international law. But does Vladimir Putin’s war also mark a break in the development of the world economy? It is still early to be making such prognoses, but the world is demanding urgent attention, and inflationary pressures are sending shockwaves especially in the energy sector and food markets. It is pertinent to note that the most consequential economic effects are being felt much quicker than the residual effects of COVID are fading out. The war in Ukraine has created a massive, new negative supply shock for the world economy, just when some of the supply chain challenges experienced during the pandemic appeared to be starting to wane. The negative effects of the war are likely to deepen if the conflict continues. Russia and Ukraine are large producers and exporters of key food items, minerals and energy. Data analysis carried out by The Malta Chamber of Commerce, Enterprise and Industry, together with the National Statistics Office (NSO), showed that foodstuff manufacturers are highly exposed to shortages and bound to rise in cost due to their high dependence on Ukraine for items like rice starch, which was imported from the war-torn country in its entirety.

Other products that Malta imports from Ukraine include oats, maize starch and crude sunflower-seed oil, with over 80 % of total imports of each one coming from Ukraine. The food manufacturing industry was already being hard-hit by supply chain issues and the Ukraine conflict has simply exacerbated matters. This shortage of staple ingredients is not only being felt locally but also on an international level. This means that there is an acute risk not only of an economic crisis but also of a humanitarian crisis with a sharp increase in poverty and hunger. The economic implications include a systematic surge in inflation spanning both consumer and commodity prices, which is rooted on the supply-side and hence cannot be mitigated by tightening monetary policy.. The sanctions that are being imposed on Russia are crippling its economy, but at the same time the rest of the world is also feeling the economic pinch and needs to find immediate financial and economic solutions. The European Central Bank President, Christine Lagarde, said that the ECB has kept interest rates unchanged, but signalled that it will decrease its asset purchases faster than planned. She emphasised that: "we will take whatever action is needed to fulfill the ECB's mandate to pursue price stability and to safeguard financial stability." On this matter one has to wait and see, since much depends on how long the conflict between Russia and Ukraine will last. Zooming in on the Maltese economy, during one of the debates that the Malta Chamber organised during the electoral campaign, Finance Minister Clyde Caruana said that: “the Maltese Government must do whatever it takes to mitigate the economic crises caused by this war.” Good. But it begs the question…for how long can the government keep subsidising? For how long will taxpayers underwrite this cost? And once the dust settles, at what rate of interest will the accumulated debt be repaid? n

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From the British Empire till today

The Malta Chamber’s history Writing in The Malta Chamber publication ‘La Borsa’, published in 2013 and edited by Judge Emeritus Giovanni Bonello, Robert Micallef emphasises that The Malta Chamber was one of the first to be established as a constituted body within the British Empire in 1848, predating the London Chamber of Commerce which was founded over 30 years later, in 1881. BY CORYSE BORG

he Malta Chamber was created out of a merger of the Society of British Merchants (set up in 1808) and the Casino San Giorgio, which was made up of Maltese merchants. It was due to the strong wish to make Malta a spearhead of British trade in the Mediterranean by the Governor of Malta at the time, Sir Richard More O’Ferrall, that the first iteration of the Malta Chamber of Commerce and Enterprise was born. His right-hand man in this endeavour, Sir Agostino Portelli, K.C.M.G., became the first President of the Chamber, with John Grant as Vice-President. It was agreed that the new institution would be housed in the old Borsa in St Paul Street, while at the same time, new premises would be erected. In 1857, today’s Exchange Building was inaugurated, also housing the Banco Anglo Maltese and the Banco di Malta. The institution received government recognition and the Commercial Code was enacted, recognising The Malta Chamber as the body representing the commercial sector.

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In its formative years, the Malta Chamber was very much involved in improving the conditions of Maltese sea merchants and ship owners. In addition, it promoted Malta’s transit trade by achieving better arrangements for the transfer of ownership of goods in bonded stores through the adoption of the Dock Warrant used in Britain and by efforts in favour of better storage facilities. Other matters undertaken by the Malta Chamber included the provision of quarantine facilities and currency matters. Moving on to the 20th century, Carmel Vassallo’s excellent book ‘The Malta Chamber of Commerce 1848-1979; an outline history of Maltese trade’ gives a detailed account of its lows and highs before, during and after the two World Wars. Vassallo writes that, for The Malta Chamber, the late forties were “years marked by notable institutional events, such as the celebration of its own centenary; the breakaway of budding industrialists; the retirement of A. Cassar Torreggiani, the ‘Churchill of Maltese commerce and, last but not least, the founding of the Commercial Courier, The Malta Chamber’s very own publication.”

Robert Micallef writes that in his address to the Malta Chamber’s 131st Annual General meeting on the 14th of December 1979, the then-President Sydney A. Gatt said that the end of that year was a watershed in Malta’s contemporary history in terms of economic and industrial development. In the early eighties, the Malta Chamber complained of a deteriorating economic situation reflected in increasing unemployment, import restrictions and a freeze in wages, among other factors. Meanwhile, the Malta Chamber was already advocating membership in the European Community as the best option for the Maltese economy, particularly in relation to opening up export opportunities. “Malta’s accession to the European Union in 2004 created a new economic setting that corresponded with a drive towards greater coordination among the business community,” Micallef writes. This eventually led to a merger between The Malta Chamber and the Malta Federation of Industry, and The Malta Chamber of Commerce, Enterprise and Industry was born on the 3rd of January 2009.

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THE ‘BORSA’ Writing in ‘La Borsa’, Prof. Vicki Ann Cremona writes that the ‘Borsa’ or Exchange Buildings was inaugurated under the governorship of William Reid: “The imposing space, designed by Maltese architect Giuseppe Bonavia bore the name ‘Borsa di Malta’ on the façade in big gold letters… (it) was erected in the fashionable neo-classical style which was also characteristic of the Royal Opera House that was to grace the entrance of Valletta a few years later.” It was built around a large courtyard, which was roofed over many years later. Apart from being used for business purposes, the building also contained a club (or ‘casino’ as it was then called), as well as a café and restaurant. All members were automatically also members of the club which was open to “all the respectable classes of Maltese society.”

Writing in the same publication, architect David Felice explains that the building was designed by Bonavia following a call for the submission of proposals. “It represents a radical stylistic departure from the Mannerist and Baroque architecture that prevailed in the capital city till then. Bonavia adopted a restrained and simplified Neo-classical style that – according to (architect) Conrad Thake - is not dissimilar to the work of Robert Adam,” writes Felice. Its inauguration in 1857 saw a Grand Ball which was later to be described as “one of the most magnificent and brilliant parties ever to be held in Valletta.” The three-storey building is divided into three basic blocks with the central part pushed back at the upper levels. The outside is retrained in terms of decoration with low relief sculpture being contained within the spandrels of the arched doorways at ground level and the circular medallions set above the Serliana windows and first floor levels. Inside, the building boasts a number of works of art ranging from portraits of past Presidents by the likes of Giuseppe Cali, Edward Caruana Dingli, Luciano Micallef and Raymond Pitré, amongst others, to the Vedute paintings and the Sacred Heart of Jesus painting, as well as more contemporary paintings, sculptures, busts and monuments. n

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THE MALTA CHAMBER LOUIS FARRUGIA Past President of The Malta Chamber and Chairperson at Simon Farsons Cisk Plc. “My memories of my active participation in The Malta Chamber Council as President in the years 1998 to 1999 remind me of the very important role The Malta Chamber played in determining Malta’s chosen pathway of becoming a full member of the European Union. We had prepared detailed studies of the favourable economic impact membership would have and argued in favour of tariff-free and open trade environment with other EU member states and other States with associated trade agreements. I firmly believe that The Malta Chamber’s favourable view influenced the result of the 2003 referendum in favour of joining. Today we have the benefit of hindsight, and all agree that membership has indeed proved to be a very important factor in offering not just a more prosperous lifestyle for our country but a form of security for our democratic credentials and a check on the importance of the rule of law and the independence of our institutions.”

HELGA ELLUL Past President of The Malta Chamber

HUGH ARRIGO Former Vice President of The Malta Chamber and Group Managing Director Attard & Co Ltd

“The merger of The Malta Chamber of Commerce with the Federation of Industry had been discussed for quite some time, but it needed the right people at the helm to finally make it happen. As Malta joined the EU, it became clear that both organisations had a common goal of ensuring that local businesses reap the benefits of being an EU member, while adapting to EU rules and regulations. The merger helped us maximise our effectiveness and resources. Being the first President of this joined organisation was a tremendous opportunity and a learning curve. We hit difficult times straight away due to the financial crisis, but we helped our businesses – together with the government – to manage this crisis well. Seeing what The Malta Chamber of Commerce, Enterprise and Industry is today makes me feel proud to have been part of this journey.”

“Change is a powerful measure and many of us underestimate its significance. We all find it easier to object to it rather than to embrace it. The stark reality is that our lives, as well as our businesses, are continuously evolving. Much has changed within The Malta Chamber over the recent months. In my opinion much change has still to be covered. Archaic systems fully empowering duties to a bi-yearly rotating Board of Management should be swiftly shifted to a professional executive workforce. Delegation is ‘the name of the game’. I know of no private company which chances changes to the entire Board of Directors every two years. Similarly, the Malta Chamber should find ways to ensure that the whole Board of Management is never replaced at one go, thus ensuring the baton is passed on in stages and there is further continuity. Having said this, our Chamber has stood in a class of its own during the past 12 months. It has continued to be Malta’s foremost credible institution. It has spearheaded innovative ideas, numerous initiatives, and multiple national safeguards. The Malta Chamber is indeed stronger and more vibrant. For the 800 or so new members, the most welcome announcement that it will be run as a business, and its increased interest and ‘appetite’ to contribute more strongly within the MCESD, are measures which ought to be much commended. The Malta Chamber has set upon a path of presenting a ‘less shy’ and purely objective stance, and these initiatives deserve praise.”

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IN THEIR WORDS… MARK LAFERLA JR Member of the Aviation and Aero-

ISABELLE DEBATTISTA Member at The Malta Chamber and

VALÉRIE CABAY Member of The Malta Chamber Health

space Industry Business Section within The Malta Chamber and Executive Director Laferla Agency Ltd

Director Mirabelle Enterprises Ltd.

and Wellness Committee & Founder & CEO, Connect Across Culture

“As a member of The Malta Chamber for over 10 years, I can confidently say that it has provided a powerful platform to network and engage with seasoned entrepreneurs from all sectors of business. It serves also, and possibly most importantly, as a verification of a person’s business reputation. The members you meet and are introduced to, have been vetted and approved for access. This, in my view, is one of the key factors that gives The Malta Chamber and, by extension, its members, the clout it enjoys today within the local community.”

“The Malta Chamber is an organisation that comprises a very wide range of businesses that are the fabric of Maltese business life, especially within the tourism and hospitality industry. Thus, The Malta Chamber is well-placed to balance the interests of the wider tourism value chain, making it the premier stakeholder with well-thought and researched advice for authorities. A good example is the ‘Rediscover’ document, which The Malta Chamber launched recently, that looked at the wider tourism eco-system and listened to over 29 stakeholders in the industry to come up with tangible recommendations in a way that frames the industry to embrace authentic tourism experiences.”

When we talk about women and gender at the workplace, The Malta Chamber - female-led and with 50% of its team being women - is a vivid example of gender-balance in Maltese business society today. To tackle the current fast-changing and complex business environment, leadership and organisations benefit highly from gender-balance. It is a source of innovation and creativity that will improve and increase general performance at all levels. Women lead teams differently than men, and having the confidence to trust themselves to be able to lead like a woman will bring a new dimension to their leadership skills. However, a thriving gender-balanced organisation will only exist when both men and women benefit from it.

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What we did and what’s coming up! As the pandemic restrictions are eased and business activity slowly ramps up, we all look for ways to re-establish connection physically, to help our business gain traction and explore new avenues and opportunities in the new post pandemic landscape.

here has never been a better time to be part of the Young Chamber Network (YCN). Melanie Cuzzoni, Networking Executive at The Malta Chamber, together with the steering committee focuses on understanding what young entrepreneurs of today need to further grow their network and overcome hurdles, using the YCN events as one of the mediums to address this. On the 29th of July 2021, the first networking event was held at the AX hotel, to celebrate the re-launch of the Young Chamber Network. Adhering to regulations at the time, this sit-down event allowed members to re-connect and re-introduce themselves to the Young Chamber community. The second event in 2021 was the 1st educational one held on the 12th of November 2021, during which the YCN was lucky to have Mr Hass Chapman, a successful CTO and coach in the Fintech industry. Mr Chapman gave a talk about scaling your business and finding the right investors in a hands-on way. He also tackled topics such as: having a business company versus an efficient company, how to build the team around you and the level of traction one needs to have before thinking of approaching investors. The 3rd networking event, titled “Take the Lead”, was held on the 25th of November in collaboration with the Malta Business Bureau. This event allowed attendees to share the knowledge on how to scale a business and how to lead a business. Thanks to the Malta Business Bureau this was tackled in a different way. The Malta Business Bureau developed a mobile application called “Leader” which gives companies the ability to carry out interactive training within the organisation in relation to soft skills, such

as leadership. All this was then followed by a networking session allowing for ideas and connections to be made. In 2022, the Young Chamber Network started with a networking event focused on the Chamber’s history and the importance of the Chamber’s role over time. This event, held on the 28th of February, was presided by Perit David Felice who gave a short presentation on the Chamber building’s history and its architecture. To further immerse ourselves in the history and importance of the Chamber, Mr Tonio Attard, a well-known local actor, narrated a time where Malta was very strong in the cotton trade but competition and disagreement between foreign importers and local producers of cotton threatened the economy. Attendees where split into four groups, each pertaining to a specific group of the 18th century business society and where tasked with solving this turmoil. This gave way to discussion during the networking on how much and how little business issues have changed over the year. What is next? On Thursday 21st of April, an educational event presented by Dr Margaret Mangion, a Senior Lecturer at the Edward de Bono Institute, will be showing YCN members attending, practical tips on how they and their teams implement creativity in their organisations on a regular basis. A crucial tool in this fast paced and fast changing environment. There’s more! The YCN is also working to organise a Carnival Masquerade Ball in the Malta Chamber Hall exclusively for its member. Stay tuned! n Special thanks go to S. Rausi for their constant support towards the Young Chamber Network and for sponsoring all our events with their wines.

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Meet the Team

DR MARTHESE PORTELLI

ANDRE FENECH

KEVIN MIZZI

RACHEL ATTARD

LINO MINTOFF

JOHANNA CALLEJA

DIANA MICELI

TIMOTHY ALDEN

JULIA AQUILINA

MEL AQUILINA

DANIEL CASSAR

NATHAN CHATLAND

MELANIE CUZZONI

ELENA SCICLUNA

ANTHONY TANTI

BERNICE CHIRCOP

ROBERTA PISANI

CHERYL SPITERI

STEFAN BAJADA

CHARLES MAIONE

CEO

Manager – Statutory Affairs & Facilities

Executive - Policy Development

Executive - Accounts

Head – Policy Development

Manager - Projects

Economic Policy Analyst

Membership Administrator

Head – Member Relations

Executive - Policy Development

Executive - Networking

Front Office and Support

Media and Communications Strategist

Executive - Policy & Technical Support

Manager – IELTS Centre

Manager - Membership

Advisor - Internationalisation

Executive - Marketing & Communications

Examinations Administrator

Facilities and Maintenance

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CHAMBER

ACHIEVEMENTS POLICYACHIEVEMENTS

public consultation responses

key policy documents

new horizontal thematics

new MoUs

new business sections

new working groups

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MEMBER RELATIONSHIP ACHIEVEMENTS €

Meet the CEO initiative

(300+)

Young Chamber Network

Projects (8) u EC Business & Consumer Surveys u EEN

€

MEDIA AND COMMUNICATION ACHIEVEMENTS Social Media:

20000+

u Sustainability (2)

followers on all social media platforms (+5000 from last year)

u Human Resources & Workplace (3)

Linkedin monthly reach

u Trade Malta

125000 90000

u Ambassadors / Consuls visits (52)

Other Projects:

u Digital Skills

International u Cooperation Agreements UAE & China u Revival of GMBC u Participation in International Fora

40+ webinar, networking session and info seminars

Facebook monthly reach

u The Malta Chamber Debates u L-Intrapriża u Regular Participation on TV and Radio u Articles in print media and portals u Flagship Publications

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A Springboard for

Digital Innovation Digital Innovation is a fast-growing sector that has already proven invaluable to the Maltese Islands, and its future looks ever brighter. Francois Piccione weighs in on how the Malta Digital Innovation Authority is helping Malta become a global leader in this field. BY CARLA ZAHRA

stablished in 2018, the Malta Digital Innovation Authority (MDIA) has achieved a great deal in a relatively short timeframe. But things do move fast in the world of technology and, being the first authority of its kind, the MDIA needed to pave the way for a regulatory framework that would build trust in digital innovation. Essentially, the MDIA was tasked with creating a vision for Malta’s digital future. Guided by expert advisors within the field, Malta is being put on the digital map by focusing on upskilling the current workforce, attracting international talent and inspiring future entrepreneurs. To date, the MDIA has already achieved several milestones, including the launch of its technology certification programme (supported by the Technology Assurance Sandbox) and Malta’s pioneering Artificial Intelligence strategy. “Over the past three years, Malta has been one of the leading countries with regards to the EU Tech Policy,” says Mr Francois Piccione, COO at the MDIA. “We have built an ecosystem that can support innovative companies and startups within the fields of Game Development, Medical Tech, Artificial Intelligence and Distributed Ledger Technology (commonly known as Blockchain). By providing the right environment for these companies to develop their ideas, Malta acts as a springboard to the world. We even had a Malta-based start-up company enlist on the New York Stock Exchange last February.” Indeed, technological progress can only go as far as its environment allows. Malta has

proven to be a strong contender in this respect, nurturing talent through its longstanding focus on research and innovation. The island provides a fertile ecosystem for the development of new ideas, with dedicated entities set up to assist in the planning and financial aspects of start-up companies. Now, Francois is leading the MDIA in launching a Digital Innovation Hub (DIH), which will provide the tools, equipment and expertise needed by budding start-ups, under one roof. The DIH will host a High-Performance Computer (HPC), 3D printer, drones and a maker’s workbench, while offering an entrepreneurship programme complete with mentorship from local and international entrepreneurs. “From an entrepreneurship aspect, we believe that there needs to be more investment via accelerator programs and VC funding. The MDIA will soon establish its accelerator and incubator hub and supporting programmes, while assisting the government in establishing its VC fund to sustain our local entrepreneurs,” says Francois. With all the necessary resources ready in place, Francois recognises that, without a skilled workforce, Malta would risk losing out on the benefits of digital innovation. With 6% of the Maltese population identifying as ICT graduates (more than the EU average), only 4.4% are considered to be ICT specialists. Working towards improving these numbers, the MDIA has set out to enhance the digital skills of current and future workers. This is being achieved through educational campaigns that encourage students to pursue STEM subjects and initiatives such as the Path-

Our lives are becoming highly dependent on technology, and it is a must that everyone enjoys its benefits, especially in a small country like ours,”

finder Digital Scholarship Fund to financially support Masters and PhD students. While youths are being encouraged to develop their skills in digital innovation, do older generations and workers lacking digital skills risk being left behind? On a global scale, the gap between individuals who have access to the Internet and digital devices and those who don’t continues to widen, resulting in growing inequality between these two groups. This ‘Digital Divide’ is also present in Malta, where 56% of the population possesses a minimum of basic digital skills and only 38% exhibit above basic digital skills, according to the Digital Economy and Society Index (DESI) 2021. “Although these figures are comparable to the EU average, we believe that no one should be left behind. Our lives are becoming highly dependent on technology, and it is a must that everyone enjoys its benefits, especially in a small country like ours,” says Francois. To address this, the MDIA formed an integral part of the Digital Connect scheme launched in 2021, which supplied free laptops and one-year internet subscriptions to over 1,700 low-income households, together with computer training courses for them to learn how to use the devices. Looking ahead, Francois envisages a country that will reap the benefits resulting from its culture of technological innovation. “I want Malta’s local businesses to implement the innovative technologies that are being developed on our island within their modus operandi. This will help them achieve their business goals while providing a better and more efficient service or product to their customers. On the other side of the spectrum, consumers will be making use of the various services and products with the peace of mind that comes with knowing they are truly secure and fit for purpose!” n

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“I want Malta’s local businesses to implement the innovative technologies that are being developed on our island within their modus operandi.”

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The Malta Chamber building, the Exchange or La Borsa, is the architectural masterpiece of Maltese Architect Giuseppe Bonavia. This unique neo-classical edifice was built purposely to serve as a Chamber of Commerce and completed in 1857.

A new lease of life JOHANNA CALLEJA

s with all old buildings maintenance work is required on an ongoing basis. In the last few months this was stepped up and a thorough and comprehensive maintenance and refurbishment project commenced. The works started in October 2021. They are planned with the objective of making the Chamber building green and eco-friendly and to give it a new lease of life. The first priority was making sure that the building was waterproof. The torrential rains last September made it abundantly clear that this was most urgently needed. The vast roof was divided into sections and the most crucial works were carried out first. The parts of the roof identified as priority were cleaned, gaps filled and the roof sealed with liquid membrane. The shafts were also pointed and plastered. The next step was to replace the soffit ceiling in the Malta Chamber’s courtyard. The original glass ceiling was troublesome and had been changed in the 1970s. At the time soffit tiles had been installed and aluminium windows fitted around the perimeter of the courtyard. The soffit had recently been damaged due to water ingress. Once the roof above had been sealed, the soffit was replaced by a seamless gypsum soffit. The aluminium windows and tinted glass were substituted by PVC double-glazed clear windows. The result is better insulation and an increase in natural light. Old air conditioning units, some over 20 years old, are being replaced with eco-friendly VRF systems. These will be commissioned by the end of April, in time for the summer months. The administration office also enjoyed a makeover with new air conditioners, the replacement of the soffit in the mezzanine floor and new laminate flooring. The most visible work and most satisfying work took place in the Sir Agostino Portelli Hall.

This beautiful hall lends itself to a variety of events. It is used on a daily basis and is the venue for meetings, seminars, dinners, receptions, exams, lectures and more. The hall was last refurbished in 2002 and was in serious need of a face lift. The hall required fresh paint whilst the original parquet floor had seen better days and water damage meant that it needed some important repair work. The works took the best part of three weeks. The portraits of Past Presidents which adorn the hall were removed and placed in temporary storage. The painting and restoration of the parquet floor was carried out simultaneously. Part of the parquet floor had to be removed and replaced with spare pieces of parquet that were stored at the Malta Chamber. The floor was sanded down to remove layer upon layer of old polish until the original colour was revealed. The walls have been painted a

soft yellow and the stucco freshly picked out in white. The hall was completed and the portraits of Past Presidents back in place just in time for the first event which, very appropriately, was the Annual General Meeting. In the next few weeks 53 PV panels will be installed on the courtyard roof. These will result in significant energy and CO2 savings. The pandemic has made us all conscious of the importance of outdoor spaces. For this reason and to further acknowledge its green ambitions the Malta Chamber’s roof will become a green roof. This will serve two purposes – it will provide an attractive space for outdoor activities and will also serve to insulate the roof and further enhance impenetrability. The roof garden will include a bar and toilet facilities and will allow members, for the first time in the Chamber’s history the opportunity to enjoy the magnificent view of Valletta. Further projects are planned. These include the cleaning and redecoration of the façade and the ground floor. n

The hall was last refurbished in 2002 and was in serious need of a face lift.

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Financial Incentives in the form of grants to promote

greener and sustainable transport

Transport Malta, in collaboration with the Ministry for Transport, Infrastructure and Capital Projects, together with Parliamentary Secretariat responsible for EU Funds has launched the largest package of transport financial incentives in the form of grants to promote greener and sustainable transport. A total of around €20 million in grants will be made available to the general public in 2022.

alta has managed to acquire EU funds under the Maltese recovery and resilience plan (RRP) as a contribution to address challenges related to the steep increase in energy consumption and waste generation resulting from a rapid population growth, employment, and GDP growth in recent years. These funds, amounting to €50 million, will be spread over three years, starting from this year until the end of 2024. The objective of this investment is to instigate a wider shift towards electric mobility and reduce emissions from the sector of road transport in Malta by promoting the uptake of

electric vehicles in the private sector and the commercial sector. These financial incentives are available to Maltese motorists so to make use of a more sustainable and efficient means of transport, and encouraging vehicle owners to purchase new, low emission and more environmentally friendly vehicles, or convert their current vehicle to a cleaner one. These grants are a demonstration of an environmentally friendly Government and a commitment to continue making a difference in order to achieve our main goal of working diligently on the subject of alternative transport.

A total of nine grants apply from the 1st of January 2022. Applications are open and can be accessed from the Transport Malta website https://bit.ly/FinancialIncentives2022

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The Malta Chamber and the General Workers Union present joint proposals for

Reforms to the pension system In 2022, The Malta Chamber and the GWU teamed up to find common ground on pension reform recommendations to present to the political parties and the electorate. On 21st March, the two bodies, assisted by their consultant, Mr David Spiteri Gingell, presented two important reform recommendations. BY DAVID SPITERI GINGELL – MEMBER OF THE MALTA CHAMBER PENSION COMMITTEE AND CONSULTANT

he first reform is directed towards removing barriers that exclude persons who opt for early retirement at 61 from remaining active in the labour market. Employers often have to import staff from overseas at high direct and indirect costs when this can be sourced from those who opted for early retirement. A key recommendation presented is that the existing ‘all or nothing approach’ to early retirement is replaced by a flexi-employment approach, which allows a person to balance their need to opt out of a 40 hour week whilst remaining active in the labour market. Governing conditions for such an approach include a pro-rated draw down of state pension whilst carrying flexi-employment. Additionally, the adoption of this recommendation ensures that the government’s pension and active ageing policies are aligned and, therefore, consistent with the EU’s objectives for active ageing. One further important recommendation is the need for the govern-

ment to re-design the tax structure for senior citizens who receive income from continued post-retirement employment and pension income. This should become an incentive rather than a detriment to continued active employment. The second recommendation is introducing a national workplace pension based on the principles of opt-in on employment with the choice of opt-out. The Chamber and the Union are concerned that the existing voluntary private and occupational pension schemes as designed are not attracting young adults to invest in these pension schemes: 2020 persons aged 19-29 constituted only 10.5% and 8.3% of investors. Such voluntary opt-in on employment pensions schemes with the choice of an opt-out can be designed to create no social tensions or adverse impacts on both employers and employers. Some of the design principles proposed to achieve this are, for example, (a) employers being nudged to contribute on behalf of their

the adoption of this recommendation ensures that the government’s pension and active ageing policies are aligned and, therefore, consistent with the EU’s objectives for active ageing.

employees based on a fiscal incentive (that is, no mandatory contribution) and through collective bargaining; (b) employees having the right to opt-out or suspend their contribution, and (c) the only obligation placed on the employer is that of carrying out retirement planning education and managing the administration aspects of the scheme such as enrolling an employee in the pension provider selected. The GWU and the Malta Chamber will be following up on these recommendations by formally presenting them to the government and stewarding a national debate on the importance of why these recommendations should be adopted. n

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From Competitors to Partners:

A new legacy - 10 years on Following the successful merger of two legacy companies, GasanZammit Motors Ltd broke away from its previous identities to begin a new chapter. A decade on, Joe Zammit and Joe Gasan reflect on how combining strengths was an important milestone for the company’s continuation and growth. BY CARLA ZAHRA

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n 2012, two leading companies in the automotive industry joined forces to establish GasanZammit Motors Ltd. Led by Joe Gasan, Chairman, and Joe Zammit, Director – two founding partners who were both heavily invested in the auto imports industry since adolescence – a successful merger took their family businesses to new heights, albeit as one. “The merger has been a most successful one. Maybe the only real regret was not having done this sooner!” says Gasan. Following in his father’s entrepreneurial footsteps, Joe Gasan joined his family’s business at the tender age of 15. By age 23, he had helped expand Gasan Group’s portfolio to bring the Mazda, Yamaha and, later on, Volvo franchises to the Maltese Islands during the 1980s, apart from being the official sole concessionaire for Ford Motors. At the same time that Gasan Group was being formed in the early 1920s, Joe Zammit’s grandfather was preparing to establish his own company in the then-commercial business hub, Barriera Wharf in Valletta, away from his home in Gozo. When Zammit’s father joined his grandfather’s business in the 1930s, he was committed to diversifying the company and would eventually introduce Joe and his brothers to the world of work. Zammit’s career began at 16, when Zammit Group was the main contractor for Her Majesty’s Royal Navy ships. It was only when a Japanese floating exhibition vessel visited Malta in 1956 that Zammit’s father expanded the business to import cars. One year later, Zammit Group began to import the Isuzu brand for vans and trucks, the Toyota brand for cars and the Honda brand for bikes, marking the start of a new chapter for this family business. As they learnt the ropes at their respective family businesses, Gasan and Zammit both took on a key role in shaping their companies’ futures. “My focus was on the diversification and expansion of our business involvements. I wanted to capture a significant part of the insurance market, introduce cable television to Maltese households and implement largescale mechanical and engineering projects,” says Joe Gasan. “Still, I was always very immersed in the automotive business, partic-

ularly the management of the relationship with our numerous franchisors.” In the 1970s, Zammit also became more involved in the automotive sector, as his father took a back seat. “At this point, I had identified a need to move to a larger premises to exhibit our expansion in this sector. Honda had diversified into the automotive, marine and power product sectors and I had also acquired the GM brands. While being involved in the general business, I was always particularly hands-on in the automotive sector; I used to travel frequently to build relationships with franchisors and I oversaw all financial and strategic decisions,” says Zammit. As two companies with decades-long histories of successful trading in the automotive industry, Gasan and Zammit had developed a sense of mutual respect, which was not overshadowed by the healthy competitiveness that existed between them. Thus, when faced with market demand contractions and external challenges that inhibited their individual growth, the path toward a potential merger began to reveal itself.

Ever since the next generation of both families joined the companies, the founding partners have taken on a mentorship role. In fact, the initial exploratory talks about the merger were held by their sons who, at the time, formed part of the same automotive association board. “These talks gradually evolved into more formal discussions at our respective board levels, and agreement in principle was reached in just a few weeks,” says Gasan. Soon after, a working committee was established involving Mark Gasan, Alastair Zammit, Carolyn Zammit and Stefan Deguara. This committee was tasked with developing a detailed plan to get the merger executed within a timeframe of six months, including obtaining formal approval from their international franchisors, as well as local regulatory approvals. They also organised other departments including financial, human resources, marketing and public relations, in addition to sourcing physical facilities to accommodate their growing setup.

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“Throughout this 10-year journey, we have had consistent harmony and stability in dealings, which we believe is fundamental for the new culture we created.” Since the start of the merger talks, all members’ objectives were clear: GasanZammit Motors would take on a new identity, leveraging the best practices of the preceding companies. “Our core values were very similar, but we both had our strengths which we wanted to consolidate via the merger,” says Zammit. As a result, GasanZammit adopted a human-centric work ethic based on its core values of empowerment, respect and unity. These values were the guiding force in shaping the post-merger future of the company, during which all members focused on perfecting their traditional systems and practices. This included rewiring the new entity’s internal processes and extracting synergies across all operational areas.

Still, change doesn’t come without challenges. Every member of staff needed to be open-minded in adapting policies that they had become accustomed to. With their cooperation, GasanZammit has gone from strength to strength in the decade since the merger. In keeping with its people-first approach, the company was able to retain all staff members and create opportunities for new team members to join the company. Furthermore, in December 2015, the company was appointed the official transport partner of the Commonwealth Heads of Government Meeting (CHOGM) that was held in Malta, and raised over €400,000 for the Malta Community Chest Fund through auctioning of the vehicles used during the event.

“Throughout this 10-year journey, we have had consistent harmony and stability in dealings, which we believe is fundamental for the new culture we created,” Gasan explains. This consistency is something that the company will be carrying through to the next generations, sustaining its presence within the automotive market and other sectors, irrespective of the direction the market takes. “We want to keep foreseeing the changes in consumer demand and developing new offerings that address changing needs,” says Zammit. Among these challenges is the shift towards electrification, changing skillsets needed to sell and repair new vehicles, the evolution of new mobility solutions and new modes of vehicle ownership and usage. But the new generations leading GasanZammit Motors are proactive in their preparations to tackle any challenges. With the guidance and mentorship of both founding partners, the future of the company is set to be strategically sound and aligned with their core principles. n

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Maritime Business

is where the anchor drops

By Angelique Abela -Member of The Malta Chamber and Executive Chairperson, MMH Malta Ltd.

The maritime industry is a dynamic and diverse sector that overlaps into a number of other industries. Just by skimming through the various segments, one realises the vastness of the maritime sector. LOGISTICS

CORPORATE SERVICES Encompassing the Financial, Legal, Insurance, Shipbroking, IT and Consultancy activities. These services already build on a locally strong attractive regulatory platform and are yielding positive results. In fact, Malta is at the forefront as a ship registering nation; Malta being one of the largest ship registers in Europe. This is a success story on which we should keep building as nation.

This activity goes beyond sea transportation activities. It comprises all those activities undertaken in ports, warehousing, storage, stripping/stuffing, distribution centres, testing and quality control and may even be extended to light assembly, packaging and re-packing as well as inter/intra modal transportation facilitation, the management and handling of containerized, bulk and project cargo; ro-ro activities; Stevedores; agencies, public sector employees etc. Ports play a critical role in logistics and as an island nation Malta requires everything from deepwater container ports to small harbours and leisure marinas. Malta’s two main logistical ports are the Ports of Valletta and Marsaxlokk which handle over 90% of the goods that enter or leave the country, as well as being two of the

core European ports handling nearly 74% of goods entering or leaving the Europe via the sea. Creating further opportunities for increased maritime logistics both in volume and added value requires coordination and cooperation between all players in the industry with the primary objective being that of increasing commercial activities. Only then can we start discussing Malta as an efficient logistics hub. There must be focus on improving the infrastructure, expansion of facilities and digital transformation. The shift to the digital era, could have been triggered further by COVID whereby the necessity to work remotely instigated the use technology to improve efficiencies and reduce bureaucratic processes. For example, Freeport has already invested in technologies to semi-automate processes in 2020 and Customs also shifted to a digital platform.

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The time invested in research, development and seeking new opportunities in this sector to instigate growth, will automatically have a positive spill-over effect on interrelated economic sectors, making the maritime truly one of the strong pillars of the Maltese economy.

TECHNICAL SERVICES

FISHERIES AND AQUACULTURE

EDUCATION

This is a very vast segment of the industry ranging from ship building to ship repair and maintenance. It encompasses all the skills and technical expertise required in the maritime. Whilst Malta has seen a decline in ship building after the privatisation of the Malta Drydocks, there has been increased activity in the ship maintenance and conversions sector through the various facilities available locally in Valletta Port. Through the Maritime Hub and various drydocking facilities, Malta has unique facilities to cater for ship and yachting repair facilities. This segment of the industry has generated an increase in the local technical activity, thanks to the now available facilities; activities which previously were being done in neighbouring countries like Italy. The investment in the segment is critical to attract ship and yacht owners to Malta as a technical destination stop.

Fishing has always played an integral part of the Maltese economy. Fish caught in Maltese territorial waters is not only consumed locally but an increasing share of catches is being exported to foreign markets. There are numerous challenges for local fishermen and potential of growth in this sector may be possible through investment in the fish processing industry. Fishing is also tied to the aquaculture sector, which, has developed and grown significantly over the last decade, mostly thanks to the investment directed to research and innovation in the sector. Years of work have enabled Malta to build a respectable reputation in the field and its expertise is recognised internationally. The environmental considerations associated with this sector must be carefully evaluated and implications need to be studied to ensure the overall wellbeing of the marine environment. In this respect there is a need to promote research and innovation in new environmentally sustainable technologies in aquaculture.

All the various segments mentioned above can only thrive with a competent workforce. The availability of a skilled and flexible workforce is vital for the survival and development of the maritime sector as a whole. However, this is becoming a challenging feat for the industry due to the shortage of skilled personnel. Education and career guidance is key to ensure growth in the sector and truly transform Malta into a maritime centre.

YACHTING Malta is a popular destination for those sailing the Mediterranean. The addition of various new yacht marinas throughout the years and difficulty to find berthing space is evidence of the popularity of this segment, both with foreigners and locals. There is also the opportunity to develop yachting as a sport and provide opportunities for youngster to compete internationally. For this sector to grow further and for Malta to be truly a yachting destination the country needs to provide services across the whole supply chain, from the technical services to the leisure activities of the yacht owners.

ENERGY Being an island nation, the territorial waters and the possibility of an exclusive economic zones will definitely have a bearing on the energy sector. From oil and gas exploration to renewables, the government whilst working hand in hand with the private sector will require to identify the right resources and invest in the research and studies to strike the correct balance between Malta’s potential to create new revenue streams, whilst fulfilling its international obligations related to energy.

The maritime sector in its vastness, encompasses an immense variety of activities that are directly or indirectly linked to the sea. The development of one policy for the maritime can be challenging due to the due to sheer size and diversity of each segment. However, the maritime sector, with its ancillary and support services, has a considerable impact on Malta’s economy and labour market. Therefore, the time invested in research, development and seeking new opportunities in this sector to instigate growth, will automatically have a positive spill-over effect on interrelated economic sectors, making the maritime truly one of the strong pillars of the Maltese economy. n

I worked hard all my life, and they were always there Yesterday, Today, Tomorrow

Learn more on apsbank.com.mt/you APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act 2018.

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What lies

AHEAD Commercial Courier sits down for a chat with CEO Robert Debono about the past, present and future of the db Group. Your father, Silvio, started the business from nothing. Tell us a bit about the birth of the db Group. Of humble background, my father started working at 14, collecting glass bottles from Għadira Bay and getting refunded for their return. He then became a bartender and aged 18 started his first business - taking over that same bar. His next venture was a small guesthouse, and he has not looked back since. My father has a knack for anticipating where the market is heading. When he introduced the all-inclusive hotel concept to Malta, for instance, few believed it would work. Not only was he proved right, but the success he made found few local competitors. It was a masterclass; creating something new is only half the story. Staying at the top of the game is the other half. Hospitality remains the beating heart of the db Group. Yet you have branched out to other, sometimes unrelated, sectors. What’s the thinking here? We primarily branched out to contract catering for airlines, homes and other public and private institutions, property development and healthcare services. Not putting all one’s eggs in one basket is fundamental to prudent business expansion. The choice paid off, particularly as it coincided with the onset of the pandemic. When tourism went belly up, we were able to cushion the blow through our operations in other sectors, particularly healthcare, which came into its own during the pandemic.

Your appointment as Group CEO was not just a run of the mill succession planning exercise. Your three siblings also took on the key roles in the Group. Our parents always left us free to choose our life paths. But as luck would have it each found one which converged with the others at the right time and at the right place. I studied business and management and now am the CEO, David became a lawyer and is the Group’s Chief Legal Officer, as well as overseing the HR Department, Alan studied accountancy and is the Chief Procurement and Accounting Officer, and Victoria went for marketing and is now the Brands Manager. Our parents, by chance and literally, created the Group’s next generation. Also, as luck would have it, the succession was perfectly in line with our father’s vision. Naturally, we transitioned to our respective posts prudently, giving ourselves enough time to learn the ropes. Should we expect any changes in the Group’s direction following this succession? We strongly believe that it’s our people at all levels who, with their drive, creativity and team spirit, make the Group what it is. Crucially, they treat the company as their own. As we grow, we are constantly on the lookout for such men and women. We are also re-imagining our corporate structure to make it more agile and sturdy to sustain this growth. Concretely, this is leading to the opening up of new positions. In terms of new initiatives, we are already well on the way to expanding abroad.

Under its wing the Group now has some of the best known global hospitality franchises. Can you walk me through the business strategy here? We strive for excellence in everything we offer, from the moderately priced services to the more upmarket ones. We have already proved our mettle by making a success of global brands like Hard Rock Café and Starbucks. In parallel, we are now also striving to create our own brands which are equally best in class. The all-inclusive db hotel and resorts chain, for instance, is recognised as one of the best in Europe by multiple global client review sites like Trip Advisor and tour operators. Turn-

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ing to restaurants, Aki, our contemporary Japanese one, is striving to be one of the best, even beyond Malta.

passionate search for the new has led us, for instance, to open a South American-themed restaurant at the end of April.

with the floors on top? And the Melior Boutique Hotel, with walls that pay tribute to Maltese art, was born.

Going somewhat granular, the Group is expanding the range of its restaurants and cuisines on offer at a faster rate than before. Which market trends are you responding to? We closely monitor evolving palates, cuisines and niche tastes around the world to identify real-time trends. Today, diners are constantly seeking novel ideas and new cross-cultural combinations. Japanese cuisine, for instance, is still strong, but a lot of experimentation with unrelated flavours is also on the move. This

Recently, you inaugurated Melior, an 18-room boutique hotel on Republic Street, Valletta. Quite a difference from your much larger operations in this sector. What’s the logic? This project started off with an idea and ended up as a different yet better one. Originally, we were looking for a site to house the first Starbucks Reserve outlet in Malta. Opting for Valletta we made a beeline to Republic Street. We found a fairly large house with a ground floor that fit the bill. But what were we to do

We understand that you are also bolstering your CSR. We have had a solid and diversified CSR programme for some time now. Now we are taking it a notch higher. For instance, through Starbucks Global we will be allocating funds to local NGOs. And we have more in the pipeline. Where will the db Group be in five years’ time? We would like to be as global as much as we are local. n

Connecting MALTA to the world

INFO & RESERVATIONS:

cargo@grimaldi.napoli.it I info@sullivanmaritime.com http://cargo.grimaldi-lines.com I https://sullivanmaritime.com

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The Chamber

DEBATES The Malta Chamber of Commerce, Enterprise and Industry hosted a series of Electoral Debates based on the recommendations under the theme ‘Time to 5tep Up’.

During the four debates, politicians and business leaders were provided with a platform to discuss the following topics: • Tax • Human Capital and Education • Energy and Infrastructure • Economic Segments The Malta Chamber also hosted the leaders’ debate of the election campaign 2022 between Prime Minister Robert Abela and Leader of the Opposition Bernard Grech. All the debates were moderated by Rachel Attard, The Malta Chamber Head of Media and Communications Strategy.

DEBATE 1

DEBATE 2

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DEBATE 3

DEBATE 4

DEBATE 5

1 0 Y E A R S O F S U P P L Y I N G Y O U R L A B S

36/6 MANOL MANSIONS, DE PAULE AVENUE, BALZAN T | +356 21447577 E | INFO@ARETE.COM.MT W | ARETE.COM.MT

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Creating a Safety Net for Ukranian Refugees

On the 24th of February 2022, Ukrainians awoke to a new reality. As millions of lives were savagely interrupted, the Maltese community rallied to gather emergency support for their fellow Europeans. Now, Olga Finkel and Angelo Dalli are encouraging Malta’s business community to think long-term through ‘Enterprise4Peace’. BY CARLA ZAHRA

hen Olga Finkel, member of The Malta Chamber and founder of Malta-based law firm WH Partners, last visited her hometown of Kharkiv in Eastern Ukraine last November, she didn’t know that it would become a war zone less than three months later. Having moved to Malta in 1989 with her young daughter, Olga has earned a reputation as a highly-respected lawyer in the fields of gaming and technology. But her professional networks have now turned personal, as people began reaching out to find out how they can support Ukraine. By the end of February, the reception area of the office building she shares with her partner, IT and software entrepreneur and a member of The Malta Chamber Angelo Dalli, was filled with bags of donations. As two business-minded people, Angelo and Olga instantly shifted their focus to coordinate support efforts for Ukraine. “I was quite surprised at how quickly the Maltese community volunteered to help us,” says Angelo, who, together with Olga, took on the role of organising the financing, donations and logistics needed to transport supplies to Ukraine. “People who know Olga reached out to get involved and, through social media, we were able to create a network of people who could help in gathering and delivering supplies,” says Angelo. “Everyone wanted to help, from hospitals, to the Archbishop, to cargo companies, to the Migrants’ Commission and the CEO of Malta International Airport,” says Angelo. One important aspect of this was the Facebook group ‘Ukrainians in Malta’, where he and Olga share clear guidance on the paperwork required by refugees to navigate the COVID-19 travel restrictions – currently still in place – and acquire temporary protection status upon their arrival.

After being put in contact with people volunteering their help, the supplies were successfully sent to Ukraine through companies such as Hans Jet and AirX. On the ground, religious organisations and charities with links to bases near the Ukrainian borders like SOS Malta and the Salesian Brothers organised a safe route to deliver these items. “The Malta Chamber launched an appeal to provide bedding to Ukrainian refugees who were arriving in Poland, through the Polish Government. Two 40-foot containers containing over 200 mattresses and bed bases, and over 500 pillows were sent over. Cash donations will go towards supporting the integration of Ukrainian refugees arriving in Malta,” Angelo explains. Meanwhile, Olga was struggling to find a way to help her family to safety as telecommunication and electricity channels were severed by Russian forces. By mid-March, Olga’s niece and her family made it to Malta after travelling from Eastern Ukraine to Western Ukraine and into Slovakia. Olga’s sister, however, remains in Slovakia to be closer to her grandson who, having turned 20 as the first bombs fell, was unable to leave Ukraine. “He woke up joking that the blasts were celebrating his birthday,” says Olga. “Despite the horrors that we are experiencing, my great-nephew still held on to his sense of humour.” “In Ukraine, we have the saying ‘Hope dies last’,” she says, referencing a popular proverb in Eastern Ukraine that ironically originates from Russia. “Yes, we speak Russian, but we don’t support Putin’s war,” she asserts. With no clear end in sight, it is impossible to predict what the long-term impact of the war will be. This is why Olga, through WH Partners,

is working on setting up a new initiative, spearheaded by FFF Legal and ARQ Group. ‘Enterprise4Peace’ will collate lists of companies that are willing to help Ukrainians in the long-term by providing employment for refugees. “The idea is that local companies can help Ukrainians regain their dignity and peace, while also benefitting from the skills and expertise that refugees have to offer,” she explains. “We are asking these companies to be more understanding of the refugees’ situation, by providing extra training where needed, support in learning English, assistance with accommodation, healthcare and even childcare for those mothers who have fled their homes with their children while their husbands stayed behind to fight.

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“The idea is that local companies can help Ukrainians regain their dignity and peace, while also benefitting from the skills and expertise that refugees have to offer” Olga Finkel

“On a positive note, the talent shortage that Malta has experienced due to COVID-19 can now be filled by skilled Ukrainians. We need companies to accept the fact that such employment opportunities may be temporary, as Ukrainians may not settle in Malta for the longterm, but choose to support these workers anyway out of goodwill,” says Olga. Further to this, Olga and Angelo describe the red tape involved in granting temporary protection status as “unnecessarily complex” and emphasise the need for local institutions to be more lenient with refugees. “People who were away on business trips or on holiday left before the war broke out, so now they won’t be granted protection,” says Olga. Local banks can also help by simplifying the process of sending money overseas so that Ukrainian nationals can transfer funds to their

families. On an individual level, locals can donate clothes, food and toys to refugees in Malta. Hotels have already opened their doors to those in need, English schools have offered free lessons and the Honorary Consulate of Ukraine has been very active in collecting donations and gathering volunteers. “Even attending protests to show that Malta supports Ukraine makes a difference. It may not change the outcome of the war, but it lets Ukraine know that they are not alone,” says Angelo. Although we do not yet have a full picture of what consequences this war will have on the future of Europe and beyond, it is expected that shortages in staple foods such as sunflower oil and wheat, as well as raw materials such as wood, will have a knock-on effect in the global food chain for years to come.

Reflecting on the show of solidarity that he has experienced throughout recent weeks, Angelo says: “I think that Maltese people saw the unfairness of the situation and wanted to help. The Ukrainian government has also been effective in spreading awareness of the reality of war through social media.” To this, Olga adds: “We’ve realised that this could have happened to any of us. The history of Malta makes it really relatable. Through the years that I’ve lived in Malta, I’ve always known that the community has a big heart – but now it is blue and yellow. We’re here to show that Malta supports Ukraine, not just in thought, but through action.” To support Ukrainian refugees, donations can also be made to the UNHCR, UNFPA, Share The Meal, the National Bank of Ukraine and the International Rescue Committee. n

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Five ways your business can benefit from

unified communications Easy, regular communication across your teams is key to operational efficiency. Here’s how unified communications can help – and the five business benefits it can offer.

s organisations look for new ways to revamp processes, and operate more efficiently and flexibly, there’s one area where a bit of modernisation can bring a lot of business benefits: communication. With your teams, customers and suppliers constantly on the move, keeping pace requires flexibility that fixed lines of communication can’t always provide. And whether your people are working remotely, or just always on the go, ensuring easy, reliable contact despite the physical barriers is essential. That’s where unified communications come in. Implementing a unified communications solution can help you ensure that your people stay connected, collaborative and productive – wherever they’re based. But what exactly is a unified communications solution? And importantly, how can adopting it benefit your business?

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FIVE BENEFITS FOR YOUR BUSINESS Here are the biggest ways your business could benefit from unified communications:

1 Consistent connectivity

Unified communications solutions are ideal for teams that are constantly on the move between clients, branches, or other offsite locations. With the ability to answer calls to the landline from a mobile application, they can stay in contact wherever they are.

2 Added privacy Implementing a unified communications solution can help you ensure that your people stay connected, collaborative and productive – wherever they’re based. Let’s take a closer look at unified communications tools, and highlight the top five business benefits they deliver.

UNIFIED COMMUNICATIONS: A NEW WAY TO KEEP TEAMS CONNECTED Simply put, a solution like our unified communications offering integrates all your internal communication services. Incorporating messaging, voice and telephony, and team collaboration tools, the approach can break down the siloes caused by dispersed teams and help organisations stay flexible. One key feature of unified communications is that it allows your people to pick up calls coming into your fixed business line on a mobile device. As long as they have a stable internet connection, your team members can seamlessly transition between landline and mobile calls as needed.

With seamless, integrated calling on landlines and mobile devices alike, your teams can connect in offsite or remote locations. And they can get the flexibility of mobile calls – without having to give out personal mobile numbers.

THE BENEFITS OF A CLOUD-BASED SOLUTION As cloud usage has accelerated in recent years, cloud-based unified communication solutions have grown in popularity – and for good reason. Unlike on-premises solutions, there’s no need for on-going maintenance or servicing, and you don’t have to pay out for infrastructure. You also don’t have to worry about backups, redundancy, and the risk of equipment failure or downtime. A cloud-based unified communications solution also allows you to easily add new digital communication and collaboration functions. This includes everything from instant messaging and call recording to video and web conferencing.

Answering client calls on a mobile can improve the flexibility of your teams and their operations – but it’s not worth risking your people’s privacy. With unified communications, however, there’s no need to give out personal information like mobile numbers. Clients can simply call your office line and employees can answer via the mobile app.

3 Increased productivity

Teams that can collaborate and communicate easily will likely see big productivity gains. Your people can access the right information, from the right people, at the right time – and complete tasks faster as a result. Meanwhile, being able to take business calls on the go, rather than having to travel back and forth from the office, can help cut down on wasted time.

4 New functionality

With the right unified communication solution, it’s easy to add new capabilities that help your people get more from the virtual office environment – whether its video conferencing, instant messaging, or a new collaboration tool. Cloud solutions are also easily scalable, so you can keep communication simple however fast you grow.

5 Improved client relationships Having client calls coming straight through to mobile devices helps cut down on missed calls. Some solutions also offer features such as call forwarding, and auto attendant – so your customers can always get the best possible service.

READY TO FIND OUT MORE? At GO Business, we know just how powerful unified communications can be. Which is why we have recently launched GO CloudTalk, a unified communications solution trusted by organisations across Malta, to keep communication easy and operations running smoothly. Find out more at go.com.mt/business/cloudtalk. n

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An experience which is

SECOND TO Commercial Courier speaks to Firetech Director Danjela Bianchi about what has made the company a leader in the safety and security sector and beyond over the years. BY CORYSE BORG

FIRETECH HAS A LONG AND ILLUSTRIOUS HISTORY. HOW HAS IT REMAINED ‘FRESH’ AS THE YEARS ROLL BY? When kickstarting our family business, my father Simon sought to be a pioneer in the safety and security field. The interest of our group of companies ranges from the local safety and security industry to international health care, aviation and beyond. The common factor throughout the organisations has always been safety, putting people and their lives at the forefront of what we do. Specifically, Firetech, being product-based, pertains to an ever-evolving industry and we must keep developing with it. As purveyors of fire, safety and security solutions, we offer a vast array of services ranging from the supply, installation and aftersales of ELV systems and firefighting systems, to our recently introduced data department.

OVER THE YEARS, HAS THE COMPANY CATERED MAINLY FOR CORPORATE OR INDIVIDUAL NEEDS... OR BOTH? Variety is the spice of life! Our portfolio is vast, and our products and knowledge ensure that we are able to tailor to requirements of any size or nature. Our clientele ranges from first-time buyers securing their first home to several of

the largest establishments in Malta and Gozo. Very often, our customers start off as individuals who then recommend our services to their workplace, thus growing our outreach. Whether we are dealing with an individual or corporation, we like to get to know our clients and their needs. Our commitment to them does not depend on their size or the value of the sale, and our relationship does not end upon commissioning. We ensure a prompt and reliable aftersales service, guaranteeing peace of mind in the services and systems we install.

WHAT IS YOUR MISSION AS A COMPANY? To become the first and most obvious choice in our sector through: • Being there when our clients need us • Remaining at the forefront of product development • Employing the best human capital and investing in them • Enhancing our portfolio with world class brands • Keeping our costs fair and affordable for all Thereby being the primary, trusted partner when securing your home, family or business.

WHAT CAN CLIENTS EXPECT WHEN THEY DECIDE TO USE YOUR SERVICES? We believe that the strongest form of marketing lies in word of mouth referrals, therefore we endeavour to ensure that our customers’ experience is second to none. Albeit being far from perfect, we take pride in having several repeat customers, and this I believe, speaks for itself. We operate an open-door policy. All our managers are easily accessible and there to tend to both our employees and external customers. Being ISO certified enables us to meet the highest international standards and means that our clients’ experiences are recorded and analysed from quotation to completion.

HOW IMPORTANT ARE YOUR EMPLOYEES TO YOU? Our employees are our pillars. They are what makes Firetech. They are why we strive to be better daily. They are our first customers and are pivotal to the success of our organisation. Despite the turmoil the pandemic brought about over the past two years, we retained all our workforce. We can proudly say we put our team at the forefront of our plans and successfully so. Our staff turnover is low, and we mainly attribute this to the work environment we provide.

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NONE “Our employees are our pillars. They are what makes Firetech. They are why we strive to be better daily. They are our first customers and are pivotal to the success of our organisation.” YOUR MOTTO IS ‘BEFORE IT HAPPENS’ - WHAT EXACTLY DOES THIS MEAN AS FAR AS YOUR COMPANY CULTURE / CLIENTS ARE CONCERNED? We wish to encourage a more proactive approach to the services we offer. Unfortunately, often, both individuals and organisations alike do not understand the importance of the products we install until it is too late. We want to change that! Through positive marketing and thoughtful processing, we want Firetech to become synonymous with tragedy prevention. Before it happens, protect your loved ones – before it happens, protect your team. As the saying rightly goes, prevention is better than cure. n

Technology, Sustainability, Hospitality, Community & Employee Wellbeing

Commerce Street, Central Business District, Birkirkara, CBD 3010, Malta Call us on.

+356 9900 4016 Email us on.

amanda.balzan@avenue77.com.mt

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The Malta Chamber sends

Over 1,000 bedding items to Ukrainian refugees

he Malta Chamber’s initiative to send humanitarian aid to the Ukrainian refugees in Poland has yielded 2 x 40ft containers worth of mattresses, pillows and bedding, and thousands in donations that will go to facilitate the integration of Ukrainian refugees that come to Malta through English language tuition. Special thanks go to the importers, hotels and care homes who donated hundreds of mattresses, to the logistics companies that provided the transportation, and to all those companies who sent donations. The collection of pillows was promoted by the Global Shapers Valletta Hub who reached out to a number of schools. Hundreds of children sent a pillow to the children of Ukraine.

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Leading the way

in the local Fintech Sector The Commercial Courier speaks to Alan Cuschieri, co-CEO of Calamatta Cuschieri and founder of Moneybase, to find out more about the new brand and platform’s offering.

s consumer demand for digital services continues to rise, financial institutions have made efforts to reduce the need for individuals to physically visit their local banking branches. However, Fintechs have emerged as the ultimate challengers, bringing innovation and disruptive technology to the table. A pioneer of the local financial services industry and with innovation having always been at the heart of the group, Calamatta Cuschieri is trailblazing Malta’s fintech sector as it unveils Moneybase, the country’s first Neobank.

WHAT IS MONEYBASE ALL ABOUT? Moneybase is Malta’s first Neobank. We are focused on making finance easier and are on a mission to redefine the way you grow and manage your money. As a new powerful platform for all things finance, we offer a multitude of services, including transactional banking, instant payments, physical and virtual cards, as well as access to over 20,000 investments all under the same ecosystem. More specifically, with transactional banking, you can send and receive payments in 34 countries using your own Moneybase IBAN. With cards available directly in app, you can create a virtual Mastercard the minute you onboard and order a physical one. Moreover, you can freeze, unfreeze or cancel it whenever you want, as well as set up customised permissions, such as restrict ATM withdrawals, Internet or Swipe payments. You can also view your PIN. With Moneybase you can send to and receive money from friends easily and instantly at no cost, whereas customers also save when spending across the globe thanks to our competitive currency rates.

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“Moneybase is the result of years of development of our nextgeneration core banking system that was made possible thanks to a dedicated and talented team that is passionate about what we do.”

Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase Our investing app, previously known as CCTrader, has now become Moneybase Invest. It forms part of the same ecosystem and continues to provide access to 20,000 investments across 40 exchanges, including top-rated stocks, ETFs, funds and bonds, as well as investments on the Malta Stock Exchange. Offering a fully digital experience, with Moneybase there is no need to fill in cumbersome paperwork. Having said that, we offer ISO-certified customer service seven days a week.

WHO CAN MAKE USE OF MONEYBASE’S OFFERING?

WHEN DID MONEYBASE BECOME PART OF YOUR VISION?

IS THERE A FEE TO USE MONEYBASE?

My vision for Moneybase started over a decade ago with CCTrader. I wanted to create a platform that made investing online easy and cost-effective, while providing a wide choice of investments across all devices. Since then, CCTrader has won awards, becoming a market leader and a household name. It eventually became clear to me that we could take this to the next level and offer a banking experience that, when combined with our existing investment offering, would result in something unique. From vision to reality, Moneybase is the result of years of development of our next-generation core banking system that was made possible thanks to a dedicated and talented team that is passionate about what we do.

Moneybase is currently offered to individuals of any nationality who are over 18. Primarily our service is offered to EU residents. The app can be downloaded from Google Play for Android and the App Store for IOS. A Moneybase account can generally be opened in just a few minutes. Doing so is free of charge, while the onboarding process is simple, easy and fast, allowing new customers to get up and running in just a few minutes.

Moneybase is free to use with no monthly fee. Currently users get free deposits, free transfers to their own bank accounts, free instant person-to-person payments, a free virtual card, free investment research and great FX rates. In the not-so-distant future, our aim is to offer three distinct plans, each with its own unique perks. Once launched, users will be able to pick the plan that suits their needs and upgrade instantly with a just few taps on their phone.

IS MY MONEY SAFE WITH MONEYBASE? Funds are held with major EU Banks that are covered by the Depositor Compensation Scheme and which recognise that funds are

client funds. Any investment services offered on the Moneybase Invest app are provided by our Investment Services company Calamatta Cuschieri Investment Services Ltd, which also forms part of the Investors Compensation Scheme. Our customers benefit from the best security features available today, including encryption and 3DS2, which provides a seamless and easy way to approve payments in app when shopping online by sending a push notification to the moneybase app.

WHERE DO YOU SEE MONEYBASE HEADING INTO THE FUTURE? As we constantly push forward to develop ingenious solutions to our clients’ finances, there is much more in the pipeline. Moneybase is community-driven, so we invite everyone to be part of the journey. This is why we launched our public roadmap for users to be able to suggest features, express their ideas and take part in shaping the next-generation financial platform. We invite you to join the ever growing community at www.moneybase.com. Together, we can make money simple. n

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Kneading

Tradition with Technology Maypole is undoubtedly the market leader in the bread and bakery business in Malta. This places a considerable demand on our production and distribution networks, where we strive to maintain constant supplies of our traditional and innovative high-quality products to our chain of 27 retail outlets evenly spread throughout the Maltese Islands, as well as to our direct clients in the catering and hospitality industry.

ur state-of-the-art bakery in tal-Ħandaq is the hub of our system. Our ongoing investments in cutting edge production technology are crucial in matching supply with demand. However, it must be underlined that, while automation and machinery play a key role in certain of our production processes, the baking of the traditional ħobża tal-Malti that is synonymous with Maypole, and that has always been our flagship product, requires artisanal intervention especially in the moulding stage of the loaves. In fact, the production of the fresh Maltese ħobża at The Bakery involves the interaction of modern mechanised processes, with the traditional manual skills that no machine can yet replace. While the ħobża process is about 70% untouched by hand, our fancy bread and sandwich loaves production is closer to being 100%. This is an added contribution to our strict standards of hygiene and food safety in the establishment. The quality of the production is closely controlled by our technological smart

control of oven and freezer temperatures means that we only use the required amount of energy. In the meantime, the hot air generated by the baking process in the ovens is cooled by passing through the cold-water supply, in the process providing warm water, and ensuring that no excess heat is released into the environment. The ħobża tal-Malti is perhaps one of the longest standing symbols of our identity as Maltese people. Its wholesome, crunchy and tasty texture are enjoyed daily by everybody in a variety of circumstances. In order for the Maltese people to continue to enjoy this simple, yet delicious, bread of ours, a lot has gone in to match technology with tradition, maintaining its characteristic taste and texture, and keeping up with the growing demand among Maltese and foreign visitors alike. Biting into a biċċa ħobż biż-żejt u t-tadam does not perhaps tell the whole story of what went into its production and its delivery to your kitchen, but it sure makes it well worth it! n

systems. Our er-managed, essential to p tored constan also boast a b nets with a co ture and relat be set to auto for baking at a to prepare an even through small way to t our wide rang The high d also increase We carry out and other ite least six time even receivin In order carried out s us to keep ou we have inves vans. These h ordinated to b function, mat direct clients This is wh connected to outlets, plays this intercon stocking situ items in each ħobża is sold registered in ery routes ca ensuring con freshness, an prices low no national prici Besides th our technolog a close eye on Our successfu as much as p spread knowl and emission ery are perha The preci

purpose-built ovens are computand freezer temperatures - so proper food storage - are monintly by sensors and alarms. We battery of retarding provers, cabiontrolled and adjustable temperative humidity. These cabinets can omatically prove the dough ready a pre-set time, making it possible nd store the dough overnight or h the weekend; contributing in no the planning of the production of ge of fancy and sliced bread. demand for fresh bread products es the strain on our supply chains. deliveries of freshly baked bread ems to every one of our shops at es a day, with some busier outlets ng up to eight daily deliveries. for this everyday routine to be smoothly and efficiently, and for ur commitment with customers, sted in a modern fleet of delivery however need to be very well-cobe able to perform their logistical tching the demands of outlets and with the supply from our bakery. here our custom-made IT system, o the sales points at all Maypole s a central, pivotal role. Through nnected system, we receive the uation of all our freshly-baked h shop in real time. As soon as a d in any one of our shops, this is the system, and thus our delivan be organised with precision, nstant supplies, high quality and nd minimal waste, helping to keep otwithstanding the current intering situation. he focus on quality and logistics, gical and smart systems also keep n our environmental obligations. ul commitment to reduce plastic possible has now become wideledge; however the energy-saving n-reducing technology at The Bakaps less-widely known. ise planning of baking times and

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Biting into a biċċa ħobż biż-żejt u t-tadam does not perhaps tell the whole story of what went into its production and its delivery to your kitchen, but it sure makes it well worth it!

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The Human Capital

Research Project DR ROSE MARIE AZZOPARDI AND PROF ALEXIEI DINGLI

The Human Capital Research (HCR) Project is a three-year project sponsored by the HSBC Foundation and supported by several entities, including the Malta Chamber of Commerce, Enterprise and Industry and the Ministry for Education.

he goal of the project is to analyse the skills needed for the future. The fourth Industrial Revolution - which deals with fast-paced technological innovations, Quantum Computing, Artificial Intelligence (AI), Nanotechnology and so many innovations - is changing how economies work, how businesses are organised and the dynamics of labour markets. This implies that humans need to constantly update their abilities, thus preparing them to take on the new challenges such changes will require. New improved skills are continuously being demanded due to the changing roles within the economy. Certain proficiencies and jobs will become obsolete, and this is nothing new. What is new however, is the fact that changes are happening faster, and automation where technology is replacing labour is becoming more widespread. In fact, the International Labour Organisation (ILO) calculated that by 2020, 195 million jobs were lost due to automation. Other tasks will be changed but not eliminated due to AI augmentation. Some jobs are totally new, and others do not exist yet. The World Economic Forum estimates that in two years’ time, up to 85 million jobs will be displaced, while 97 million new roles will develop in the main industries covered by their 2020 report. This HCR project involves different phases. The preliminary analysis has already been completed. It takes a snapshot of economic migrants which in the past decade have increased sevenfold, and also analyses the type of skills that were thus imported. Research has also been conducted on labour productivity in different economic sectors. Overall, labour productivity has been on a downward trend for some years. A survey was also conducted amongst students and alumni to ascertain whether there are gaps between the educational offering they are receiving through our educational institutions and the expectations of the workplace. Surprisingly, this gap was not felt by the absolute majority of respondents, thus showing the effectiveness of our teaching institutions. However, there are

certain skills which are lacking in the labour market and which the educational system may not be catering for. In the coming months, the project will focus on three areas which incorporate cross-industry and horizontal capabilities: the financial services and banking; information and communication technology; and professional, scientific and technical roles. Research will be conducted on the national, regional, international and global trends in labour market, educational policies and strategies. The aim is to gain insight into common issues troubling labour markets around the world and to understand how countries are dealing with these through forward-looking policies, business strategies for upskilling or

reskilling of employees and how countries can work together to meet these new challenges. Following that, we will also question forward-looking institutions from around the world to understand the signals they are following at the moment and the future scenarios they envisage. The shareholders of this project, which include all those interested in working towards improving our economic potential, will be invited to participate in meetings, discussions, interviews, focus groups, workshops and other fora to create a collaborative eco-system, focusing on the skills needed for our future economy. We believe that a holistic local consultation process is important for the success of this project. The next phases will include looking at models and strategies being adopted abroad, with a focus not only on labour market policies but also on educational systems needed to create a flexible, skilful and adaptable workforce. The final aim is the development of an action plan and a strategy paper, both of which will be presented at a national conference. n The project is being headed by economist Dr Rose Marie Azzopardi and Professor of Artificial Intelligence Alexiei Dingli.

JAIME Financing Package for Business

INVEST IN A BRIGHTER TOMORROW

Talk to us | 2275 7607 | bov.com |

@bovofficial

The SME Initiative Portfolio benefits from support from the European Union pursuant to the SME Initiative with funding by the European Union under ERDF allocated to the Government of Malta and Horizon 2020 and by the European Investment Bank. JAIME refers to Joint Assistance Initiative for Maltese Enterprises. All loans are subject to normal bank lending criteria and final approval from the Bank. Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta). | COM 2617

#FireSafety Security TRIQ SAN GWAKKIN, ZONE 3, CENTRAL BUSINESS DISTRICT, BIRKIRKARA CBD 3030

INFO@ALBERTA.COM.MT | WWW.ALBERTA.COM.MT

CALL 21443538

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Good corporate governance at the forefront of The Malta Chamber’s policy BY DANIEL CASSAR – POLICY EXECUTIVE AT THE MALTA CHAMBER

Good governance is one of the fundamental pillars of The Malta Chamber and is a key area of focus in our policy drafting. In recognition of this fact, and The Malta Chamber’s role as the voice of ethical business, we have setup a Corporate Governance Committee within The Malta Chamber.

hile The Malta Chamber has always kept principles of good corporate governance at the forefront of its policy proposals, “The Manifesto for Good Governance” published in 2020 is The Malta Chamber’s landmark document in this area, setting out 68 recommendations for the improvement of Malta’s governance including a focus on the implementation of proposals in the field of corporate governance. This document has paved the way for the introduction of the new Corporate Governance Committee at The Malta Chamber, a committee sponsored by Credit Info, with the ultimate aim of growing our strong voice in this area. The Committee has established its priorities for the coming year, chief amongst them is their commitment to engaging with policy makers on strategic areas such as due diligence and KYC processes, promoting a culture of Good Corporate Governance amongst the Maltese business community and strengthening the cause of anti-bribery and anti-corruption.

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In March this Committee was focused on its first task, responding to a consultation document on the MFSA’s new Corporate Governance Code. This response, in conjunction with the Financial Services Business Section of The Malta Chamber, took a comprehensive and holistic view of the proposed code, proposing a number of recommendations for the MFSA’s consideration. The Malta Chamber itself had called for the introduction of this Corporate Governance Code in its previously mentioned “Manifesto for Good Governance”, referencing a similar model in the United Kingdom. The MFSA’s proposed code is expected to apply to all MFSA authorised entities who are not listed entities and is to be applied on a “best-effort” basis. The code deals with a number of matters related to the functioning of an effective board and lays out issues related to the appropriate role and function of the board of directors, as well the structure and composition of the Board including the manner of its appointment and the succession of directors. The code also sets out the expectation of transparency and fairness in setting the remuneration for the board as well as senior management and stipulates that this process should preferably be overseen by non-executive directors forming part of a “Remuneration Committee”. In addition to these, and other board related concerns, the Code deals with the establishment and monitoring of internal controls including risk management, compliance, internal audit, security risk management and business continuity. The proposed code will also apply good corporate governance principles in the remit of stakeholder engagement, particularly engagement with shareholders and employees, and covers a broad range of provisions related to Corporate Culture, Corporate Social Responsibility, and Environmental, Social and Governance Standards. The Malta Chamber highlighted some key issues in relation to the proposed code, starting with the issue of the lack of clarity in the document. The Code is to be applied on a “best effort basis” in line with the “principle of proportionality”. It is The Malta Chamber’s view that the nature of these metrics allows for a strong element of subjectivity in the proposed code which could hinder its efficacy when adopted by

MFSA Authorised Entities. This issue of clarity ties into the enforceability or otherwise of the provisions in the code. For this reason, The Malta Chamber sought clarification on whether the code will now, or at any point in the future, be given an enforceable status. The current absence of clarity in the proposed code could lead to companies finding themselves in a situation where they are notified that they are in breach of the Code due to an incongruency between the principle of proportionality as applied by the regulator versus the exercise carried out by the Authorised Entity. Given that these breaches could have a serious monetary or reputational impact on the company in question The Malta Chamber believes it is incumbent upon the MFSA to clearly denote which provisions are enforceable, if any, and to which types of companies. In order to address the above mentioned concerns The Malta Chamber proposed the introduction of a size matrix in order to allow companies to identify themselves under different categories. These categories would reflect the metrics identified by the MFSA under its proportionality principle. This tool would allow for a clear identification of which provisions apply to which categories of companies, thus creating an objective interpretation of the proportionality principle. The Malta Chamber called for a distinction to be made between recommendations which are merely good practice and others which form an essential element of good corporate governance. The Malta Chamber also called for a number of other amendments to be made to specific areas of the Code, most notably to the composition of the proposed Audit Committee as well as to the consideration of the role of Executive Chairperson within the Board of Directors. Through its response to MFSA’s consultation on the Corporate Governance Code the newly formed Corporate Governance Committee has already started to set out the direction it will take in carrying out its workplan; an approach focused on transparency, cooperation and delivering tangible results. This direction will continue to inform the Committee’s work as it strengthens The Malta Chamber’s proven credentials in this field. n

The proposed code will also apply good corporate governance principles in the remit of stakeholder engagement, particularly engagement with shareholders and employees, and covers a broad range of provisions related to Corporate Culture, Corporate Social Responsibility, and Environmental, Social and Governance Standards.

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Promoting Malta as an

International Financial Services Centre FinanceMalta plays a very important role in promoting Malta as an international financial services centre and offers its members a platform to network with industry peers. The Commercial Courier interviewed FinanceMalta’s Chairman Rudolph Psaila on the Foundation’s strategy for 2022, which was recently shared with its members. WHAT ARE THIS YEAR’S STRATEGIC PRIORITIES FOR FINANCEMALTA? This year was the second consecutive year that we organised a virtual meeting with our members to present an overview of our strategy for 2022 and highlight the achievements attained in 2021. We firmly believe in maintaining regular contact with our members, and such meetings enable our members to gain insight on the various ways in which they can maximise their FinanceMalta membership. The strategy for 2022 encompasses new initiatives that we will undertake, but also aims at consolidating the work completed in 2021. With the objective of aligning our action plan with the interests of our members, we have also organised sectorial meetings with industry players to define a detailed business development strategy and to gather ideas on promotional actions to be implemented in each sector. One of the initiatives which was launched in 2021 and which will be retained in 2022 is the podcast series “#FinTalks – A chat with FinanceMalta”. The podcast, available in both video and audio format, was welcomed by our members as it provided them with visibility, regulatory updates, and industry insights – this is indeed the reason why we decided to retain the initiative.

2021 WAS SURELY A CHALLENGING YEAR FOR THE INDUSTRY AND DESPITE THESE DIFFICULTIES YOU WERE BACK ON THE ROAD PROMOTING VARIOUS SECTORS IN A NUMBER OF JURISDICTIONS. CAN YOU DESCRIBE LAST YEAR’S KEY ACHIEVEMENTS? We are all aware that the preceding two years gave rise to new challenges, and in 2021 we had to continually adjust the manner in which we functioned. The industry had to face the consequences derived from Malta’s greylisting by the FATF, and also those relating to the pandemic, which affected all sectors and all countries. During the first three quarters of the year, we concentrated our efforts on digital activities and virtual events. Upon improvement of the circumstances towards the end of summer and in the beginning of the fourth quarter of 2021, we resumed our physical participation in international events around the globe. Amongst these events were the New Statesman Fintech Summit, held in London, the GCC Family Investor Annual Summit in Dubai, the European Captive Forum in Luxembourg, and the Family Office Forum held in Zurich. We also organised a key local networking event for stakeholders in the insurance sector and our plan is to organize similar events for all sectors during 2022. The main activity of FinanceMalta was the 14th Annual Conference held in July with the theme “Emerging Stronger”; this portrayed the eagerness of the Maltese financial services industry to come forward following the changes and developments experienced both locally and internationally. We held the conference in a hybrid format and we received the usual, strong response by the local community, which actively contributed to the event.

“We will continue to foster a close collaboration with the World Alliance of International Financial Centres (WAIFC) whose goal is to facilitate cooperation by representing the world’s major financial centres.” Rudolph Psaila Chairman of FinanceMalta

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THE WAY FINANCEMALTA COMMUNICATES WITH ITS MEMBERS, STAKEHOLDERS AND THE PUBLIC IS KEY TO ITS OBJECTIVES. HOW DO YOU EVALUATE YOUR COMMUNICATIONS STRATEGY AND HOW WILL IT EVOLVE THROUGHOUT THIS YEAR? Over the past year, we undertook several digital initiatives to enhance and improve the communication aspect. I have already mentioned the #FinTalks. In addition to these, we further increased our digital presence with a broader variety of content to maximise visibility, whilst offering quality content in the mainstream media. We also ensured that Malta was promoted at an international level: 17 speaking positions and more than 50 delegate passes for international conferences and events were allocated to FinanceMalta members throughout 2021. We are confident that these figures will be much higher for 2022 as the pandemic restrictions around the globe are eased and lifted.

ONE KEY ASPECT OF YOUR STRATEGY IS THE INTERNATIONALISATION OF FINANCEMALTA. CAN YOU ELABORATE ON WHAT IS BEING DONE IN THIS RESPECT? Internationalisation is a strategic imperative and remains a priority in an ultra-connected world. We will continue to foster a close collaboration with the World Alliance of International Financial Centres (WAIFC) whose goal is to facilitate cooperation by representing the world’s major financial centres. Furthermore, we will benefit greatly from our participation in the recently set-up European Roundtable of Financial Centres, an alliance that gathers 11 financial centres from 7 European countries, and of which we are founding members. We will work to establish more international partnerships, also in cooperation with the Maltese diplomatic corps, to maximise our reach in the most important markets for our jurisdiction. FinanceMalta is the public-private initiative set up to promote Malta as an International Financial Services Centre. n

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Women are changing the world…

let’s recognise their value European Parliament President Roberta Metsola addressed an event organised by The Malta Chamber to celebrate the contribution that women give to societies and communities.

o commemorate Women’s Day 2022, The Malta Chamber organised a conference titled ‘Diversity Pays’, showcasing the science which proves that when men and women work together, the results are far greater. President of the European Parliament Roberta Metsola gave an inspiring speech which focused on women taking the lead. “The truth is that women in politics, in business, in arts, in science, in sport, in society have changed the world, and we don’t say that enough,” she stated. Dr Metsola said that it is hard to imagine that not so long ago, the idea of a Maltese woman being elected to the European Parliament seemed like something unachievable. “But what was once the exception, must become the norm,” she asserted. “Look at the brave women in Ukraine who came face-toface with Russian aggressors, forced to give birth in metro stations. They took up arms and fought. Their courage and resilience is testament to female strength and leadership.” And yet, she continued, despite the knowledge women have, or the number of votes we receive, or the courage, the talent, the drive, or the commitment that they exhibit, they still have to prove every day that they are just as capable as men to take the lead. And this is something that cuts across every sphere of our societies. “So, it is up to us to make is easier for those who come after us. To pass the baton on to the next generation by emphasising the impact that women have had and continue to have in our communities and societies,” she said. The European Parliament is backing the EU strategy for gender equality, which includes a large range of measures aimed at significantly boosting investment in healthcare, education and transport services. “This will contribute towards the independence, equality and emancipation of women,” she ascertained. “We have also called on Mem-

“Yes, the climb is steeper. Yes, women have to work harder. Yes, women will face challenges that are often unfair. But we can do it, and we will do it.”

ber States to ensure equal participation and opportunities in the labour market for men and for women. This must be a joint effort between the European institutions and all member states.” Dr Metsola commended the work of The Malta Chamber in its commitment to breaking down gender-based barriers and in empowering women to take the lead in the business sector. Within the context of the post-pandemic recovery, she emphasised that the Recovery and Resilience Facility - the EU’s biggest financial instrument supporting recovery in Member States - is an opportunity to channel

these resources to strengthen the principles of gender equality. “This was and is crucial for the European Parliament. And it also shows that we put into practice our long-standing commitments. Yes, the climb is steeper. Yes, women have to work harder. Yes, women will face challenges that are often unfair. But we can do it, and we will do it,” Dr Metsola concluded. The ‘Diversity Pays’ event was opened by Ms Catherine Calleja, representing Atlas Insurance, as well as The Malta Chamber’s Health and Wellness committee. She was joined by The Malta Chamber’s President Marisa Xuereb, and Media and Communication Strategist Rachel Attard. Other speakers at the event included Dr Anna Borg, Dr Maryanne Caruana, Natalie Briffa Farrugia, Mark Azzopardi and Matthew Bartolo. n

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The Evolution of the

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CHAMBERNEWS 22/12/21

Malta Chamber And EY Malta Continue to Strengthen Their Ties EY Malta have once again renewed their Gold Partnership Support Agreement with The Malta Chamber of Commerce, Enterprise and Industry. The Malta Chamber President Ms Marisa Xuereb said that, “Through this partnership, the Malta Chamber aims to provide more value to its members by collecting and disseminating invaluable information about the business community and its opinion on Malta’s attractiveness, investment aspirations and needs.” Chris Naudi, EY Malta Partner and Head of Markets, said “We are delighted to further strengthen our strong relationship with the Malta Chamber. The work we have carried out over the years for the Chamber on various financial and economic matters has greatly benefitted the local business community and we want nothing more than to see its continued success, especially as we must navigate this crucial next phase of the global pandemic.”

20/1/22

Malta Chamber Signs MOU With UAE Federation Of Chambers The Malta Chamber signed a Memorandum of Understanding with The Federation of Chambers of Commerce of the United Arab Emirates, which incorporates the Chambers of Commerce of all seven Emirates, at the Embassy of Malta in Abu Dhabi. Prior to the signing, the business and investment opportunities in Malta and in the UAE, and the mutual interest of the two countries in enhancing commercial relations and bilateral cooperation between the respective Chambers, were discussed. A series of initiatives are being planned to bring together entrepreneurs from the two countries in the coming months.

28/1/22

Entrepreneurship In The Creative Industry The Malta Chamber CEO, Dr Marthese Portelli, took part in a panel discussion during Malta Film Week organised by the Malta Film Commission. The panel discussion focused on the topic of ‘Entrepreneurship in the creative industry’. In her opening remarks, Dr Portelli emphasised 3 key ingredients for business success; business know-how, contacts and an entrepreneurial mindset. “Effective pre-planning and proper evaluation of critical success factors and related risks must also take centre stage to ensure success,” continued Dr Portelli. Dr Portelli outlined 5 points that require immediate attention in order to enhance the creative industry: • FRAGMENTATION – We have too many entities dealing and supporting directly/indirectly with this industry. Let’s consolidate. • FUNDING – Different funds across different government schemes exist. We need to consolidate here as well. We need funding support that is exclusively designed to meet the needs of this industry. • INFRASTRUCTURE – We need to modernize and invest more in our infrastructure, including our digital infrastructure and that of marketing • TRAINING – We need appropriate training to upskill our human resources and to keep abreast with the fast pace with which this industry is moving. • INCENTIVES – We need incentives for Maltese, foreign and international business alike. We need to start looking at the end product, at its potential, at its value-added.

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2/2/22

President George Vella Visits The Malta Chamber President George Vella visited The Malta Chamber where he was welcomed by the President of The Chamber Marisa Xuereb and CEO Dr Marthese Portelli. During his visit, President Vella held talks with representatives of the Chamber on several topics and areas related to the commercial sector of our country. In comments following his visit, President George Vella thanked The Malta Chamber for its professional and measured way of submitting suggestions and proposals. He added that in difficult circumstances such as those caused by the pandemic, The Malta Chamber has the necessary skills and tools to continue to make a tangible contribution to strengthening the country.

3/2/22

Malta Chamber Meets With Executive Chairperson Of The Cannabis Authority, Mariella Dimech The Malta Chamber President, Marisa Xuereb, together with CEO Dr Marthese Portelli and Media and Communication Strategist Rachel Attard met Mariella Dimech, Executive Chairperson of the Cannabis Authority, earlier today. During this meeting The Malta Chamber highlighted the following: • the lack of necessary safeguards in the current legal system to mitigate the potential negative social and economic impact brought about by use of cannabis • the lack of explicit clarity with respect to employer’s right to take measures to ensure a drug free work environment as well as to ensure health and safety standards • concern on the legalisation of recreational cannabis products without having catered for the legal and safe supply of cannabis seeds and products through a well-regulated market which ensures that cannabis products are free of harmful substances

9/2/22

The Malta Chamber At The Forefront To Embrace Digital Transformation In Tourism The Malta Chamber CEO, Dr Marthese Portelli, accompanied by Tourism Operators Business Section Chair Alan Arrigo, Policy Executive Julia Aquilina and Glenn Fenech, Senior Consultant at Seed, met with a delegation from the Ministry for Tourism and Consumer Protection to discuss the Digital Strategic Roadmap for Tourism in the Maltese Islands 2030 published by the Government last year. During this meeting The Malta Chamber recommended the following strategic direction: • Acknowledge that digitalisation is an essential tool to facilitate operations and its take-up. • Educating on the operational advantages of going digital and using this as an opportunity for sustainable growth. • Financial assistance to economic operators to invest in transformation processes.

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14/2/22

Sustainability And Digitalisation Are The Keys For The Tourism Industry The Malta Chamber CEO, Dr Marthese Portelli, accompanied by Tourism Operators Business Section Chair Alan Arrigo, Policy Executive Julia Aquilina and Glenn Fenech, Senior Consultant at Seed Consultancy, met with Steve Ellul, Policy Advisor within the Ministry for Energy, Enterprise and Sustainable Development. During the meeting, The Malta Chamber delegation presented ‘Rediscover - A New Vision For The Tourism Industry In Malta’ which includes more than 120 proposals for the tourism industry. Some of the proposals discussed during the meeting were: • Continue providing schemes that support green incentives, such as stimulating investment in energy and water-efficient technologies, investment in digitalization, and projects that promote holistic and sustainable tourist experiences • Ensure a strong infrastructure that takes into account proper waste management as well as a stable water and electricity supply • Investment in Blue Economy Growth with particular investment in the diving industry • More afforestation projects, national parks and better countryside and valley management

23/2/22

BOV Renews Gold Partnership With The Malta Chamber Bank of Valletta has renewed its Gold Partnership agreement with The Malta Chamber. The agreement, aimed at providing additional benefits to the Maltese Business Community was signed by Albert Frendo, Chief Business Banking Officer and Kenneth Farrugia, Chief Retail Banking Officer on behalf of Bank of Valletta and Ms Marisa Xuereb, President and Mr Christopher Vassallo Cesareo, Deputy President of The Malta Chamber. ‘This long-term collaboration between Bank of Valletta and The Malta Chamber gives the Bank insight on the operations, ambitions and requirements of the Chamber’s members, which in turn helps us to design new products and tweak current ones for the benefit of both parties,’ said Mr Frendo. ‘The Malta Chamber sits at the heart of a unique network of businesses and we strongly believe that this collective relationship leads us to achieve goals beyond those that can be achieved individually.’

25/2/22

Level Playing Field At EU Level Is Needed – The Malta Chamber Malta’s competitiveness is heavily impacted by the small size of its market, its insularity and peripherality. These were the main issues tackled head on and with a united front called for by various speakers emphasised during a debate organised by the European Parliament Office in Malta and the Malta Chamber of Commerce, Enterprise and Industry this morning. The debate started with a reflection on Ukraine, with the Malta Chamber President Marisa Xuereb noting that Europe is now ‘at war with Russia, our biggest energy supplier’. The Malta Chamber President underlined that ‘for Maltese manufacturing companies, the issue of competitiveness is permanently. It stems from the inherent characteristics of Malta as a manufacturing location. Yet if we want to have a diversified economy that reflects European aspirations, manufacturing needs to remain viable’. MEPs Josianne Cutajar and Cyrus Engerer (S&D, MT), discussed and listened to various business entrepreneurs, in a debate that ranged well-beyond the impact of insularity and peripherality on Malta’s competitiveness. For this event all Maltese MEPs were invited to participate.

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28/2/22

22/3/22

As part of the WE MAKE Project, the Malta Business Bureau, The Malta Chamber and Energy and Water Agency launched a set of workshops aimed at improving energy efficiency in manufacturing SMEs. The first workshop focused on financial measures supporting energy efficiency, with overviews of several grants available to the Maltese business community, including the EWA energy audit grant, and three Malta Enterprise grants: Smart and Sustainable, Change to Grow, and Investment Aid in Energy Efficiency. This was moderated by Ing. Patrick Spiteri Staines, Chairperson of The Malta Chamber’s Energy Efficiency and Conservation Committee.

Whilst progress has been achieved since the launch of the pension reform programme in 2004, much is yet to be done to secure the pension system’s adequacy, solidarity, and sustainability. The Malta Chamber and the General Workers’ Union have agreed to work together to present to the government and for national discussions, common positions reached on key pension reforms. Both The Malta Chamber and the Union strongly underline that a carefully designed workplace pension based on the principles of opt-in on employment with the choice of opt-out is introduced in Malta. Such voluntary opt-in on employment pensions schemes with the choice of an opt-out can be designed in a manner that creates no social tensions or adverse impacts on both employers and employers.

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7/3/22

Proposals For Reforms To The Pension System Presented By The Malta Chamber And The General Workers Union

Diversity Pays The Malta Chamber organised a conference titled Diversity Pays, showcasing the science which states that when men and women work together, the results are far greater. Ms Catherine Calleja, representing Atlas Insurance as well as The Malta Chamber’s Health & Wellness committee, was joined by President Marisa Xuereb and Ms Rachel Attard in opening the event. Dr Roberta Metsola gave a digital intervention on video in support of the event, promoting the message that women can lead. A presentation was given by Dr Anna Borg on gender balance & decision-making at the workplace, illustrating the science that shows how the participation of women in business and on boards leads to improved decision-making. This was followed by a panel discussion including Dr Maryanne Caruana, a consultant cardiologist providing a different perspective on the conversation, as well as Natalie Briffa Farrugia, Chair of Vassallo Group. They were joined by two men on the panel; Mark Azzopardi of Working Town and psychotherapist Matthew Bartolo of Willingness Malta, to showcase that diversity is not just about women, but is about men and women working together as equals

23/3/22

The Malta Chamber Endorses Environment Charter Launched By FAA Flimkien għal Ambjent Aħjar together with Charter endorsers The Malta Chamber, Kamra tal-Periti, General Workers’ Union and Malta Union of Tourist Guides, today launched their environment Charter which has been presented to all political parties and candidates and is supported by 7 social partners, 14 eNGOs and 9 local councils. Ms Marisa Xuereb, President of The Malta Chamber said that for years we have assumed that economic development must necessarily come at the cost of sacrificing the environment, but there are ways to progress without furthering the destruction of the environment and cultural heritage of our islands. Speaking about tourism, Ms Xuereb asserted that tourism needs to focus on quality rather than quantity to be sustainable. This is especially true of Gozo which has so far avoided going down the path of mass tourism. If large development projects ruin its charm and make it an extension of Malta, Gozo’s unique tourism preposition will be irreversibly destroyed.

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Addressing the

SKILLS GAP IN MALTA

The greatest economic resource of any nation is its human capital. Over the last few years, the Maltese labour market has tightened significantly, posing problems for both employers and the economy as a whole. BY NATHAN CHATLAND - POLICY EXECUTIVE AT THE MALTA CHAMBER

ne of the main facets of this issue has emerged in the form a skills gap which is proving itself to be both broad and somewhat entrenched in nature. In a nutshell, the vast economic growth that Malta has enjoyed over the last few years, and the speed with which it has been achieved have caused the changes in the demands on the workforce to significantly outpace the ability of Maltese human capital to catch up. The skills gap is the macroeconomic economic problem characterised by a labour force that is not adequately endowed with the specific profile of skills demanded by employers to fill the specific vacancies within an economy over a short to medium span of time. This mismatch would usually necessitate potential employees undertaking a considerable process of additional education or retraining whilst on the other hand employers may also be forced into finding alternatives to the local workforce in order to fill these vacancies, usually by importing labour from oversees.

The presence and persistence of a skills gap is particularly costly to an economy as unemployment would be higher than its natural level, the prevalence of sub-potential economic activity would stifle growth and wellbeing, whilst public sector finances would be strained due to lost tax revenue and increased dependence on welfare mechanisms. Addressing this issue is therefore at the top of the list of priorities of the Maltese business community, government and all the stakeholders in between. The main, and most common, causes for the prevalence of a skills gap are; the relative stagnation of the education system, the inability of industries to retain adequately skilled workers to opportunities overseas and the sudden, structural changes to the nature of the main economic activities undertaken within the largest industries – usually owing to technological disruption in the nature of both products and services as well as the manner in which they are produced.

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The business community must be at the heart of efforts to address the skills gap issue in Malta and must continue to be proactive in collaborating with government on developing solutions and actively driving and informing their implementation

Whilst restructuring and steering the education system in the required direction is a tried and tested long term solution to tackling the skills gap, a shorter-term fix can be achieved by institutional intervention to strengthen and support the workforce and its capabilities to bridge the skills gap through re-skilling individuals vis-à-vis the needs of industry as they emerge whilst supplementing the workforce by importing targeted niches of labour from abroad. Being the voice of ethical business, The Malta Chamber in collaboration with RSM Malta, late last year presented to Government a Position Paper which includes a set of recommended strategic actions aiming to strengthen workforce capability over the next few years.

Talent is the core and central theme underlying the recommendations which were presented into four fundamental streams of work to strengthen human capital, namely: • Attraction of Talent - Increasing active labour market participation by tapping into pools of available dormant talent and attracting competent and relevant foreign talent. • Retention of Talent - Improving Malta’s competitiveness in keeping talent, minimising turnover and brain drain. • Upskilling of Talent - Identifying the critical skills gaps afflicting the labour market, forecast the future requirements and designing flexible pathways for upskilling; • Nurturing Talent - Addressing systemic skills gaps and mismatches arising from the lack of synergies between the future of industries and the local supply of talent. The recommendations put forward aim to address systemic, social and cultural challenges across these four Talent themes. Amongst these are measures that seek to increase the workforce participation of females, encourage active ageing, and address the issue of early school leavers.

The Position Paper highlights statistics confirming that the current demand for talent cannot be solely fulfilled by home-grown resources alone. The emphasis beyond residency is permanency and subsequently various improvements have been suggested not only to strengthen the administrative and fiscal structures, but also to address critical components such as the relocation of families of expatriates, and the quality of life that Malta offers to foreign talent. Furthermore, policy actions aimed towards improving the productivity and value-add of the workforce have been outlined, including improving the supportive ecosystem for business to access high-calibre talent, investment in new technologies, and experiment through research and development. The business community must be at the heart of efforts to address the skills gap issue in Malta and must continue to be proactive in collaborating with government on developing solutions and actively driving and informing their implementation – precisely as outlined by the Position Paper. n

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A Co-ordinated EU response to the

FOOD CRISIS The pandemic has created huge disturbances to the global supply chains of various commodities, including food. This meant that various food categories saw double digit percentage increases in their prices due to a reduction in their supply and this was then compounded by the increase in shipping costs. SILVAN MIFSUD – CHAIRPERSON FAMILY BUSINESS COMMITTEE AND DIRECTOR ADVISOR EMCS

mongst the worst hit from price increases, there were vegetables, eggs, meat, poultry, dairy products, flour & products from wheat/grains, vegetable/sunflower oil and sugar. As if that was not enough, the Ukrainian conflict made a difficult situation much worse, with all the types of food categories mentioned increasing further in price, but with the price of meats/poultry, flour and products from wheat/ grains and vegetable/sunflower oil, now going through the roof, with evident source of supply problems. This is because Ukraine is known to be the ‘breadbasket of Europe’, as Ukraine is the world’s largest producer of sunflower oil and, combined with Russia, it is responsible for more than half of global exports of sunflower oil. The region is also responsible for over a third (36%) of wheat exports, making it the world’s largest

exporter of wheat. This means that nearly every continent in the world depends on this region for either sunflower oil or wheat. The situation is likely to get even worse. It will soon be the spring planting season in Ukraine. But with intense fighting continuing and farms being likely to be shutdown, the future food output is very likely to be jeopardised. The timing of all this could not be worse with regards to any post-pandemic economic recovery. The EU Commission’s winter economic forecast issued on the 10th February 2022, forecasted that the “economic expansion is set to regain pace in the second quarter of this year and remain robust over the forecast horizon”. This forecast was based on the assumption that “in 2023, the effect of the sharp acceleration of prices registered in 2021 will fade out, while normalisation of supply- chain bottlenecks and

energy prices is expected to lower inflation below 2% in 2023”. As we all know now, two weeks after the issue of this forecast, the Ukrainian conflict commenced. The same EU commission’s winter forecast did however mention that what is being forecasted could not materialise if “inflation may turn out higher than expected if cost pressures resulting from supply bottlenecks and energy commodity prices are passed on from producer to consumer prices to a larger extent than projected. In addition, higher than expected second-round effects from potentially above-productivity wage increases may keep inflation higher over a longer period. If inflation were to prove more persistent, central banks might be forced to bring forward their tightening cycle, triggering a change in financing costs and constraining demand.” Monetary policy, as implicated in the last part of the above quote, has huge limitations over here. The inflation being brought about by both the pandemic and the Ukrainian conflict is not due to any overheating of European economies. It is not demand-driven but supply-driven. Hence increasing interest rates, thus increasing the cost of capital, will likely only lead to bury any hope of any economic recovery, whilst making it more difficult for other economic agents to increase production of whatever there is a shortage of, making the situation worse for all.

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SO, WHAT OTHER SOLUTIONS REMAIN?

“It will soon be the spring planting season in Ukraine. But with intense fighting continuing and farms being likely to be shutdown, the future food output is very likely to be jeopardised.”

There is obviously fiscal policy. The Maltese government could decide to ‘cushion or absorb’ completely the effect of the increase food price. It would do so to limit the downward effects an immediate and high increase in food costs will have on economic growth. However, to do so, government would need to subsidise the increase in food costs by forking out hundreds of millions of Euros per year, until some sort of solution to the Ukrainian conflict materialises. Based on social justice principles, government could decide to strike a balance by subsidising certain so called ‘core or necessary foods’ while allowing the rest to be hit by the increase in prices, as deemed not necessary for the population’s nutrition. Whatever the case, the Maltese government, just like many other European governments, have indebted themselves to support their economies during the pandemic and now have limited manoeuvring space as to how much they can subsidise food price increases and for how long. The extent of this international food crisis means that it needs a coordinated EU response. There is movement towards financing EU farmers to increase production, but this will likely need some time and will not address the immediate crisis. What is likely needed in the immediate term is that the EU coordinates itself better to achieve the following:

•

Stop the holding back of exportation of food supplies between EU member states. If need be, this is handled by having quotas agreed of what amount of certain critical food supplies are needed for each nation and what amount is to be exported to other EU member states. Consolidated sourcing at an EU level of certain basic food commodities from alternative sources and if need be, the temporary suspension of excise duties or tariffs for such commodities when imported into the EU. Provision of an EU-wide finance programme that injects liquidity in the various agents of the food chain, so that certain credit limits can be restored, whilst also allowing a higher level of stock to be retained. The temporary suspension of certain standards/requirements with regards to finished food imported, especially those in relation to packaging, so that alternative sources of food can be imported as an immediate response to this crisis. Just like the pandemic has taught us, the EU succeeded in making sure that its member states acquire the COVID-19 vaccines quickly through the coordinated approach adopted. This is a lesson we need to build upon rather quickly with regards to food security.

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The Commercial Courier 100th Issue - April 2022

Articles inside

Chamber News

Rudolph Psaila- Chairman, Finance Malta

Kneading Tradition with Technology

Daniel Cassar

Robert Debono, CEO, db Group

Creating a Safety Net for Ukrainian Refugees

Anchor drops – Angelique Abela

David Spiteri Gingell

Financial incentives in the form of grants to promote greener and sustainable transport

Carla Zahra

The Malta Chamber calls on Government to be more of an Enabler - CEO - Dr Marthese Portelli

In their words - Member Testimonials

The Malta Chamber’s History

The Malta Chamber will continue to be the voice of ethical business -Marisa Xuereb, President, The Malta Chamber

A Springboard for Digital Innovation - Mr Francois Piccione, COO at MDIA

A New Lease of Life – Johanna Calleja

Young Chamber Network

Rachel Attard, Head of Media and Communications Strategy, The Malta Chamber