Malta Thriving – Despite Challenges – Kurt Farrugia CEO Malta Enterprise

CEO of Malta Enterprise Kurt Farrugia looks back at a successful 2022 and explains his plans for 2023.

If you were to look back at 2022 If you were to look back at 2022 what would you say were the what would you say were the takeaways? takeaways?

If there was ever a time where we longed for things to go back to normal it was during the Covid-19 pandemic. 2022 was the first year after the pandemic which brought with it a sense of normality and a return to the way that things were before.

However, we cannot underestimate the effect that the pandemic has left on businesses and the lessons which we have learned from the pandemic. Looking back at these lessons we have worked on improving and aiding the sectors which were already present in Malta while also attracting new companies and new sectors to our island.

Sustainability is also a very important way forward for our businesses and we made sure to focus more on it. Businesses who

If there was ever a time where do not adapt towards being more we longed for things to go back to sustainable will find it increasingly normal it was during the Covid-19 difficult to stay competitive in a pandemic. 2022 was the first year world which is changing and after the pandemic which brought adapting towards sustainability. with it a sense of normality and a This saw us pushing forward our return to the way that things were Smart and Sustainable scheme before. which to help businesses move

However, we cannot underesti- towards sustainability as well as mate the effect that the pandemic more digitalised processes leadhas left on businesses and the ing to the enhancement of comlessons which we have learned petitiveness of the enterprises from the pandemic. Looking back through the optimisation of the at these lessons we have worked use of resources in their activities. on improving and aiding the sectors which were already present in Malta while also attracting new companies and new sectors to our island. Sustainability is also a very important way forward for our businesses and we made sure to focus more on it. Businesses who do not adapt towards being more sustainable will find it increasingly difficult to stay competitive in a world which is changing and adapting towards sustainability. This saw us pushing forward our Smart and Sustainable scheme which to help businesses move towards sustainability as well as more digitalised processes leading to the enhancement of competitiveness of the enterprises through the optimisation of the use of resources in their activities.

What would you say were the What would you say were the most memorable moments of? most memorable moments of?

year without it’s far share of struggles with one of these struggles being the high prices of raw materials and freight transport. Through our constant contact with enterprises we realized that this was an area where we needed to provide more support in order for our businesses to remain competitive and for Malta as a jurisdiction to remain attractive to potential investors. We are especially proud of the Maltese business community for rising to all of these challenges and not only succeeding but also thriving continuing to invest and expand their operations - with thought and strength to take their business up a notch. We are also proud that we have remained attractive as a country Looking back 2022 was not a and have brought to Malta new

year without it’s far share of struggles with one of these struggles being the high prices of raw materials and freight transport. Through our constant contact with enterprises we realized that this was an area where we needed to provide more support in order for our businesses to remain competitive and for Malta as a jurisdiction to remain attractive to potential investors.

We are especially proud of the Maltese business community for rising to all of these challenges and not only succeeding but also thriving continuing to invest and expand their operations - with thought and strength to take their business up a notch.

We are also proud that we have remained attractive as a country and have brought to Malta new

companies in pharmaceuticals, aviation and even a number of innovative startups who are proud to call Malta their home and are using their platform to create solutions that can be used around the world - in areas such as medical technology, artificial intelligence and even digital games.

Looking forward to 2023 what are you looking forward to and what will you be working on?

We look forward to having a 2023 which is full of more investment and which sees us continuing to work on the success of the past year. We pride ourselves on the connection that we have with our clients and on always being in touch with them, we plan on continuing to work on this and improving our connections with the business community.

While continuing to improve on the sectors and industries which are already present in Malta we have to keep an open mind and understand what are new opportunities that are developing in different industries and markets which can be advantageous to Malta and which can continue to create a number of high quality jobs.

Our relationships with different entities that represent our businesses such as the Chamber of Commerce are of utmost importance to us in order to understand any developments that are being made even as an international regulation or from the EU and we prepare for them in advance. We are committed to continue strengthening the fibre of local enterprises with an emphasis on evolving regulations such as the ESG regulations which can help set our businesses apart and make them more competitive.

As a country FDI has always been important to us and will continue to be a priority for us in the work that we do. We will continue to reach out to the international market both through international conferences as well as through a number of visits abroad in order to spread more information about Malta as well as our newly launched schemes. One such scheme is the newly launched Start Up Residence Programme which allows founders, co-founders and core employees of innovative start-ups to obtain a residency permit while operating the company from Malta.

This coming year you will also see a jump in quality in the way businesses relate to Government departments when we are launching the first phase of the Business Portal. This portal aims at continuing to reduce the bureaucracy between different government agencies while ensure an easier process when applying for aid. Malta Enterprise through Business 1st has been involved with this process through its inception stages and we are very proud to be a part of a government initiative which aims to bring support measures closer and make them more accessible to businesses both local and international.

We look forward to what this year will bring and seeing the projects that we have in the pipeline come to fruition.

We are also proud that we have remained attractive as a country and have brought to Malta new companies in pharmaceuticals, aviation and even a number of innovative startups whoare proud to call Malta their home