Month: February 2021

The Malta Chamber of Commerce, Enterprise and Industry, in collaboration with VISTAGE Malta has launched the first edition of the international Confidence Index for businesses, this afternoon. The Confidence Index for businesses is a benchmarking exercise which is being introduced to Malta for the first time by VISTAGE Malta.

Addressing a press conference, President Perit David Xuereb said that the Malta Chamber’s drive to play a leadership role in the country’s economic growth, did not stop at proposing policy in favour of business. The President explained how the Chamber also aspired to provide businesses with the necessary tools to predict economic trends and derive insights that aid decision making.

“The Confidence Index, provides the concrete sentiments of the country’s business leaders, and how they feel their business interests will be fairing in the coming months” Perit Xuereb said. “More importantly, the index results are collated and compared to other economies from around the globe, hence providing a timely and complete picture of economic trends within a wide context”

This offers a unique opportunity for businesses and policymakers alike to have an evermore complete picture of the economic trends that are expected to influence business in the near future, Perit Xuereb said.

VISTAGE Malta CEO Nathan Farrugia said “The Vistage CI index aims to collate and measure the confidence of CEOs around the world. Now released in Malta, the results show the current sentiment of local business leaders on the past 12 months and their predictions of the upcoming year. Q1 results show that businesses are confident on economic growth, with 50% expecting positive change in the first 6 months and a further 34% believing it will take 12. They are cautious about their cash flow situation and will refrain from significant investment and recruitment initially until profitability follows revenue growth. This index is a proven trend predictor and in other countries, an early indicator of upcoming economic change.”

“Vistage is a global network of CEOs and business owners, as well as running programmes on leadership and executive decision-making. For more information about joining Vistage please contact us” Mr Farrugia said.

Experience and research attest that the Confidence Index has shown to pre-empt market shifts by 6 months, making it a very powerful tool. During the press conference, the results for Malta Quarter 1 were presented to the press.

A webinar, that will discuss the results further, will be held on the 23rd of February at 17:00. Click here to register.

The Confidence Index has supported business decision-making in the US by providing feedback from business leaders on their views of the economy, policy and operations every quarter, for the past years. The CI collates insight and sentiment from leaders in a well-researched manner that allows for better strategy, planning and investment decisions.

Last month, Malta Chamber teamed up with Zenit (Germany), Netherlands Chamber of Commerce and SFG (Austria) to facilitate business-to-business virtual meeting as part of Enterprise Europe Network (EEN).

The events spread over an array of thematic clusters, including Green Office (solutions, Healthcare Technology textiles and fashion.

Over 20 Maltese companies met international counterparts during pre-set meetings, which brought together start-ups and established enterprises to explore business ventures, partner in international projects, discover new ideas and exchange knowledge and experiences.

“We can safely say that these extraordinary times did not hinder our efforts to keep providing value to our internationalisation-seeking-clients. Rather than postpone such opportunities we endeavoured to explore new ways how to pursue effective international business matching activities. Being part of Enterprise Europe Network, we made our contacts work and leveraged respective digital tools to sustain quality events which our members expect from us.” – Perit David Xuereb, Malta Chamber President

The EEN team is committed more than ever to be closer to these companies to help them invest their talent coherently through support journeys as part of Enterprise Europe Network.

The Malta Chamber encourages local start-ups to stay tuned with more of its support initiatives and matchmaking opportunities. These events can provide penetration in targeted overseas markets by matching companies, investors, entrepreneurs, researchers, academia and decision-makers to do business.

Stay tuned with The Malta Chamber events by clicking here.

The Enterprise Europe Network (EEN) supports SMEs in working with other businesses in Europe and countries outside of Europe, implementing partnering, advisory, innovation projects and helping them penetrate new markets. It consists of more than 600 member organisations in contact with each other across more than 60 countries.

In its efforts to provide its members with the best insights on business leadership and economic growth, The Malta Chamber, in collaboration with Vistage Malta, has launched the Confidence Index late last year.

With the number-crunching done, the Q1 report results is ready to be presented. The survey was open for participation to Malta Chamber members in December and January.

To this end, The Malta Chamber, together with Vistage Malta are organising the ‘Thriving during challenging times’ webinar which will present the research results of the Confidence Index Q1 Survey.

Click here to register.

Special guest Joe Galvin, Vistage Worldwide Head of Research, will be sharing his insight on comparisons with the CI UK and CI USA results.

The webinar will be held on the 23rd of February at 17:00. The Confidence Index has supported business decision-making in the US by providing feedback from business leaders on their views of the economy, policy and operations every quarter, for the past years. Published in the Wall Street Journal as well as an array of digital platforms, the CI collates insight and sentiment from leaders in a well-researched manner that allows for better strategy, planning and investment decisions. Indeed, it has shown to preempt market shifts by 6 months, making it a very powerful tool. The Confidence Index is an optimum tool for any business as it provides feedback from business leaders on their views of the economy, policy and operations.

A delegation of The Malta Chamber of Commerce, Enterprise and Industry presented the recently launched Public Procurement Reform Report 2021 to the Director of the Department of Contracts, Mr Anthony Cachia.

“It is vital to harmonise all our collective efforts in order to effectively implement measures that will ensure good governance through public procurement. The numerous proposals within this document require a substantial amount of investment, however, as Malta’s foremost business representative body, we strongly believe that this would be a true example of smart investment, as it would lead to a wide array of economic benefits,” noted The Chamber President, Perit David Xuereb.

During the meeting, Xuereb was pleased to hear that certain proposals within the report were already being implemented to provide a more transparent and fair public procurement process that is driven by the highest standards of good governance.

“As a Chamber of Commerce, we acknowledge the complexity that such a process may entail, and although steps forward are being taken to provide a level-playing field for all, more needs to be done, especially in terms of direct orders and blacklisting,” explained The Chamber President.

The document was developed after a consultation process with its members and through a working group of experienced individuals and professionals from across the economy. The document serves as valuable guidance for the necessary reforms that are needed, in order to ensure that economic operators are able to perform on an equitable level playing field when tendering for government purchase requests.

These reforms also serve to ensure that national funds are deployed to their best potential and in the interest of the general public.

The Working Group was led by Vice President Ms Liz Barbaro Sant, and included Former President Mr Anton Borg, Council member Mr Marcel K. Mifsud, and members Ms Maronna Filletti, Ms Mary Gaerty, and Mr Roderick Abela. The group was assisted by Policy Executive Ms Julia Aquilina, while Dr Clement Mifsud Bonnici (Ganado Advocates) was the professional advisor on the process. The document presented was developed in collaboration with Ganado Advocates.

The Malta Chamber, in collaboration with Enterprise Europe Network and HSBC Malta is organizing a webinar entitled ‘Deciphering the Brexit deal for business’ to understand how the corporate world has been influenced post-Brexit.

The webinar will shed light on the substance of the Trade and Cooperation Agreement and it will also help analyzing cross-country experiences on what the UK leaving the EU’s ecosystem really meant in terms of common rules, supervision, and enforcement mechanisms.

Click here to register.

‘Deciphering the Brexit Deal for business’, scheduled for the 18th of February, will have a strong line-up of speakers explaining what the UK’s departure from the EU truly entails with regards to rules, supervision and enforcement mechanisms.

Shanella Rajanayagam, Trade Economist at HSBC Holdings plc, who will be one of the speakers at the event, said: “The post-Brexit business world will come with trade opportunities, as well as risks. My presentation will focus on the opportunities and challenges for businesses navigating the post-Brexit trade environment. It will explore the implications of the new EU-UK trade deal, trade policy priorities for the United Kingdom, and international trade prospects.”

Rajanayagam will be joined by EU and international trade lawyer Dr Jan Micallef, who forms part of the Malta Chamber International Relations Council.

“Inclusivity, youth and disability are among the Malta Chamber’s priorities as they are central to the development and sustainability of the economy,” said Perit David Xuereb, President of the Malta Chamber of Commerce, Enterprise and Industry yesterday, during a meeting with the Minister for Inclusion and Quality of Life the Hon Julia Farrugia Portelli.

Perit Xuereb said that an attention to these values goes a long way as it contributes to the quality of life of all of society in general.

Minister Farrugia Portelli said a great part of achieving inclusion, is creating a culture of awareness about the subject, also at the workplace. “We believe that the Malta Chamber is a central partner in this journey, as they share these same values”.

Topics discussed during the meeting also included the Agenda for Sustainable Development 2015-2030 which was adopted by the General Assembly of the United Nations in September 2015, which agenda greatly prioritises persons with a disability.

Minister Farrugia Portelli also discussed the reciprocal alignment and thematic engagement in reaching the mentioned Agenda 2015-2030. This thematic engagement helps investors proactively address themes such as the environment, good governance etc. Minister Farrugia Portelli emphasised the Government’s determination on the principle that no one should be left behind.

During the meeting, Malta Chamber President Perit Xuereb was accompanied by Diana Miceli, Policy Development Manager, while Minister Farrugia Portelli was accompanied by the Permanent Secretary within the same Ministry Mr Matthew Vella and the Chief of Staff Mr Reuben Sciberras.

“The Government and businesses must invest in technology that optimises efficiency in a seriously changing economic macroclimate,” said The Malta Chamber President, Perit David Xuereb this morning, during the inauguration of news offices for Tech.MT.

Tech.MT, which was established in 2019 as a Public-Private Partnership between The Malta Chamber and the Maltese Government, aims at promoting Malta as a hub for innovation and technology.

Xuereb noted how during a Cabinet Meeting, which was held for the very first time at The Malta Chamber last year, the main pillars that could drive the economy forward were discussed. “Among these key elements, technological innovation was included. Through this partnership, these offices symbolise the work that has been done towards attaining higher levels of productivity, competitiveness and quality of life,” he said.

The Chamber President said that the vision of Tech.MT was very much aligned with that of The Chamber, in terms of identifying innovation and technology as key principles that can lead to more sustainable and prosperous growth. Xuereb said that key principles such as good governance, enhanced quality and zero climate economy, greatly compliment Tech.MT’s drive towards expanding Malta’s technology industry while positioning the islands as the go-to country for tech solutions.

“Now more than ever, it has become clear that the Government, business leaders, and educational institutions must prioritise the principles of digitalisation and technological advancements at the heart of sustainable economic growth ambitions. As a Chamber of Commerce, we believe that Malta should reach the maximum levels of productivity to increase the country’s competitiveness and Tech.MT is well aligned to help in achieving these goals,” explained Xuereb.

Perit Xuereb noted that ever since it was established, Tech.MT had been a success story. “It has become a pillar for the tech industry and continues to deliver on its mission by organising a number of key initiatives such as the eBusiness Awards and the Women4IT project. Through such initiatives, technology has become ever more tangible and accessible to people of all ages,” said Xuereb.

Hon. Silvio Schembri, Minister for the Economy, Investment and Small Business, who also took part in the inauguration, thanked The Malta Chamber as it was instrumental in the setting up of Tech.MT.

The Malta Chamber of Commerce, Enterprise and Industry presented the Leader of the Opposition with a copy of its report on a proposed Public Procurement Reform, this morning. Dr Grech was visiting the Exchange Buildings for the first time since his appointment as Leader of the Opposition.

The document makes 36 tangible recommendations for improved public procurement processes, following a thorough consultation process with The Malta Chamber members.

While acknowledging the complexity of the procurement process, Chamber President Perit David Xuereb said that sometimes the process may not inspire the trust it deserves.

“This is not beneficial to any of the parties having an interest in procurement using public funds. Government attracts criticism, the business community who would otherwise be interested in tendering loses faith in the process, and ultimately the customer, who is the tax-payer is short-changed as they would not get the best service or product possible” said Perit Xuereb.

“Our document proposes concrete and measurable ways of how to address the lacunae that exist in this process, including a contract register to ensure transparency of execution to the satisfaction of all”.

The document was developed after a consultation process with Chamber members and through a working group of experienced individuals and professionals from across the economy. The document serves as valuable guidance for the necessary reforms that are needed, in order to ensure that economic operators are able to perform on an equitable level playing field when tendering for Government purchase requests.

These reforms also serve to ensure that national funds are deployed to their best potential and in the interest of the general public.

The Working Group was led by Vice President Ms Liz Barbaro Sant, and included Former President Mr Anton Borg, Council member Mr Marcel K. Mifsud, and members Ms Maronna Filletti, Ms Mary Gaerty, and Mr Roderick Abela. The group was assisted by Policy Executive Ms Julia Aquilina, while Dr Clement Mifsud Bonnici (Ganado Advocates) was the professional advisor on the process. The document presented was developed in collaboration with Ganado Advocates.

A delegation from The Malta Chamber of Commerce, Enterprise and Industry, led by President Perit David Xuereb, this afternoon presented a copy of its recently published report on a proposed Public Procurement Reform to the Prime Minister The Hon Dr Robert Abela.

The document makes 36 tangible recommendations for improved public procurement processes, following a thorough consultation process with The Malta Chamber members.

Addressing the Prime Minister, Perit David Xuereb said that the document was the result of The Malta Chamber’s restless and continued effort to promote good governance and also proactively propose ways how this important value could be improved in practice.

Perit Xuereb noted that The Malta Chamber had continuously championed the cause of good governance. “During the early months of 2020, we launched a document titled ‘Ethical Business calls for change – A Manifesto for Good Governance’ which included 60 concrete recommendations. The same document actually included a number of recommendations, which addressed Public Procurement processes and the importance of ensuring best value for money to the public, fairness to economic operators and transparency in the interest of all parties,” said Xuereb.

 

The ‘Report on Public Procurement Reform 2021’, is a further development of The Chamber’s advocacy of best practice in this area. It offers a detailed analysis of the matters surrounding the crucial process with which the Government spends public funds.

The document was developed after a consultation process with its members and through a working group of experienced individuals and professionals from across the economy. The document serves as valuable guidance for the necessary reforms that are needed, in order to ensure that economic operators are able to perform on an equitable level playing field when tendering for government purchase requests.

These reforms also serve to ensure that national funds are deployed to their best potential and in the interest of the general public.

The Working Group was led by Vice President Ms Liz Barbaro Sant, and included Former President Mr Anton Borg, Council member Mr Marcel K. Mifsud, and members Ms Maronna Filletti, MS Mary Gaerty, and Mr Roderick Abela. The group was assisted by Policy Executive MS Julia Aquilina, while Dr Clement Mifsud Bonnici (Ganado Advocates) was the professional advisor on the process. The document presented was developed in collaboration with Ganado Advocates.