Addressing the attendees during the online event held by EY, The Malta Chamber President, Perit David Xuereb, said that this yearly event is now crucial more than ever since 2020 will be forever marked by the global pandemic that disrupted economies worldwide.
The Chamber President noted how this year’s theme ‘Future Realised’ could not be more pertinent and hoped that the results from the ‘Attractiveness Survey 2020’ would provide some form of guidance to business leaders.
“I appeal to you to listen, analyse the current situation and the 2021 budget, critically examine your resources and discuss with your teams any new ideas that might help you diversify in order to Recover, Re-Invent and Re-Invest in new sectors to turn this pandemic into an opportunity for change” said Perit Xuereb.
Referring to the EY survey results, The Chamber President Xuereb noted how encouraging it is that 17% of respondents said that they are customizing new products to adapt to new market changes.
“Covid has also made us realise, just how fast change is taking place around us, in business and in all aspects of our lives; and agility is what will enable businesses to adapt and rapidly transform themselves to survive. In fact, 77% of companies implemented remote working and digitisation for their staff to mitigate the impact of the pandemic” Perit Xuereb said.
Moving onto the subject of Foreign Direct Investment (FDI), President Xuereb noted that another hopeful analysis is that 21% experienced a positive financial impact by the pandemic on their operations. However, the hospitality sector, believes it will take longer to recover.
“This means that the hospitality sector needs to be rethought against an economic vision that is strategically redesigned and redirected towards a new sustainable and resilient product that may be less susceptible to shocks. This also emerged from The Malta Chamber Think Tank exercise held this summer” said David Xuereb.
The Chamber President was pleased to report that, according to the survey, areas of growth such as pharmaceuticals, biotechnology, ICT and high technology manufacturing “go hand in hand with our vision for a Smart Sustainable Island that drives the wealth and wellness of our society.” He said that Malta’s eager adoption of rapid technological advances have allowed the nation to overcome its geographic insularity. This strive towards becoming global pioneers in certain areas needs to be fuelled, especially during such a critical period.