The Malta Chamber of Commerce, Enterprise and Industry hosted a delegation from Belarus led by Mr Dzmitry Yarashevic - Deputy Minister for Economy and Mr Sergei Nabeshko, - Deputy Chairman of the Belarusian Chamber of Commerce, accompanied by senior officials, to explore business opportunities with Malta and to sign a Memorandum of Understanding to promote trade and investment between both countries.
Perit David Xuereb, President of the Malta Chamber of Commerce, who was accompanied by Mr Kevin J Borg – Director General, Mr Lino Mintoff – Head of Projects and Internationalisation, Mr Francois Grech - Deputy Chairperson of Tech.MT and a number of Maltese business representatives, stated that the visit is a first concrete step to nurture reciprocal commercial and economic collaboration given that Belarus trade with the European Union has been growing steadily over the past years.
Both Chambers signed a Memorandum of Understanding to:
- Cooperate actively to promote trade, investment and business between both countries,
- Encourage and facilitate actions leading to the development and commercial exchanges,
- Identify possibility for trade promotion through exchange of economic data,
- Promote trade fairs and exhibitions to facilitate commercial collaborations, and
- Cooperate to develop international arbitration for settlement of disputes, ensuring peace of mind for our respective business.
In his remarks Perit David Xuereb strongly emphasised the important prerequisite of political stability to do business by safeguarding ethical business and adoption of a no tolerance approach to impropriety.
The event also included presentations about the business opportunities in both countries, particularly from a technology investment perspective.
Mr Francois Grech said that 8.7% of Malta’s GDP is related to the tech industry (excluding Gaming) highlighting dedicated funding to spearhead innovative technologies which is now facilitated through the adoption of a recently launched National AI Strategy.
Dr Denis Aleinikov, Member of the Belarus Council for Digital Economy Development explained how the Belarus Hi-Tech Park hubs over 680 IT companies, with a sizable amount of start-ups, benefiting from favourable tax incentives and generating more than 7000 IT talents every year.
H.E. Mr. Aleksandr Guryanov – Ambassador of the Republic of Belarus to the Italian Republic and the Republic of Malta, and Mr. Johann Baldacchino Romano – Honorary Consul of the Republic of Belarus to Malta also participated in event.
The European Union is the second main trade partner of Belarus, representing almost one third share in the country's overall trade. The EU mainly exports machinery, transport equipment and chemicals to Belarus while Belarus exports to the EU are dominated by mineral fuels, with other product categories such as chemicals, agricultural products, machinery and textiles featuring at a lower share.