Author: Developers Think

On Monday 20th, The Malta Chamber of Commerce, Enterprise and Industry together with the Malta Business Bureau in collaboration with the General Workers Union organised an event on the digital transformation of work, focusing on ‘Future Skills and the Impact of Artificial Intelligence at the Work Place’, two key topics from the EU autonomous framework agreement on digitalisation. The event was organised as part of the EU TransFormWork Project, which is being funded by the EU Social Dialogue Programme.

Opening the event, The Malta Chamber President Marisa Xuereb observed, ‘’real transformation is likely to involve a much higher degree of subcontracting and outsourcing, even to other countries given the greater digitalisation of processes. It will also involve a higher degree of automation that will go beyond mechanical processing that we are used to seeing in manufacturing lines. The future of automation will be more data-driven and prevalent in services such as banking, retail and distribution, hospitality, and customer support.’’

During the panel on the future of skills, Malta Business Bureau CEO Joe Tanti who moderated the discussion, stated, “For several years now we have been saying that in Europe and in Malta we have a skills problem across the board. But given the way economies are evolving perhaps the most worrying is the lack of digital skills. This is not just in relation to STEM skills but digital skills more broadly. Given the very competitive market where the demand for skills outweighs supply, another important aspect is skills retention.”

The Malta Chamber CEO Dr. Marthese Portelli commented on the fact that ‘’we need to keep up with the fast pace with which the world is changing, and constant change that comes from fluctuating consumer behaviour and trends in tech. To keep up with such changes we must address the disjointedness between industry demands and the education system.’’

Mr Josef Bugeja, Secretary-General of the General Workers Union emphasized, ‘’We cannot predict the future, but we can try to shape it. Given that change is very fast paced and ever evolving, we need a skills analysis of the whole industry to keep up. Additional skills are required for better career pathways in propelling workers’ motivation.’’

In her closing remarks, Malta Business Bureau President Alison Mizzi reminded that “for the sake of social justice, we cannot alienate ourselves from those that are going to be impacted the most and thus education and training play a key role in the whole process in making sure that we keep up with the digital skills that are needed now and for the good of the future economy.”

The event was addressed by international speakers that included senior officials of BusinessEurope and the European Trade Union Council (ETUC). Other speakers and panelists included academics and other key stakeholders from the private sector. These were Economist Dr. Rose Marie Azzopardi; Ms. Fabienne Ruggier, Director RSM; Mr. Josef Said, Director Konnekt; Prof. Alexei Dingli, Humaine; Prof. Joshua Ellul, former Chairman of the MDIA; Ms. Francesca Vella, Gadgets Malta; and Ms. Olga Finkel, Co-Managing Partner, WH Partners. The panels were moderated by MBB CEO Mr. Joe Tanti and The Malta Chamber’s Projects Manager Ms. Diana Miceli.

More information on the EU TransFormWork project can be viewed from here: www.transformwork.eu

The past year has been challenging for many businesses exposed to international payments as a result of the grey listing and has seen AML compliance costs rise significantly for operators in the financial services sector. We have also seen intensive efforts by regulatory authorities such as the FIAU and the MBR to address the concerns flagged a year ago in the shortest time possible. The target of being removed from the list has been achieved, but this is only the first step. The next objectives need to be achieving a sustainable regulatory environment whereby AML obligations will be more risk-based, proportionate to the size of the business, and effective at rebuilding our reputation as a reliable and competitive jurisdiction. Striking this balance going forward will be key to restoring our position as a leading financial services provider and developing those segments of the industry where we can have a competitive edge.

The experience of the past couple of years has built competences within the financial services industry that will not only help us be more selective as a jurisdiction about the type of business that we service, but also provide expertise in the field of regulatory compliance that will broaden the offering of our financial services industry.

It is imperative that both Government and regulatory authorities, and the private sector, collectively ensure that we do not let standards slip. We should turn this unpleasant experience into a springboard for a proactive renewal of the financial services industry in Malta.

The Malta Chamber wishes to congratulate Mr Kevin Mizzi and Dr Daniela Grech on their new appointment. Kevin Mizzi will be taking the role of Head of Policy while Dr Daniela Grech will be Head of Projects and EU funds.

Dr Daniela Grech

Daniela Grech graduated in Law and European Studies at the University of Malta. In 2007 she joined the Managing Authority for EU Structural funds, then under the Office of the Prime Minister, as Projects Manager, and then later as Senior Manager and Chief Coordinator, with her portfolio throughout the years including Research, ICT, Environment, Transport and Health projects funded through ERDF and CF, as well as different Financial Instruments and the ERDF Grant Schemes aimed at the private sector.

Prior to joining The Malta Chamber, Dr Grech was tasked with the coordination of the Communication and Evaluation of the European Structural and Investment Programmes and their socio-economic impact on the Maltese islands, whilst overseeing the Managing Authority’s training programme and procurement unit.

Mr Kevin Mizzi

Kevin Mizzi is a Masters graduate in European Studies from the University of Malta (2004) after obtaining his undergraduate also in European Studies (2001). His dissertations specialised on the effective management of EU Structural and Cohesion funds.
Within his professional duties he occupied various roles and covered several dues, which include policy development and implementation, political strategy, communications coordination, business advisory and internationalization support, content writing and social media campaigns, analytical research, EU affairs lobbying and EU funding projects management.

Since January 2021, Kevin served in managerial roles within The Malta Chamber concerning Member Relations, working closely with the Policy Development team to implement relevant Chamber membership advice, governance and future-looking policies at a micro level.

Between August 2017 and December 2020, Kevin served within the Malta Chamber Projects and Internationalisation Department, carrying out company reviews, drawing up partnering profiles and organizing matchmaking projects, also within the ambit of the European Enterprise Network. Besides support towards assisting ambitious companies to grow internationally, Kevin supported in the organisation of several incoming and outgoing trade missions, ‘Doing Business With’ conferences and ‘AI for Industry’ information seminars to ensure that policy implementation reaches Malta Chamber members at a micro support level. Furthermore, he supported the Malta Chamber’s work on internationalisation business councils and helped Malta Chamber members to tap EU funding opportunities.

The Malta Chamber of Commerce, Enterprise and Industry signed an Alliance Agreement with Costa Coffee Malta.

The Malta Chamber would like to thank them for its continued support especially during the iGaming event titled ’20 years of iGaming in Malta: are we at a crossroad?’. During this event, which was held earlier this year and attended by over 150 people, Costa Coffee Malta sponsored the networking coffee breaks by supplying The Malta Chamber with freshly brewed coffee, tea and fresh orange juice together with a selection of delicious pastries.

CEO Dr Marthese Portelli thanked Costa Coffee Malta Ltd for choosing The Malta Chamber. “This collaboration will be beneficial to our members and their businesses.”

“Costa Coffee is proud to collaborate with The Malta Chamber, whether serving freshly brewed coffee to delegates at The Malta Chamber or hosting smaller events within our stores in collaboration with the Young Chamber Network. Costa Coffee offers its customers more than just freshly brewed coffee but also the perfect environment for business meetings or a few hours to work away from your usual desk at the office,” Christina Galea, CEO of The Coffee Company Malta Ltd.

The agreement was signed by The Malta Chamber CEO Dr Marthese Portelli and Christina Galea, CEO of The Coffee Company Malta Ltd.

Marisa Xuereb, The Malta Chamber President, participated in the NEXT GEN EU Conference organised by the European Commission.

“Since Malta does not have energy-intensive industries, the green transition must be driven by the electrification of vehicles and improvements in the energy efficiency of buildings. This is where significant gains can be made as the existing building stock suffers from the lack of prioritisation of energy efficiency of buildings up to now,” she said.

“Businesses need to invest in more energy-efficient refrigeration, heating and cooling, as well as in renewable energy that is complemented by investment in energy storage equipment. This will enable businesses to become more self-sufficient in terms of energy generation, and thereby reduce their potential exposure to the risks of volatile international energy prices which have become a major economic challenge for Europe,” said Xuereb. 

The Minister for Enterprise Miriam Dalli, together with The Malta Chamber, the Family Business Office and Malta Enterprise, launched training courses aimed for family businesses.

Family businesses amount to more than 70% of small and medium enterprises, who faces particular challenges that require different needs. The training courses will be offered for free and sessions will be held online on social media platforms such as Facebook, YouTube and LinkedIn.

The Minister for Enterprise Miriam Dalli urged family businesses to be at the forefront in adapting these processes to be resilient.

“It is not always easy for these businesses to adapt to certain processes, such as recruiting non family members, set up a board, adapt new technologies or to perform auditing processes and management on a global level. These are the challenges that we need to address if we want the Maltese economy to continue to be competitive and resilient, as well as addressing the needs of our businesses. As Government we are offering assistance to businesses and continuous training for the employers, however the operations deserve all the support during the renewal of the business,” explained Minister Miriam Dalli.

The sessions have been drafted by the Chairperson of the Family Business committee within The Malta Chamber, Silvan Mifsud. He remarked that “challenges brought by the pandemic and the new challenges faced due to geopolitical tensions, family businesses need to have better structure, and take strategic decisions, be more flexible and more efficient to adapt to the market that they operate in. For this aim the committee for family businesses within the Chamber of Commerce felt the need to offer training specifically on this regard”.

The Regulator of the Family Business Office, Dr Joe Gerada, explained how these sessions are additional tools amongst other schemes offered by the Family Business Office in collaboration with the Malta Enterprise. “Through our experience we meet with various businesses on daily basis, thus we felt the need to provide these sessions whilst we urge to all those interested to participate in this short course.”

Malta Enterprise CEO Kurt Farrugia said that “It is a pleasure for us to assist family businesses with these training sessions. This goes beyond other schemes available for businesses, as Malta Enterprise have various schemes which provide assistance within operations, processes towards sustainability and digitalization, investment in machinery and offering training to employees. All this whilst offering a holistic assistances so that local businesses will continue flourish and be resilient.”

HSBC Bank Malta and The Malta Chamber recently held a joint webinar on ‘The Global Economic Outlook 2022’, focusing on how uncertainty and increasing commodity prices are affecting the prospects for the global economy.

Conflicts and the unfolding humanitarian crises in Europe and around the world have contributed to the slowdown of the post-pandemic economic recovery, increasing inflationary pressure and fuelling significant increases in energy and food prices. According to IMF projections, global growth will slow from 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023.

James Pomeroy, Global Economist at HSBC Bank in London, said during his presentation: “In this highly uncertain period, it is difficult to have confidence in global growth and normalising inflationary pressures in the short term. As a result, we expect continued volatility in the markets. However, the longer-term outlook may be slightly clearer, as the economy globally is becoming increasingly more digitalised while environmental and social governance, or ESG, issues gain further prominence.”

Jesmond Apap, Head of Markets at HSBC Malta said: “While the outlook for the global economy remains uncertain, in the short term, businesses and national economies must find a way to counter inflationary pressure. In the longer term, businesses must focus on their resilience and government policies must focus on tackling the many issues that are negatively impacting global trade as well climate change and health care which also affect economic activity.”

Marisa Xuereb, President of The Malta Chamber, said: “ Malta has been completely insulated from local energy inflation so far. However, despite our country’s investment in keeping local energy prices stable, inflation has started rising and the gap between our national inflation rate and the eurozone’s is slowly closing. In this context, the extent to which we can cushion ourselves from inflationary pressures is not just a question of subsidising energy but also a matter of enhancing efficiency and embarking on a transformation of work practices, which we seem rather reluctant to do. Digitalisation and automation will take a leading role in certain organisations’ day-to-day operations, and unless we harness the benefits of these technologies, we will face substantial bottlenecks, especially in human resources, which will eventually push wages up.”

Dr Marthese Portelli, Chief Executive Officer of The Malta Chamber, said: “The ever-increasing transportation charges, the shortage of raw materials and resources, and skyrocketing fuel and electricity prices are the main factors which are pushing prices up across the board. Malta’s geographic position and size are also part of the challenge. Due to our size, our insularity and our peripherality we are disconnected from freight train systems; not plugged into the door-to-door truck delivery ecosystem, and our airfreight options are extremely limited. Furthermore, the frequency of scheduled freight services is constrained by our small volumes. On a national level, businesses are being supported through various subsidisation efforts, while on an EU level, more sensitivity is required relating to the logistical challenges faced by Malta-based businesses.”

During its meeting in Prague today, the Council of Presidents of BusinessEurope unanimously elected Mr Fredrik Persson, who was until recently President of Swedish Enterprise (Svenskt Näringsliv) and is President of Ellevio AB as well as of JM AB, to succeed Pierre Gattaz as President of BusinessEurope from 1 July 2022. He is elected for a period of two years, renewable once.

The Malta Chamber President Marisa Xuereb congratulated Mr. Persson on his election to this important role and augured that through his leadership BusinessEurope continues delivering on its mission of advocating for businesses of all sizes at EU level. As an active member of BusinessEurope, The Malta Chamber ensures that the economic reality of small and peripheral island-states such as Malta is consistently reflected and integrated in BusinessEurope’s positions.

Pierre Gattaz, President of BusinessEurope said:

“I am delighted that Fredrik Persson will succeed me on 1 July 2022. Fredrik has been Vice-President of BusinessEurope since 2020 and an active member of our Council of Presidents since 2017. He is a successful entrepreneur and a convinced European. With this extensive experience, he is the President that BusinessEurope needs in these troubled times.”

Fredrik Persson said:

“I look forward to pursuing the great work of Pierre Gattaz and to strengthening the voice of the millions of small, medium and large companies in Europe that the 40 member federations of BusinessEurope represent. It is fundamental that the EU pursues an ambitious competitiveness agenda to deliver wealth for its citizens and to manage the transition towards a sustainable future, building upon a strong EU single market. Taking up the important position at this critical period in European history is a major responsibility and a true honour.

Strong and competitive companies are a prerequisite for peace and prosperity, a resilient and sustainable Europe and a strong economy, jobs and welfare. In a time when Europe is facing major challenges, it is more important than ever to enhance the dialogue and cooperation between businesses and policymakers. My wish is to build upon the solid foundation of BusinessEurope and further strengthen and maximise its role as a key player at the European level. By leveraging the knowledge and innovative power that exists within European companies, we will produce the innovative ideas that will strengthen Europe’s competitiveness and societal development.”