The Malta Chamber of Commerce, Enterprise and Industry acknowledges the recently launched Malta Vision 2050 as an encouraging step forward in setting a holistic long-term strategy and clear direction for the country. We note with satisfaction that a number of The Malta Chamber’s recommendations have been incorporated.
Of significant importance is the consolidation into one vision, the multiple visions and strategies that were issued separately by different Ministries and entities, which at times were repetitive and even contradictory. Another positive aspect is that Malta Vision 2050 lays out a plan that goes beyond the 5-year electoral cycles and it sets out measurable targets which look beyond the country’s GDP and look also at quality of life.
Malta Vision 2050 sets forth an ambitious roadmap and its success or otherwise will depend on its implementation. If implemented well, it will represent a significant step forward in ensuring the sustainable economic, social and environmental trajectory of our nation. Hence the importance of clearly defined Key Performance Indicators (KPIs) and proper monitoring. MCESD must be consulted and kept abreast on a regular basis on the Malta Vision 2050’s implementation progress. Equally important is budgetary alignment and resource allocation to support Malta Vision 2050’s strategic objectives – it is essential to place capable individuals in public institutions and international roles to advance this vision.
Malta Vision 2050 is a living vision, one which also needs to ensure adaptability in response to changing circumstances such as technological advancements or evolving economic trends. Furthermore, any future initiatives must be aligned with this vision to ensure coherence and a long term impact.
The Malta Chamber remains committed to working with Government and all stakeholders to ensure that the Malta Vision 2050 achieves its objectives. Getting the Malta Vision 2050 right should be one of the collective resolutions that the government, opposition and all stakeholders should work towards. Consensus is not a sign of weakness but of political maturity, which we need to see more of, especially in relation to strategic long-term decision-making.
Author: Mel Chamber
Malta’s GDP growth masks varying sectoral level performance, as higher value-added sectors experience slowdown, PwC report finds
The latest economic outlook for Malta issued by PwC reveals a robust performance in the face of moderate global growth projections. According to recent data, Malta’s GDP growth rate stood at 6% in 2024, although decelerating somewhat from 6.8%, and is forecasted to dip below the 4% mark by 2026. This growth is driven by sectors such as real estate, construction, financial services, and the public sector. However, traditionally higher value-added sectors such as professional services, ICT, and arts & entertainment (including i-gaming) have slowed down or even contracted slightly. In fact, official statistics for FY24 at a sectoral level suggest a negative correlation between a sector’s growth rate and that same sector’s output per employee in euro terms.
The latest global projections from the PwC Network suggest that global growth will moderate somewhat, at 2.6% in 2025 and 2026, down from 2.8% in 2024. The US economy is expected to grow at just over 2%, while China’s growth is projected to moderate to around 4.5%. Growth in the eurozone is expected to remain slow, at 1.1% in 2025, picking up marginally to 1.3% as the German economy recovers somewhat. Meanwhile, India’s economy remains robust, with growth expected to be over the 6% mark.
Despite the global moderation, Malta’s economic performance remains above its European peers. Expenditure data for FY24 indicate that this growth was driven by expenditure related more to entertainment & leisure and tourism-related activity, rather than more domestic expenditure. Furthermore, economic sentiment indicators such as The Economic Sentiment Indicator (ESI) suggest
decreasing confidence for the first two months of FY25 after a temporary upturn towards the end of 2024. However, Malta’s real GDP growth is projected to remain higher than that of the Euro Area, although the disparity is expected to narrow over time.
To access the full report, visit here.
Disclaimer: The data presented in this Economic Outlook does not reflect the recent tariffs unveiled by the US government.
BOV leads the discussion on cybersecurity for modern businesses
Bank of Valletta recently hosted a very well-attended seminar for business representatives, focusing on one of today’s most pressing concerns – cybersecurity. This event was designed to equip business leaders with essential knowledge and tools to protect their operations from the growing risks of fraud, scams and digital attacks.
In his opening remarks, BOV CEO Kenneth Farrugia described the event as the first of its kind for Bank of Valletta, underscoring the Bank’s commitment to supporting the business community beyond the provision of financial services. “Cybersecurity is no longer just an IT concern. It is a business risk that demands attention across all sectors,” he said. “The evolution of technology has changed the way companies operate, but it has also enabled cybercriminals to become more sophisticated, exploiting advancements in artificial intelligence and machine learning.”
Mr Farrugia stressed the role of education and awareness in building a strong first line of defence. “Cybersecurity is one of BOV’s key initiatives. We are committed to safeguarding our systems, our people, and most importantly, our customers.”
Organised by the Bank’s Business Development and Customer Value Unit, the seminar covered real-life examples of cyber incidents – from phishing emails to AI-driven fraud. BOV specialists in Payments, Cards, and Information Security delved into several critical areas. The speakers offered practical strategies to strengthen information security and defend against fraud. Attendees were also given tips on how to identify common scam tactics and implement safeguards to protect outgoing payments.
With the rise in digital transactions, businesses face increasing threats, including bank impersonation scams. These often involve criminals posing as bank employees to deceive victims into disclosing sensitive financial information. The seminar highlighted the importance of recognising red flags, adopting strong security protocols, and fostering a culture of cyber awareness within teams. The event concluded with an interactive Q&A session, giving attendees time to raise real concerns and get expert advice on shielding their businesses from cyber threats.
Bank of Valletta urges anyone who suspects that they may have fallen for a scam to report it by calling +356 2131 2020.
HSBC Malta reaffirms commitment to Earth Hour 2025
HSBC Bank Malta will once again join other HSBC Group sites worldwide in marking Earth Hour, demonstrating its ongoing commitment to environmental sustainability. Organised by the World Wildlife Fund (WWF), Earth Hour is a global initiative encouraging individuals and organisations to switch off lights as a symbolic act to raise awareness about climate change and energy conservation.
This year, Earth Hour took place on Saturday, 22nd March 2025, from 20:30 to 21:30. HSBC Malta participated by turning off all external lighting at its landmark offices in Valletta and Qormi in alignment with the global initiative. The Ministry for the Environment, Energy & Public Cleanliness (MEEC) coordinated Malta’s participation, with a central event scheduled at St. George’s Square between 18:00 and 21:45. The event featured informational stalls, entertainment, and the lighting of a large ‘60’ logo with candles which represents the one hour during which lights are switched off to highlight the importance of sustainability.
HSBC Malta has actively supported Earth Hour since its inception in 2009, recognising the importance of fostering long-term environmental awareness. The initiative serves as a reminder that sustainable practices should extend beyond just one hour and become part of daily life.
Glenn Bugeja on behalf of the HSBC Malta, commented: “As a responsible corporate entity, HSBC Malta remains dedicated to promoting sustainability and reducing environmental impact. By taking part in Earth Hour, we reaffirm our commitment to tackling climate change and inspiring positive action within our communities.”
Beyond turning off lights at its buildings, HSBC Malta encouraged its people and the public to participate by switching off non-essential lighting and engaging in activities that contribute to a greener future. Whether it’s reducing energy consumption at home, participating in clean-up initiatives, or adopting more sustainable lifestyle choices, every action counts.
William Spiteri Bailey elected as 73rd President of The Malta Chamber
Following the Annual General Meeting of The Malta Chamber of Commerce, Enterprise and Industry held on the 25th of March, the newly elected Council met today and elected William Spiteri Bailey as the 73rd President of The Malta Chamber.
William Spiteri Bailey, a seasoned accountant and auditor with extensive leadership expertise, has been elected the 73rd President of The Malta Chamber. Having served as Vice President for the past two years, he now steps into this role, stating that during his 2025–2027 term, The Malta Chamber will prioritise supporting Maltese companies, entrepreneurs, and businesses in their journey to transform, automate, and digitalise.
“The Malta Chamber is an institution that humbles me to serve as its President. Our aim is to help enterprises become more efficient, sustainable, and competitive—ensuring they are future-ready, modernised businesses,” said Spiteri Bailey.
The new President emphasised a vision for a resilient, innovative, and inclusive economy driven by entrepreneurial culture. The Malta Chamber also aims to continue to strengthen a meaningful engagement with members to further improve our advocacy with policymakers. Spiteri Bailey also expressed his sincere gratitude to the outgoing President Chris Vassallo Cesareo for his dedication and contributions.
William Spiteri Bailey is married to Karen nee’ Borg Cardona and father of three children, Jeremy, Martina and Mikela.
The Malta Chamber would like to thank outgoing President Chris Vassallo Cesareo and congratulates President William Spiteri Bailey and the newly elected Council Members. Vassallo Cesareo will be serving on Council as outgoing President for the next 2 years.
EU Al4GreenSME Project Launches E-Learning Course to Drive Sustainable Business Practices
The Malta Business Bureau has announced the launch of the Al4GreenSME training course, an innovative e-learning platform designed to help businesses integrate artificial intelligence (AI) solutions for improved sustainability and efficiency.
The course aims to provide Al training to SMEs to promote the transition toward the circular economy and can be accessed here.
Key benefits include:
- General understanding of Artificial Intelligence and its applications
- Understanding how Al can enhance circular economy and efficient resource management
- Learning practical strategies to reduce operational waste and costs
- Understanding Policy & Regulatory Considerations
Commenting on the launch MBB CEO Mario Xuereb, said:
“This project provides SMEs with the tools they need to integrate Al into the Circular Economy, promoting sustainable practices. We’re fostering a culture of continuous learning and ethical Al use, which is key to preparing businesses for the challenges of tomorrow. Going forward, this initiative is essential for empowering SMEs to lead the way in sustainable growth and collaboration.”
Al4GreenSME is an Erasmus+-funded initiative dedicated to promoting the use of Al to enhance sustainability across industries. The project provides businesses with training opportunities and further guidance to integrate Al into their operations.
The course was launched on March 28th at an event hosted by the MBB, featuring a panel of speakers who led an engaging discussion on the role of Al in advancing sustainable business practices. The speakers provided valuable insights into various applications of Al in sustainability, including its impact on education, entrepreneurship, and the role of government in fostering further development. The event was addressed by Professor Alexiei Dingli from the University of Malta, Mr. Mark Bajada from Bajada Lyons Group, and Mr. Neil Micallef from the Malta Digital Innovation Authority.
The Al4GreenSME project is led by a consortium of partners from across Europe. The consortium includes the Chamber of Commerce and Industry Vratsa Sdruzhenie from Bulgaria, Markeut Skills Sociedad Limitada from Spain, Malta Business Foundation and B&P Emerging Technologies Consultancy Lab Ltd from Malta, Epistimi Gia Sena Astiki Mi Kerdoskopiki Etairia from Greece, and Strategic Omnia Research and Technology Development Ltd from Cyprus.
For more information on Al4GreenSME, contact MBB at info@mbb.org.mt
Project Number: 2Q25-I-ES0I-KA220-\/ET-00015094! Funded by the European Union. \/’iews and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.
The Malta Business Bureau is the EU business advisory organisation of The Malta Chamber and the Malta Hotels and Restaurants Association (MHRA). It is also a partner of the Enterprise Europe Network.
Adriana Baldacchino wins BOV special prize in science
Ms. Adriana Baldacchino has been honored with the BOV Special Prize in Science for her exceptional academic performance throughout the BSc(Hons) program from 2020 to 2024. This prestigious award recognizes her achieving the highest overall mark in her cohort, highlighting her dedication, hard work, and passion for science.
Adriana’s journey through the BSc(Hons) program has been marked by consistent excellence. Her ability to grasp complex scientific concepts and apply them effectively has set her apart from her peers. Her commitment to her studies and her unwavering pursuit of knowledge have earned her this well-deserved accolade.
Ms Baldacchino was presented with her prize by Prof. Emmanuel Sinagra, Dean of the Faculty of Science at the University of Malta and Silvio Cassar, Manager Business Generation at Bank of Valletta.
“Ms Baldacchino has demonstrated exceptional skill and commitment in her studies, consistently achieving top marks across all subjects,” said Prof. Sinagra. “Her hard work and passion for science have set a remarkable example for her peers and the academic community. We take this opportunity to congratulate her on her well-deserved achievement and will continue to follow her successes in the field of science.”
“The BOV Special Prize in Science is a collaboration between BOV and the University of Malta with the aim of encouraging academic excellence, promoting scientific research while fostering a culture of achievement and celebrating the hard work of top students,” said Mr Cassar. “This prestigious prize highlights academic excellence and dedication and is definitely a prestigious addition to Ms Baldacchino’s resume and will definitely be an asset to motivate her to continue striving for excellence.”
BOV upgraded by Fitch to ‘BBB’ with stable outlook
Fitch Ratings has upgraded Bank of Valletta’s Long-Term Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB-‘ and the Viability Rating (VR) to ‘BBB’ from ‘BBB-‘. The Outlook on the Long-Term IDR is Stable. Fitch has also assigned BOV a long-term deposit rating of ‘BBB+’ and short-term deposit rating of ‘F2’.
This upgrade was announced by Fitch on Tuesday 25th March, in a statement that acknowledged “BOV’s dominant domestic franchise, which has allowed the Bank to consistently capture the profitable business opportunities offered by Malta’s benign operating environment, while maintaining adequate asset quality and capitalisation”.
Both BOV Chairman Dr Gordon Cordina and CEO Kenneth Farrugia expressed their extreme satisfaction on this announcement. Dr Cordina stated, “This upgrade by Fitch is another acknowledgement of the transformation journey that we’ve been on for the past years and is a testament to our dedication to sustain the Bank’s positive performance. This announcement enables us to look to the future with confidence and continue in our efforts to positively impact our stakeholders, shareholders and the wider community.”
CEO Kenneth Farrugia echoed the Chairman’s statement and commented, “This upgrade by Fitch Ratings is a substantial milestone for Bank of Valletta, reflecting our robust financial position and strategic vision. It follows a series of prestigious accolades we received in 2024, including an upgrade of our credit rating by Standard & Poor’s, the esteemed FHRD HR Quality Mark, two awards at the Malta Business Awards, and being named Company of the Year 2024 by the Malta Stock Exchange. These recognitions, culminating in Fitch’s upgrade, validate our sustained efforts and dedication to maintaining the Bank’s positive performance and supporting the growth of our business for the years to come.”
In the official statement, Fitch continued by saying that BOV’s ratings reflect its leading domestic franchise, which contributes to the bank’s sound earnings generation despite limited business diversification, but also its small scale and concentrated operations in a small economy. BOV’s lending standards and investment guidelines are in line with global industry practices, and its risk framework has strengthened in line with regulatory expectations.
The full report on Bank of Valletta’s upgrade can be viewed here.
The Malta Chamber Council 2025-2027 elected
Following last Tuesday’s Annual General Meeting and subsequent voting process, The Malta Chamber of Commerce, Enterprise and Industry Members elected a new council for 2025-2027.
The elected members, who also form the Economic Group executive boards are as follows:
