The Malta Chamber of Commerce, Enterprise and Industry is very worried about the current situation that the country is in, particularly, though not only, about the nationwide power outages experienced continuously over the past days which have left business and the general public in paralysis.
In view of this, The Malta Chamber has asked the MCESD Chairperson to convene, with urgency, a meeting amongst all the stakeholders to discuss this situation collectively as a nation. This current state of play cannot persist and worst of all repeat itself – the right decisions and timely investment need to be taken now. This country needs to have a long term economic and social vision that goes beyond the political spectrum.
In the past days, The Malta Chamber showed its concern and worries on the way the country is being led. This goes beyond the power cuts being experienced continuously. There is the urgent need to discuss the way crucial issues which effect the nation as a whole are being handled. This can only be achieved through a responsible dialogue with all social partners collectively. The business community is calling upon the government to act now before it is too late.
The Malta Chamber in collaboration with Bank of Valletta plc organised a conference to discuss the current standing of the Maltese economy and where it should be aiming to go.
The Malta Chamber Deputy President Nick Xuereb highlighted the main pressure point the labour market is experiencing, the impact of inflation and interest rates, the importance of tax reforms, and the importance of pushing the boundaries. “We are in a permacrisis state, and we must act diligently and in a timely manner to navigate and mitigate the challenges that lie ahead,” he said.
Bank of Valletta plc (BOV) CEO Kenneth Farrugia emphasised the importance of sustainability and putting more weight on ESG in business and operational models, so that Malta remains competitive in attracting more foreign investment.
This came in his speech during a business seminar organised by The Malta Chamber of Commerce, Enterprise and Industry in collaboration with BOV, titled “The Maltese Economy: 2023 & Beyond”. During the seminar, various key stakeholders discussed the current state of the Maltese economy and gave interesting insights on the matter.
Mr Farrugia highlighted the importance of sustainability and ESG principles to support the country’s sustainability ambitions. “We noticed two extremes when meeting clients: those who have strategically embraced ESG in their business models, whilst others have a very limited understanding of sustainable development goals and ESG ambitions,” he said.
“Our collective contribution to economic growth should be driven by sustainable growth which in turn will strengthen the country’s value proposition making it more attractive for foreign direct investment, which is so important for Malta and Gozo,” he added.
Mr Farrugia also emphasised that very frequently, people are driven by the idea of “what is in it for me?” He remarked that such a limitation “needs to be extended to the important consideration of the way ESG will contribute to make Malta an attractive investment destination”. In that respect, he added that Malta experiences “multiple armchair critics” that are “completely devoid of constructive solutions”.
He explained that should the industry want to sustain the growth of Malta’s economy, it needs to “take charge of the required changes” as it is “easy to criticise”, but then a backseat is often taken “when it matters most”. Effectively greenifying the economy needs to be “financed and incentivised”, and Mr Farrugia noted that everyone has a role to play in this paradigm shift which is “so important for the country in its ambitions to ensure sustainable growth”.
He added that it comes as no coincidence that the social part (the ‘S’) comes in the middle of ESG, as “everything we do ultimately revolves around our society”.
The bank’s CEO also reaffirmed BOV’s position as a “catalyst in the local economy”, through its aim to “add value to society”. He explained that it does so as it believes that in this manner, it will “create value for the customers and our bank”. “We commit to remaining supportive of the Maltese economy, and we want to be a catalyst in the business community to actively contribute and support the required changes. Events like this are stimulating discussions and providing interesting insights but these need to be followed up and events like this should not end up simply being talking shops,” Mr Farrugia continued.
Failing to act on these events would risk the industry generating a number of useful suggestions that would not be followed up on and eventually end up being fizzled out. “As a bank, we have identified those sectors we feel are behind the curve regarding ESG, and we will be supporting these sectors to embed ESG principles in their business models and operations,” he said.
During a panel discussing the future of Malta’s economy, Kevin Rapinett, Member of The Malta Chamber Board of Management noted that “the numbers do not lie”.
“Considering the challenges of the past years, we did relatively well, however, several cracks can be seen. These cracks are unfortunately present because Malta has adopted a model over the past 10 years that is solely focused on the ‘increasing numbers’ of our economy leading to a myriad of unsustainable practices,” he explained. He also made reference to Minister of Finance Clyde Caruana’s recent call to revisit Malta’s economic model, describing it as a “timely one” since it will allow for “sustainable growth when looking towards the medium and long term”.
Silvan Mifsud, Council Member of The Malta Chamber, presented some of the topics and issues that The Malta Chamber 2024 Pre-Budget document will entail. He stressed the “urgent need” to revise the current trend of increasing productivity with numbers.
BOV Senior Manager in Data Insights and Economics Malcolm Bray was another speaker in the seminar, and he outlined the salient features and latest developments of Malta’s economy. He explained how during pre-pandemic years, Malta’s economic growth was higher than in the euro area and such a pattern is forecast to continue even in 2023 and 2024. He remarked how economic growth has tended to be “job-rich”, contributing to the significant increase in the share of foreign workers and to a pronounced expansion in the size of the population. After discussing a number of other topics, Mr Bray stated that stakeholder investment is “key to ensuring the right balance is achieved”.
The Malta Chamber of Commerce, Enterprise and Industry is seriously concerned about the current state of play and the way the challenges we face as a country are being handled. The economy and the quality of life of people are suffering because of lack of foresight, poor planning, lack of transparency, weak enforcement, and slow action where action needs to be taken. The country is in a nose-dive and we persist in denial, failing to read the signs of the times. It is time to stop trying to please everyone at once and to prioritise the long-term national interest over immediate partisan interests. Government needs to listen more to the warnings voiced by people whose interests are non-partisan, and address structural issues that are impairing productivity and undermining competitiveness, the country’s attractiveness, and people’s well-being and quality of life. The time for patched up, short-term quick fixes is over.
Year-on-year, we continue talking about the same matters in multiple fora. We register occasional improvements here and there, but the approach is uncoordinated, and the general situation continues to deteriorate because when issues are not addressed promptly and effectively, they grow bigger. The damage done in the meantime is in many cases irreversible, as evidenced by our urban landscape. The traffic situation, the power outages, the shabbiness, the lack of proper waste management and the tragedies at workplaces are just some examples of issues that The Malta Chamber is constantly harping on. These factors contribute to an erosion in the quality of life of people and make the country unattractive for high quality investors and visitors alike. Visions, strategies and reforms which remain on paper are pointless. The country’s leadership needs to step up and take the right decisions with the required urgency, however tough these decisions may be.
We need to:
1. Implement tangible measures to reduce traffic congestion, such as attaching car license fees to usage, introducing parking fees in central urban areas with fees paid being transferred into an e-mobility wallet for use of sustainable means of transport, and restricting certain congesting activities during peak hours;
2. Ensure a reliable supply of electricity that can cater for our predictably hot summers without recurring power outages;
3. Ensure proper maintenance and cleansing of public areas;
4. Ensure proper enforcement of laws and regulations in all spheres of business activity and for all residents and visitors;
5. Provide assistance to real low-income earners rather than indulge in distributing handouts;
6. Direct subsidies to businesses operating a sustainable model to help such businesses become more viable and prevalent in our economy;
7. Incentivise a shift away from labour-intensive activities towards an economic model which is not dependent on increasing the population – the present economic model requires the importation of an additional 20,000 workers annually, which is unsustainable and is pushing the country’s infrastructure to breaking point.
The Malta Chamber reiterates that we need to overcome the illusion that because we are small, we only need to attract a small portion of the business from the global economy to succeed. Our GDP may be growing, but the country is progressing way too slowly in addressing what will increasingly mean more to people and to sustainable business models. Eventually, we will be outpaced by our competitors on all fronts. We cannot continue to grow the bottom-line GDP without a clear strategy beyond the seemingly quick-fix solution of importing foreign labour indefinitely, in the hope that this will help support the growing needs of our ageing population, not least of which is the pensions timebomb. The Malta Chamber urges Government to rise up to the challenge and act now before it is too late.
RSM Malta has renewed its commitment to The Malta Chamber by sponsoring the organisation as a Gold Partner for the 8th consecutive year. A partnership built on trust, appreciation of the work done by both entities and a mutual sharing of knowledge and expertise made possible through several initiatives. The signing of the agreement was held on Wednesday 19th July 2023, at The Malta Chamber in Valletta.
RSM Malta was the first firm of its kind to partner up with The Malta Chamber back in 2016, opening up doors for the organisation to start reaching other forms of partners apart from banks.
“Being part of The Malta Chamber, a strategic player and leader in the market, has provided us with several opportunities that continue to align with RSM Malta’s motto ‘The Power of Being Understood’. Apart from being sponsors, we have several Partners in our firm that support different committees within the Malta Chamber, while we are the main partner of the recently concluded Next Gen Leadership series organised alongside the Young Chamber Network. This series of workshops allowed us to share expertise with the young entrepreneurs that are shaking up the future of our nation,” said George Gregory, Managing Partner at RSM Malta.
As a firm, RSM Malta has always been a believer of the work that The Malta Chamber is doing and this partnership was a natural step to keep renewing year after year. This is reflected also in the support that RSM Malta’s Partners give to the organisation as well as the Young Chamber Network.
“For The Malta Chamber, the strong partnership with RSM Malta is not just an asset for us as a representative body for local leading businesses, but it is also a great asset to all our members, particularly through the expertise and knowledge shared by the firm based on the variety of sectors it operates in. We look forward to exploring further ways through which we can continue providing value for our members, hand in hand with RSM Malta and its Partners,” said The Malta Chamber President, Chris Vassallo Cesareo.
RSM Malta looks forward to continue building upon the strong relationship foundations it has established with The Malta Chamber, while it remains readily available to ensure it supports the current and future waves of entrepreneurs that are planning to design and evolve Malta’s business landscape.
Moneybase is proud to announce that Moneybase IOS cardholders can now make payments using Apple.
All Apple users can now add their Moneybase cards to their Apple Wallet, Enjoy all the benefits of your Moneybase Card with Apple Pay on iPhone, Apple Watch, iPad, and Mac. Using Apple Pay is simple, and it works with the devices you use every day. Your card information is secure because it isn’t stored on your device or shared when you pay. Paying in stores, apps, and on the web has never been easier, safer, or more private.
When you make a purchase, Apple Pay uses a device-specific number and a unique transaction code. Your full card number is never stored on your device or on Apple servers, and it can’t be shared with merchants. Apple Pay doesn’t keep transaction information that can be tied back to you, ensuring all purchases are private.
Alan Cuschieri, CEO of Moneybase, said, “We are proud that Moneybase has added Apple Pay to its offering with the latest provisioning making it very easy to add cards to Apple Pay within the Moneybase app itself. Moneybase users can pay also through GPay, Garmin Pay and Xiaomi Pay”
Moneybase cardholders also have the chance to win a dream holiday, 16 nights for two persons in Bali, Participating in the prize draw is easy since you automatically earn tickets for every transaction you make. More information about Moneybase’s rewards and incentives are available on the moneybase website.
Moneybase’s ISO-certified customer care team is available to assist clients with any questions they might have, seven days a week, and may be reached on +356 25 688 688 or through the in-app chat.
As a next-generation financial platform, Moneybase provides investments and payments in a single ecosystem backed by local ISO-certified customer support. Customers can send and receive person-to-person payments, as well as make both domestic and international transfers. Users may also opt to receive their salary, pension or stipend directly onto their Moneybase IBAN. Moneybase customers save when travelling or making international payments thanks to the platform’s competitive currency rates and the multicurrency capabilities of the Moneybase card, which may be ordered for free from the app itself.
With Moneybase Invest, users can invest locally on the Malta Stock Exchange or tap into over 40 international markets with over 20,000 stocks, ETFs, bonds and funds through the award-winning platform. The platform also offers fractional shares and extended hours trading, which provide an additional 9.5 hours of US market access.
Moneybase is part of the Calamatta Cuschieri Finance Group. The app may be downloaded from the App Store or Play Store. More information is available on the Moneybase website.
The Malta Business Bureau (MBB) presented an assessment report on the European Commission’s proposal to establish a Packaging & Packaging Waste Regulation. The proposal aims to make packaging more sustainable by obliging the use of recyclable and reusable packaging, while also banning certain single-use formats such as miniature toiletry bottles and condiment sachets.
Direct feedback from businesses across all affected sectors and industries was gathered through in-depth interviews which are summarised within the report. This was presented during a meeting with the Minister for the Environment, Energy & Enterprise, Miriam Dalli.
MBB highlighted the main sentiment expressed by Maltese businesses to help contribute towards Malta’s positions in Brussels.
MBB President Alison Mizzi affirmed, “Businesses certainly agree with the main objective of the proposal. Waste represents not only a loss of resources but also leads to environmental degradation, processing and transportation costs, and spatial challenges, especially given Malta’s limited available land. It is consequently in the interest of all actors, including businesses, to introduce measures which minimise waste where possible.” Ms Mizzi added that along with the opportunities the proposal brings for more sustainable businesses, it also raises a number of challenges which MBB is assessing to facilitate implementation.
The Minister conveyed sincere appreciation to the MBB for their diligent efforts in producing the assessment report. Minister Dalli welcomed the fact that the business sector was recognising the detrimental impact of waste on the country’s precious resources and environment. “The Government remains steadfast in its commitment to addressing any pressing issues there might be,” Minister Dalli said.
Moreover, the Minister encouraged both public and private sectors to work together towards a stronger environment and economy.
MBB Manager EU Policy (Sustainability) Gabriel Cassar presented the key outcomes of the report, highlighting aspects such as the need for further clarity in the proposal to ensure legal certainty, longer transition periods, and the need to better justify certain targets and bans from an environmental and economic perspective.
The proposal for a Packaging & Packaging Waste Regulation was issued towards the end of 2022 and is seen as one of the priority files in the EU’s green agenda. The MBB has been working closely with national and EU policymakers to put forward the views and concerns of Maltese businesses. Those interested in further information are encouraged to contact the MBB EU policy team on infobrussels@mbb.org.mt.
The Malta Business Bureau is the EU business advisory organisation of The Malta Chamber and The Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.
GABRIEL CASSAR – MANAGER FOR EU POLICY (SUSTAINABILITY) – MBB
The circular economy has been given a renewed push at the EU level through various legislative initiatives over the last few months. A key proposal within this framework has been the ‘Right to Repair’ Directive, which aims to promote the repair ahead of replacement of defective goods and strengthens consumer access to repair information and services.
The proposed directive will make it easier for consumers to compare repair service providers and opt for any third-party providers of their preference. Producers must provide third parties access to any spare parts, information, or tools needed to conduct repairs. Producers shall also be obliged to repair certain products when requested to do so by consumers. This includes products such as refrigerators, washing machines, mobile devices, and data storage equipment, to name just a few. Importantly, producers will be obliged to always repair defective goods if repair is cheaper than replacement, regardless of consumer expectations.
The Malta Business Bureau (MBB) supports the general aims of the Right to Repair proposal, as it can help foster more sustainable business practices across the entire value chain which may reduce the carbon footprint and waste generation over the long-term. This would be achieved through reducing demand for replacements and encouraging innovation in the design of more durable and easily repairable products.
Excess waste leads to resource depletion, environmental degradation, high processing costs, and spatial challenges. These issues are compounded in Malta due to the limited land available to process and dispose of waste.
Nonetheless, it must also be acknowledged that the proposed Directive is not without challenges. One of the most significant concerns relates to the quality and safety of products when repaired by independent service providers. Such an approach is already well accepted in practice for products such as mobile devices. However, repairs for other categories of products, such as ones which deal with heat, chemicals and air/water tightness should be treated with more caution.
Repairs in these cases must be conducted in proper conditions and by qualified repairers. Producers should consequently be able to authorise who can repair their products in a safe and reliable manner. It is therefore crucial to differentiate between more easily repairable products and more complex ones which require specialised repair services.
The sharing of certain information needed to conduct repairs will also be complicated when products are covered by patents or other intellectual property rights. Companies must not be required to divulge proprietary information or technical details about their products with third parties where there is a risk of losing trade secrets. The proposed Directive should make direct reference to the protection of such sensitive information to promote continued R&D by companies.
The proposal must also clearly distinguish between business-to-consumer and business-to-business relationships. While its scope is meant to be limited to products purchased by consumers, the proposal at the same time refers to products which are typically used in business activities, such as data storage and server products, refrigeration appliances with a direct sales function, and welding equipment. B2B relationships are often governed by dedicated contractual agreements covering repair needs, which may differ significantly from consumer products.
Another important sticking point will undoubtedly be the obligation on producers to always repair defective goods if repair is cheaper than replacement. Situations such as out-of-stock parts, multiple or repeat defects, and consumer expectations will mean that repair cannot be the solution in call circumstances. Such decisions are not typically based solely on the absolute cost of repair, but also factor in aspects such as the ratio between purchase price and cost of repair, how the replacement is accounted for, the potential better performance of replacement models, customer service and the company’s own reputation.
Notwithstanding these concerns, the Right to Repair directive remains a legitimate proposal with objectives deserving support. With carefully targeted amendments, it has the potential to strike a good balance between environmental protection and the practical considerations faced by businesses. By finding this balance, the EU can ensure that sustainable practices are promoted without adding undue burden.
Gabriel Cassar is the Manager for EU Policy (Sustainability) at the Malta Business Bureau (MBB). The MBB is the EU advisory organization of The Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.
This article was first published in The Malta Independent on Sunday on 16th July 2023.
Chris Vassallo Cesareo was elected President of The Malta Chamber at the end of March, after serving on its Council for 10 years. Here, he speaks to Rebecca Anastasi about his priorities for the next 2 years, and how he plans to continue bolstering the entity’s 175-year heritage.
In its 175-year history, The Malta Chamber of Commerce, Enterprise and Industry has grown to become the backbone of private-public business relations. Indeed, the organisation has proven instrumental in ensuring that the Maltese corporate community, as well as its strong industrial sectors – manufacturing, retailing and service providers – flourish, weathering the storms determined by the economy.”
In March, businessman Chris Vassallo Cesareo, whose CV includes a 10-year stint on The Malta Chamber’s Council, and an established career as Managing Director at Domestica, one of Malta’s leading furniture establishments, was elected President for a two-year term.
“My background is in the small-to-medium business sector, with Domestica being a second-generation family business, possessing investments in retail, manufacturing and servicing, so I’m very aware and conscious of the challenges and opportunities facing similar businesses working within these economic pillars – which, actually, include most of The Malta Chamber members. The fact that I’ve also been working on the Council, and working closely with the entity’s former presidents, means that I can also follow in their good footsteps,” he smiles.
Indeed, his key priority is to more firmly entrench the deep roots already established by The Malta Chamber, which, Mr Vassallo Cesareo says, is fundamentally dependent on the work of those starting out their careers. “My intended focus is on the future generations of business leaders,” he continues, adding that he’s also the Chairperson of JA Malta Foundation, which provides training and mentorship to entrepreneurial youths. “It’s our responsibility to give a platform and the space to future generations to excel in their respective areas,” he insists.
This is done through the commitment to The Malta Chamber’s five pillars: economic growth and resilience; environmental sustainability; digitalisation and infrastructure; human capital; and good governance. “We champion these foundations, to make sure we continue to leave a legacy,” he says, explaining that integral to these principles is education. “I don’t believe we can afford to separate education from industry. The Malta Chamber can help create the future, bringing educational institutions in touch with local businesses so we open the doors of opportunity, with youths being able to establish a career, and not simply look for a job. We are looking at things holistically, and this is tied to a national vision for the country,” he says.
Good governance will be another of Mr Vassallo Cesareo’s core priorities during his tenure. “Once you have this in place, then you can be competitive. It comes naturally. We have written a document giving recommendations on how to strengthen Parliament, and another on how to establish better procedures for public procurement. Through these, what we’re saying is that we, as businesspeople, are also looking out to ensure the work is done correctly. For instance, if companies are not in line with the law, they shouldn’t be awarded public tenders.””
Trust is a two-way street, he says. “It’s our duty to raise these issues, since it creates a healthier economy which is more conducive to conducting correct business. To be more specific, if a tendering process has been launched and company A, that has done everything well, and paid all its dues, is competing with company B, that has not paid its taxes, then this is an unfair advantage, since the latter will have more cashflow, for a start.”
Concurrently, The Malta Chamber is also suggesting a lobby register – a proposal which has been put forward to Government over the past few years – in which meetings with public officials will be declared within 24 hours after the meeting is held, with the minutes uploaded on a public forum, so “they can be read and debated. They should be available to the public,” Mr Vassallo Cesareo says, pointing out that “the proposals being made by The Malta Chamber are always tangible, structured and concrete recommendations,” and therefore, workable.
This approach is crucial if The Malta Chamber is to fulfil its mission of championing the interests of the islands’ economic sectors and lobbying the authorities to ensure the best possible economic, social and political environment for businesses to flourish. “We are aligned to these five pillars, but we are also finding new priorities, new pillars. Our job never stops,” Mr Vassallo Cesareo attests.
Indeed, in the foreseeable future, The Malta Chamber will be focusing attention on the challenges associated with recruitment and human resources; the ease of doing business in Malta; access to finance and cashflow; helping to resolve the kinks in the supply chain; and the issue of Government competing with the private sector.
Moreover, The Malta Chamber is keen to aid businesses capitalise on the opportunities offered by technology, including by partnering up with Tech.mt, a Government entity launched to help tech companies export their digital offerings. “With this partnership, we represent the private sector, and we encourage firms to internationalise their products and services,” he says, adding that all local enterprises should be cognisant of the opportunities inherent in using digital solutions to also do business away from Malta’s shores.
“We are involved in several projects such as DS4Air, which has now ended, but its goal was to help companies become more tech-oriented. And there are other such initiatives in the pipeline, through which we give free services to our members, in order to help them expand,”” he continues.
Rising inflation has also been of concern to local businesses and, as a result, to The Malta Chamber. “At the moment, inflation is at a 3.61 per cent increase, averaging at 3.55 per cent, so this has been of major concern to private enterprises, irrespective of their size, turnover or sector. In fact, we’re being asked for clarity on how this will be resolved moving forward. We know, for instance, that Government has been absorbing the increasing costs of energy, but what’s going to happen when these subsidies stop?”
In his view, “Government must see how it is going to ease the way for local businesses in this regard, and I’m sure if we handle rising inflation correctly, we can navigate it. We don’t want the Government to be handing out money to everyone, for instance – but to those who really need it to survive. And once again, if a particular business has not paid its taxes, it should not be eligible for Government aid. Therefore, our solutions are very much linked to good governance and the associated competitiveness,” The Malta Chamber President says.
Looking ahead, Mr Vassallo Cesareo insists that the future is bright. “We’re celebrating 175 years of being in operation, and we still stand for the ethical voice of business in Malta. We champion policies and represent good business, and correct business. We have a strong stake, and there’s a firm direction, which can give the local business sector courage and strength to navigate what comes our way,” he concludes.
CHRIS VASSALLO CESAREO – PRESIDENT – THE MALTA CHAMBER
As the newly-elected President of The Malta Chamber of Commerce, Enterprise and Industry, I see so much potential and business growth when one invests in tech and digitilisation. In fact one of the 5 main pillars in my vision for the coming two years is digitilisation.
As representatives of the private sector in Malta we find that the most salient barrier that really stands in the way of our progress with digitalisation is the lack of sufficiently skilled and reasonably priced human capital to make things happen. Digitalisation offers noticeable productivity gains and may be perceived as the easiest notion to get decision-makers to buy into, but technology does not just refer to digital technology. The latter has overtaken our daily lives to the point where we frequently associate the term “technology” with it alone, without the human element which complements it.
Thanks to our Public Private Partnership, The Malta Chamber together with Tech.MT are best placed to ensure an enabling environment for a business-friendly transition which would ensure that the essential elements that enable Malta to be a “winner” in the digital economy of tomorrow are in place.
The development of critical competencies, such as numeracy and digital skills, is relevant to everyone in our community and is not just important for academic or professional settings. As The Malta Chamber, we frequently argue in our contributions to policymaking, not least during our recent Jumpstart Learning conference in March which focused on Education. Indeed, modernising present employment and skills laws is vital to meet the demands of a world that is becoming progressively more digital.
Regardless of the industry or the nature of the job, proficiency in the use of digital tools and services is essential. The Malta Chamber insists that one crucial requirement is for the educational curriculum to give all children a foundational understanding of ICT, something which is unfortunately still missing today.
A comprehensive transformation approach goes well beyond cost reduction. It places our companies on a higher performance trajectory. It is true that some things require time, like altering mindsets and integrating digital technology outside of IT, but results will be rewarding.
In view of all this three essential stages must be accomplished to guarantee that changes stick, which are: (a) establishing a foundation for an expedient execution at the outset; (b) maintaining momentum beyond the initial launch; and (c) merging the operational infrastructure of the transformation into business as usual.
A variety of manufacturing and service sectors are adopting business models based on technology and product platforms, fundamentally altering the nature of the marketplace and the rules of competition.
In other words, there seems to be more emphasis about the tech (T) without the human resources (H)…
However, human capital continues to be the most important prerequisite for moving toward an open economy dependent on knowledge services, value-added manufacturing, and e-tourism – to mention a few.
Therefore, The Malta Chamber together with Tech.MT will continue to support you as you face and address difficulties associated with data security, lack of in-house IT professionals, employee resistance to change, organizational agility, and a plan for change along this digitalization path.
This article was first published in the Tech.mt Annual Report 2022.