TradeMalta, the national trade promotion organisation responsible for assisting businesses in their export journey, organised the Malta Pavilion at the SIAL Food Fair in Paris, held from 19 to 23 October. The Pavilion, showcased Malta’s capabilities and investment in the food and beverage industry, marking a successful return to the fair.
Following a call for participation, Consolidated Biscuit Co Ltd, Strand Palace Agencies, Magro (Bros) Food Ltd, Camel Brand, and Bon Cuisine Ltd. showcased their products at the Malta Pavilion. Additionally, other Maltese companies, namely Simonds Farsons Cisk plc, The Food Factory, and Go&Fun International Ltd, also exhibited at the fair.
Anton Buttigieg, CEO of TradeMalta commented, “TradeMalta was delighted to organise the Malta Pavilion at SIAL, as this highlighted our commitment to promoting international trade and showcasing the excellence of our food and beverage sector globally. We are eager to continue enhancing Malta’s presence in the global marketplace by helping Maltese companies engage with industry peers and forge new partnerships”.
SIAL Paris, the world’s largest international meeting point for buyers and suppliers, featured 7,000 exhibitors from 127 countries, displayed over 400,000 food and beverage products. This prestigious event is renowned as the hub of food and beverage innovation, attracting producers, distributors, restaurateurs, and importers-exporters from around the globe.
The participation of these companies underscores Malta’s commitment to showcase its diverse and high-quality food and beverage sector on an international stage. The event provided an excellent platform for networking, business development, and exploring new market opportunities.
Applications closed within 2 days of launch following strong response by investors
Bank of Valletta has just announced the successful closure of its €100 million 5% unsecured subordinated bonds (2029-2034). The Bond Issue was fully subscribed within days of its launch to the market, with the public’s overwhelming response resulting in the Bonds being oversubscribed.
Commenting on the successful Bond Issue, BOV Chairman Dr Gordon Cordina stated, “This achievement marks yet another milestone for Bank of Valletta and highlights the confidence that both investors and the public have in this Bank. Such overwhelming support gives us the confidence to continue on our journey to deliver sustainable growth for the Bank and to offer long-term value to all our stakeholders.
CEO Kenneth Farrugia said that “This announcement validates our strategic vision and our ongoing efforts to strengthen the Bank’s capital, which will in turn support the growth of our business in the years ahead of us. This was the largest ever issue in the domestic market and the participation of both institutional and personal investors is an endorsement of the trust that the Bank enjoys in the market. I would like to take this opportunity to express my sincere appreciation to all the investors who have entrusted us with their confidence, as well as to the Bank’s employees who tirelessly prioritise our customers, shareholders, and other stakeholders in everything we do.”
On Wednesday, 16th October, Bank of Valletta (BOV) was proud to join the global community in celebrating Global Ethics Day 2024, reinforcing its dedication to ethical leadership and integrity within the financial sector. This year’s theme, “Ethics Empowered,” echoes the Bank’s continuous efforts to uphold the highest standards of ethical behaviour in an increasingly interconnected and complex world.
Throughout 2024, BOV has spearheaded various initiatives aimed at deepening the awareness of ethical principles among its employees. One of its key programs that ran over the weeks preceding the Global Ethics Day, The Power of Your Voice, cultivated a speak-up culture across the organisation. By encouraging employees to confidently express their concerns and opinions, the campaign empowered individuals across the Bank, to take responsibility and act with integrity, reinforcing the Bank’s commitment to transparency and ethical practices.
Employees were also encouraged to nominate colleagues who inspire them to use their voices for positive change, with top nominees being recognised on Global Ethics Day. This campaign highlighted how leading by example fosters a positive ethical work culture, where one act of integrity leads to another, creating a ripple effect of improvement.
“Global Ethics Day is an opportunity for us to reaffirm our unwavering commitment to integrity and transparency,” said Kenneth Farrugia, CEO of Bank of Valletta. “At Bank of Valletta, we believe that ethical leadership is essential not just in moments of challenge but as a guiding principle in everything we do. Our initiatives this year have focused on empowering our people to act with integrity, fostering a culture where every voice matters and every action aligns with our core values.”
As part of its dedication to maintaining ethical standards, BOV has engaged in a series of training and awareness programs, notably through Zero Tolerance training sessions targeted at line management. These sessions ensured that leaders within the organisation exemplify ethical behaviour, setting the standard and leading by example. Additionally, the Bank’s Ethics Team has been actively involved in embedding ethical practices throughout the organisation, promoting a culture of accountability and integrity.
“Ethics is at the core of our business, and through initiatives like The Power of Your Voice, we have encouraged a culture where employees feel comfortable and safe to speak up and address concerns,” said Anatoli Grech, Group Chief Compliance Officer at Bank of Valletta. “From training sessions for line managers to ongoing awareness efforts by our Ethics Team, we have worked tirelessly to embed ethical practices into every aspect of our operations. Our commitment is clear: to lead by example and set a standard of excellence for our industry.”
As a participant in the Carnegie Council’s Global Ethics Day project, BOV continues to support initiatives that emphasise the importance of ethical conduct. By aligning with the theme of “Ethics Empowered,” the Bank not only reaffirms its commitment but also contributes to a global conversation on ethics, integrity, and responsible behaviour.
As the global landscape continues to evolve, Bank of Valletta remains steadfast in its commitment to ethical excellence. The Bank pledges to uphold integrity and transparency, striving to set an example in the financial sector and contribute to a more ethical global business environment.
Bank of Valletta hosts a Successful Event for its Customers highlighting its commitment to customer-centricity
Bank of Valletta (BOV) has recently hosted its Voice of Customer (VOC) event at the Aviation Museum in Ta’ Qali. The event brought together several customers who participated in the Bank’s feedback surveys over the past year, offering them a platform to share their experiences and ideas, while helping BOV shape the future of its services.
Listening to Customers: Over 27,000 Voices Strong
BOV strongly believes that every customer’s feedback is invaluable. Over the past year, more than 27,000 customers have shared their thoughts through the Bank’s Voice of Customer Program. The VOC team conducts surveys across a cross-section of channels, including branches, digital banking platforms, ATMs, investment centres, business centres, and Corporate Centre. The feedback collated enables the Bank to better understand its customers’ needs and expectations.
“We are committed to putting our customers at the heart of everything we do,” said Theodoros Papadopoulos, Acting Chief Customer Experience Officer at Bank of Valletta. “Our Voice of Customer event was an opportunity for us, not just to listen, but also to celebrate the valuable insights our customers provide. Every piece of feedback helps us improve, innovate, and create a banking experience that truly meets our customers’ needs.”
Taking Action on Feedback
Feedback from customers has already led to positive changes. Suggestions for new features have been incorporated into the Bank’s Internet and Mobile Banking platforms, and it has re-engineered processes to improve onboarding and enhance accessibility at its centres. The Bank is also working on refining the design of ATMs to ensure they’re more user-friendly and strategically located for greater convenience.
Building Connections and Community
The event was more than just about feedback—it was about building a stronger community. Attendees had the chance to engage in open discussions with BOV’s team, network with other customers, and share their perspectives on the Bank’s suite of products and services. These interactions highlighted the importance of collaboration and mutual understanding in creating a better banking experience.
Looking Ahead: Customer Feedback Leading the Way
BOV is committed to continuously improving the customer experience. Customers’ insights will continue to guide it in refining its services and developing new solutions to meet customers’ needs, ensuring that their experience is an optimal one.
The below is the keynote address that was delivered by Chris Vassallo Cesareo, The Malta Chamber President, during the EY Malta Future Realised 2024 Conference:
I wish to begin by expressing my sincere thanks to EY for the kind invitation and for giving me the honor of opening today’s event. This gathering has become a significant highlight in our calendars. And this year’s session is particularly timely, as we find ourselves only five days away from the national Budget. This timing calls for all of us to engage with open ears and open minds.
As the President of The Malta Chamber of Commerce, Enterprise and Industry, with four months remaining in my term, I ask for the opportunity to share some of the insights and lessons I have learned along the way.
Like some of you, I began as an entrepreneur, representing a family business. When I took up this role, I had to adopt a broader perspective, moving beyond the contained, micro level to focus on issues impacting the country as a whole. No longer viewing challenges solely through the lens of a business owner, I found myself looking at Malta’s economy and society from a much wider angle—almost from day one.
Through The Malta Chamber’s engagement with its members, I have gained a hands-on understanding of the real challenges we face. These are challenges that not only hinder business productivity and efficiency but also impact the broader quality of life on our islands. We’ve talked often about these difficulties—businesses struggling to find skilled workers, the delays caused by traffic congestion, weakened infrastructure, rampant overpopulation, and the strain on our resources and environment caused by over-tourism.
I believe all of you have, at some point, heard and appreciated our constructive positions on these matters.
Today, however, I will take the liberty to address our country’s leaders, decision-makers, and economic stakeholders present here. I am confident that we all share the same common goal: improving the quality of life for everyone living and working in Malta.
With that goal in mind, I make this appeal to you. Our country’s focus on headline economic indicators such as GDP growth, per capita income, and unemployment rates, often overlooks the broader societal costs that come with pursuing growth at any cost. As we chart the way forward, we must shift from superficial assessments of economic success to a deeper, more holistic analysis of the well-being of our population—both now and in the future. Economic policies must prioritize sustainable development and ensure a good quality of life for all citizens.
Malta’s infrastructure is under tremendous strain. Skyrocketing housing prices, overburdened public services, and the daily stresses on our roads and utilities are signs that the current economic model, which depends heavily on increasing the number of foreign workers and tourists, is unsustainable. No matter how much we invest in infrastructure, if the demand continues to grow unchecked, we will eventually reach a point of no return. The simple truth is this: we need to rein in the numbers and focus on value and quality. Otherwise, we risk seeing a total collapse of our infrastructure and essential services.
At The Malta Chamber, we believe that the solution is clear. Malta is at a crossroads. Continuing with the status quo is not a viable option. What we need is a well-structured economic transformation strategy that enables sustainable economic growth while preserving a high quality of life.
Such a strategy would allow Malta to achieve several key milestones:
It would reduce our reliance on Malta’s attractiveness being tied to corporate taxation and shift it towards unique competencies and greater efficiency.
It would ensure that present and future generations are equipped with the skills needed to support this strategy, meaning our education system must be aligned and adequately resourced to meet these demands.
It would help us strike the right balance between economic growth and sustainability, two objectives that have long been seen as conflicting, but should instead reinforce each other.
It would direct investment towards value-added sectors, increasing productivity rather than pouring capital into developments that further strain our infrastructure, like hotels or supermarkets.
Today’s event centers on sustainability, a theme that The Malta Chamber has spoken about year after year. For example, in our response to Malta’s Sustainable Development Strategy for 2050, we emphasized that economic growth must go hand in hand with increased quality of life, well-being, and sustainability. Among our proposals were ideas like a smart energy grid, better use of organic waste, an e-mobility wallet, and new success measures like a well-being index. Achieving these goals requires a comprehensive economic transformation, one in which Malta must lead or risk falling behind.
We cannot discuss sustainability without addressing urban planning. Proper planning ensures a sustainable level of economic development while safeguarding our cultural and natural heritage. It also promotes efficient infrastructure and a high quality of life. Planning must be forward-thinking, taking into consideration the long-term impact on our environment and communities.
To accomplish all of this, we must strive for political consensus on an economic transformation strategy that values quality over quantity, productivity over volume, and compliance with transparent communication between the government and social partners. This means raising social dialogue to a higher level—giving stakeholders, including political players and social partners, a meaningful role in shaping Malta’s economic future. This cannot be limited by electoral timelines but must transcend short-term political gains for the sake of long-term national progress.
As Mario Draghi once said, we need maturity and foresight in our decision-making. We must look beyond short-term, domestic concerns and embrace a global, forward-thinking perspective. As a nation we have always proved to be resilient and risen to the occasion when change was required. Now it is the opportune time to collectively move into action once again and transform the challenges we are facing into opportunities. The decisions we make today will shape Malta’s future for generations to come.
I hope my remarks help set the tone for your discussions today. Congratulations once again to EY for organizing this important event, and I wish you all fruitful discussion.
This week, the Malta Business Bureau (MBB) held an informational business session on the EU Global Gateway.
The Global Gateway is an EU-led initiative to mobilise investments for sustainable and high-quality projects, taking into account the development needs of partner countries and ensuring lasting benefits for local communities. This also creates opportunities for European companies to invest and pursue new market opportunities in the developing world.
In an opening statement, The Malta Chamber President Chris Vassallo Cesareo, referred to the Global Gateway as a laudable initiative which reflects the values that lie at the heart of the European Union and fosters stronger partnerships with developing regions not on paper, but through sound deliverables. Mr. Vassallo Cesareo added that the Global Gateway is not just about investment but about creating sustainable and resilient connections in various sectors, from digital infrastructure and climate and energy solutions to transport, health, and education. But businesses were needed to drive the effort, and it is important for the private sector to have an opportunity to leverage EU financing tools such as guarantees, grants, and equity investments to reduce risk and open the door to long-term, sustainable investments.
The session was also addressed by Norbert Cilia, Assistant Director at the International Development and Economics Affairs Department at the Ministry of Foreign and European Affairs and Trade. Assistant Director Cilia emphasised Malta’s support for the Global Gateway and highlighted its potential to achieve transformative impacts in partner countries. Malta continued to push for more clarity regarding how micro, small and medium enterprises can meaningfully participate in the Gateway and Assistant Director Cilia confirmed that the Maltese authorities would continue to play a leading role in coordinating the participation of Malta’s private sector in this important initiative.
A detailed presentation on the EU Global Gateway and the tools as well as resources made available by the EU and development institutions for businesses to participate in projects was made by Rigo Belpaire, who is the Acting Head of the Private Sector Engagement and Employment Unit at DG International Partnerships, European Commission.
The business session was moderated by MBB EU Affairs Manager and Head of Brussels Operations Daniel Debono.
The Malta Business Bureau is the EU business advisory of The Malta Chamber and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.
PwC Malta has recently issued its report focused on Malta’s ranking in the Jones Lang LaSalle (‘JLL’) Global Real Estate Transparency Index (‘GRETI’) revealing that Malta still ranked within the list of “Low Transparency” countries, lagging behind other European countries. Over the past few months, PwC Malta has been working on Malta’s second contribution to the GRETI, as part of a project in collaboration with JLL and Archi+.
In this year’s edition of the GRETI, Malta has been attributed a score of 3.54 and placed 58th among the 89 participating countries which include countries within the EU such as France, The Netherlands, Germany and Sweden and other non-EU countries such as Mauritius, Puerto Rico, Morocco and Botswana. Malta’s results in this year’s edition remain unchanged when compared to the previous edition of the GRETI and in fact Malta continued to rank within the list of “Low Transparency” countries. Malta scored well on fronts such as governance of listed vehicles, regulatory and legal aspects, as well as the transaction process, but relatively low in areas such as sustainability, technology and digitisation, and availability of data.
The GRETI is an index based on a combination of quantitative market data and survey results, which has been published by JLL since 1999 on a biennial basis. Whilst this year’s index marks the 13th edition, it is the second one that Malta has been included in. The Index scores property markets on a one to five transparency scale (ranging between 1, Highly Transparent to 5, Opaque) and acts as an essential guide for companies operating in foreign markets, as well as a unique benchmark of real estate market transparency.
PwC Malta led the compilation of survey results for Malta through consultations with key stakeholders within the public and private sector, including real estate investors, key developers, architects, lawyers, notaries, real estate agents and property managers. The Index, based on JLL’s methodology, focuses on topics such as direct property indices, availability of property data in connection with transactions, valuations, the use of real estate technology in construction and property management (amongst others), real estate tax, land use planning, professional standards of agents, green building regulations and sustainability.
PwC Malta’s Territory Senior Partner, David Valenzia, said, “It is clear that real estate investors gravitate towards more transparent markets with more robust regulatory systems and lower reputational and financial risks. Real estate is an important investment instrument locally and the gradual improvement of real estate transparency will continue to ensure the sustainability of the industry.”
“The results of this survey continue to highlight the areas the country needs to prioritise in moving forward to increase transparency. It is only by working upon identifiable targets that Malta can improve its score and ranking in JLL’s GRETI,” he concluded.
Earlier this week, the recent findings from the Human Capital Research Project (funded by the HSBC Malta Foundation and supported by The Malta Chamber) were presented to key education stakeholders. These results, presented by AI Expert Prof. Alexiei Dingli together with Economist Prof. Rose Marie Azzopardi, delve into the complex dynamics shaping Malta’s labour market and education system.
Drawing on interviews with employers, unions, and educational institutions, it highlights key issues and opportunities for strategic improvements in workforce development, mainly through upskilling and reskilling initiatives.
In her opening remarks, Dr Marthese Portelli, The Malta Chamber CEO, emphasised that our country needs to overhaul the education system and implement automation strategies to complement our workforce. “A more strategic offering for highly skilled non-EU citizens to fill pressing qualitative skill gaps in the labour market is required, and this needs to be set with clearly defined eligibility criteria including high salary thresholds,” she noted.
