BNF Bank Wins Bank Of The Year Award For Third Year Running

The Bank has won the accolade for its stellar financial performance and resilience

For the third consecutive year, BNF Bank has won The Banker’s Award as Malta’s Bank of the Year for 2022. The Bank has won the accolade for its stellar financial performance and resilience despite challenges posed by the significant geo-political uncertainty within the macroeconomic environment, characterised by rising prices and volatile economic activities.

BNF Bank was particularly recognised for its digital transformation as part of its long-term strategic growth. By introducing innovative technology and responsive digital solutions, the Bank is ensuring it keeps abreast with the rapidly evolving needs of its customers.

Indeed, the Bank is renowned for its strong relationships with its loyal customer base and for being a trusted partner to its personal and business clients, offering a seamless experience and straightforward financial solutions that meet their needs throughout their life’s journey or their business’ lifecycle. And this by combining the latest technology with the insights and experience of its people.

A reputable authority in the world’s financial sector, The Banker magazine, published by the Financial Times, provides economic and financial intelligence for the global industry and provides objective and incisive reporting as well as in-depth regional and country reports. Its awards acknowledge achievements that put banks and financial institutions at the forefront of the industry.

Commenting at the award ceremony held recently in London, CEO and Managing Director Michael Collis, said “It is a moment of great pride for all the team at the Bank to be awarded this prestigious award for the third year running. As a trusted source of banking information since 1926, we thank The Banker for the award, who has navigated its way through years of covering the global banking industry and can identify and award the bright stars of this sector.”

“We have kept out position as one of the leading reputable financial institutions in Malta and as a systemic contributor to Malta’s resilient economy, while making inroads in being the Bank of Choice among local consumers. We remain committed to giving a customer centric service to the community we serve, whilst keeping all our stakeholders in full sight. The key driver in our industry for the foreseeable future is technology, with digitisation of services remaining at the core of our strategy also coupled with the service provided by our branch network.

Whilst praising his team members for this recognition, Mr Collis also thanked the Bank’s shareholders for the continuous support and investment.

Establishing Malta’s Framework For A Net Zero Carbon Building

This project provides a framework for net-zero office buildings in Malta based on HSBC’s flagship net-zero building in Qormi

The Malta Chamber of Commerce, Enterprise and Industry, together with HSBC Malta Foundation organised an information session regarding a project entitled ‘Establishing a Framework for Net Zero Buildings in Malta’. The aim of this project is to guide Malta towards achieving its climate goals by tackling the building and construction sector, with particular focus on operational carbon, i.e. the emissions of carbon dioxide and other global warming gases during the in-use operation of a building.

In her opening statement, The Malta Chamber President Marisa Xuereb said that, “this project provides a framework for net-zero office buildings in Malta based on HSBC’s flagship net-zero building in Qormi. Office buildings constitute a high percentage of business buildings and reducing their carbon footprint can have a significant impact on reaching Malta’s decarbonization targets and helping businesses become more ESG compliant.”

The Minister for Environment, Energy and Enterprise Miriam Dalli and the Planning Minister Stefan Zrinzo Azzopardi participated during this event. Minister Dalli reminded that the measures being proposed under Budget 2023 aim to support the green transition: renewable energy, energy efficiency, sustainable products and green investments amongst others. She said that, ” these support measures on their own will not be enough, unless professionals come together to adopt the required change to truly transform buildings, from the planning stage to the finishing stage.”

Minister Zrinzo Azzopardi said, “it is high time for great change in the construction sector to achieve quality and to reach higher energy efficiency in buildings.” He continued to say that energy efficiency in buildings is necessary as part of our positive actions to decarbonize our economy and achieve the 2050 objectives. It is also a new economic opportunity for various players in the construction and engineering sectors. Minister Zrinzo Azzopardi concluded by assuring the Government’s commitment in decarbonizing the economy and encouraged all professionals and businesses to take the lead and invest in energy efficiency buildings.

During this session Ing. Abigail Cutajar in her capacity as the lead technical project manager of this project, presented the work and data obtained so far following the evaluation of existing national building stock and the identification of selected office buildings. In her presentation she explained that the HSBC head office has been selected to perform building energy modelling as a case study to retro fit offices to more efficient buildings.

The Malta Chamber CEO Dr Marthese Portelli in her presentation showcased what The Malta Chamber did to become more sustainable and how the challenges that such a historical prestigious building presents can be overcome to achieve energy efficiency. She also spoke about recommendations that The Malta Chamber issued in relation to sustainable building. She added that the New Regulatory Framework for the Construction Industry with at least a minimum skill licensing for building & road contractors (which should include knowledge on renewable systems) coupled with Points-System and Fast-Tracking for more sustainable buildings.

During this information session, a number of HSBC board directors and senior executives and a number of entities and entrepreneurs participated and discussed how sustainability should be incorporated in the business model and projections that the various local companies embark on.

Strengthening The Niche Industry Of Craft And Organic Beer

Malta Business Bureau holds TAPROOM final conference at Farsons Brewhouse

On Friday 2nd December, the Malta Business Bureau (MBB) held its final conference for the Erasmus+ TAPROOM Project: Promoting the Production and Marketing of Organic and Craft Beer.

The event, which took place at the Farsons Brewhouse, was kicked off by MBB CEO Joe Tanti, who highlighted MBB’s work in attaining EU funding and participation in European programmes such as TAPROOM for the benefit of the business community, stating, “we take great pride in being of service to businesses and entrepreneurs through such projects.”

The audience was welcomed by Farsons Group Chief Executive Norman Aquilina to the Farsons Brewhouse, while Dr Chris Bonett, Parliamentary Secretary for EU Funds, reinstated the importance not only of EU projects, but also of supporting niche industries such as the craft and beer market.

TAPROOM Project Manager Michele Agius went on to introduce the project, affirming that “this Erasmus+ project was not only instrumental in strengthening the niche industry of craft and organic beer through numerous tools and activities, but also in bringing together a national cluster of passionate and energetic brewers. MBB is committed to bring this cluster to new heights by means of the Enterprise Europe Network support service and other opportunities.”

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Mr Agius went on to discuss the primary project outputs, presenting the Manual for Trainers, a tailor-made approach to train the trainers how to educate people and entrepreneurs by means of ten training modules which deal with the entire process of getting craft beer from farm to glass.

Citing the uniqueness of the craft and beer industry as the basis for this unique approach in training, the Project Manager also presented a guidebook for national certification developed by the five project partners, which includes a step-by-step instruction list for emerging enterprises to obtain certified legal labelling for their products, tailor-made for each of the five countries and for EU standards. These tools, he continued, have been made all the more accessible and far-reaching by featuring on the specifically designed digital hub, known as the Interactive Repository Platform.

Finally, Mr Agius explained how, thanks to the willingness of the brewers, national clusters have come together in the spirit of collaboration, resulting in the creation of five national clusters of brewers (one from each of the five partnering countries participating in the Erasmus+ TAPROOM Project). With the aim of working on both at a national level and cooperating on a trans-national level, the Malta cluster can also benefit from the collective assistance offered by the MBB with regards to its many support services, including the Enterprise Europe Network.

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Panels discussing organic and craft beer from a local and European perspective followed, with contributions from key industry representatives from ITALCAM (Germany), AVA Creations (Bulgaria), Out of the Box International (Belgium) and GAL Molise (Italy), and Malta Business Bureau (Malta) on a European level, and Lord Chambray, Huskie Craft Beer, The Beerhop, The Brew Grill & Brewery and Farsons on a local level, after which questions were fielded from the audience.

For more information, kindly contact TAPROOM Project Manager Michele Agius at magius@mbb.org.mt

Large Manufacturers Share Energy Expertise With SMEs

WE MAKE Project Holds Second Group Mentoring Session

The WE MAKE project has held its second best practice mentoring session focusing on energy efficiency air compression systems. The objective of these sessions is to provide guidance on how Maltese manufacturing companies can become more energy efficient, reduce costs, and increase competitiveness.

In an online session hosted by the Malta Business Bureau, Baxter showcased its best practices relating to air compression technology and operating procedures to a select group of SMEs. The SMEs were able to seek guidance and clarification on their own air compression systems from Baxter during the session.

This mentoring session by Baxter followed up on another session organised in October this year, led by De La Rue, which also identified opportunities to make air compression systems more efficient through calibration, leak detection, operator knowledge and other low-cost initiatives. By identifying low hanging fruits, industry stands to make large savings with minimal effort, and often at no investment. Hence, this highlights the importance of knowledge transfer to share such insights and opportunities to improve business processes. Efficiency gains will naturally depend on the intervention measures being implemented. However, the group mentoring session showcased how enterprises who utilise air compression as a resource in their manufacturing process stand a lot to gain. Proper calibration of air compression systems, for example, prevents wastage and is merely a question of modifying the system’s settings, with no investment needed. For aspects such as leak detection, one can either look at staff routines and protocols, to ensure that leaks are proactively sought, or else, one can invest in leak detection technology.

A collaboration between the Malta Business Bureau, the Energy & Water Agency and The Malta Chamber, the WE MAKE project aims to help manufacturing companies interested in becoming more sustainable to bridge the gap between theory and reality. It does so through such knowledge transfer initiatives, workshops and general outreach to local enterprises As many Maltese manufacturers do not compete for clients, there is potential for a co-operative business climate, which the WE MAKE project is helping to realise. Companies pooling their knowledge and offering expertise to other like minded businesses represents a convenient transaction where everyone stands to gain, and makes the overall Maltese manufacturing sector more competitive. This follows the WE MAKE vision of increasing opportunities for all Maltese businesses, rather than withholding knowledge and stifling progress. The project will therefore continue to offer all manufacturing companies the assistance they need.

Moving forward, the WE MAKE project will emphasise the need for energy project implementation within companies, identifying barriers to the uptake of energy efficiency initiatives, and identifying solutions.

HSBC Bank Malta Renews Support For Maltese Business Internationalisation With New TradeMalta Agreement

“As it has always done, TradeMalta is here to support Maltese companies looking to make the most of the opportunities available, anywhere in the world.”

HSBC Bank Malta plc has reaffirmed its commitment to supporting Maltese businesses’ expansion into international markets through a new three-year agreement with TradeMalta, a public-private partnership between the Government of Malta and the Malta Chamber that supports the internationalisation of Maltese businesses.

The agreement was signed by Ms Joyce Grech, HSBC Malta’s Head of Commercial Banking, and Mr Anton Buttigieg, TradeMalta’s Chief Executive Officer on 29th November at the Malta Chamber of Commerce. The signing was held in the presence of the Minister for Foreign and European Affairs and Trade Dr Ian Borg.

This renewed commitment by HSBC builds on its long-standing support for TradeMalta, which has seen the bank set up an HSBC Room to serve as a meeting space at TradeMalta’s Sliema offices. HSBC Malta has also sponsored two editions of the Malta International Business Awards, along with a number of other initiatives.

Speaking at the signing, Joyce Grech said: “TradeMalta plays a vital role in helping Maltese businesses internationalise, by providing expert advice, training and support. HSBC Malta has always backed TradeMalta in its endeavours and believes that this support has been invaluable in helping local companies succeed on the world stage, especially during the Covid-19 pandemic. Our ongoing support will continue to allow Trade Malta to support Maltese businesses’ international growth as we come out of the pandemic and face a host of new and unprecedented economic challenges ‘’

Anton Buttigieg said: “As the world economy continues to adjust to the new realities created by the pandemic, new opportunities are also emerging. As it has always done, TradeMalta is here to support Maltese companies looking to make the most of the opportunities available, anywhere in the world. Thanks also to our partners, including HSBC Malta, we have been able to continue offering our services over the past months and are now fully geared up to provide all the advice, training and incentives that companies with international ambition need.”

TradeMalta offers a range of services including specialised training programmes in international business development and marketing as well as administering a number of incentive schemes and internationalisation programmes.

EU To Ban Single-Use Packaging Used In Hotels & Restaurants

Commission Proposes New Rules for Packaging Reuse and Recycling

The European Commission has issued a proposal to review the current Packaging and Packaging Waste Directive (PPWD). The objective of this review shall be to further improve packaging design to enable cost-effective recycling, and to reduce packaging waste. This shall include replacing the current Directive with a Regulation, which promises to level the playing-field within the single market.

The current Directive has attempted to harmonise national rules on packaging design and management, reduce the generation of packaging waste, and promote the reuse, recycling and recovery of waste instead of disposal. Despite these measures, packaging waste has been on the rise in the EU. The current legislation has also failed to account for the costs involved in waste processing (e.g. collection and sorting), leading to unrecycled waste dumped in landfills or incinerated.

The proposed review will aim to bring legislation in line with the objectives set out in EU strategies such as the European Green Deal and the Circular Economy Action Plan. Among several high-level targets, the EU is aiming to have all packaging placed on the EU market reusable or recyclable (in an economically viable way) by 2030. A key measure in the revision is to significantly increase mandatory packaging reuse and refill rates by 2030 and 2040. This would cover a wide range of products from food and beverages to also large appliances. The proposed targets include, for instance, a 20% refill target for cold and hot beverages in 2030, rising to 80% in 2040.

Such measures collectively aim to achieve a 15% reduction in packaging waste across the EU by 2040. The Malta Business Bureau supports this high-level objective, viewing it as a key component of the overall drive towards a more sustainable EU economy. Waste represents not only a loss of resources, but also leads to environmental degradation, processing costs, and spatial challenges, especially given Malta’s extremely limited land available for such activities. It is consequently in the interest of all actors, including businesses, to introduce measures which minimise waste where possible.

Notwithstanding the importance of waste reduction, some measures included within today’s Commission proposal raise concerns over their practicality and may be excessive when compared to what they are trying to achieve. For instance, the high packaging reuse targets risk downplaying the important role of recycling, and side-lines significant efforts placed by packaging manufacturers and retailers to increase the recyclability of their packaging, as well as the funds already invested to this end.

The proposal is also introducing obligations targeting packaging manufacturers whereby, before placing their products on the EU market, they will need to ensure that their packaging complies with several sustainability criteria, depending on the type of packaging in question. The criteria range from the percentage of recycled content of plastic, whether the packaging is considered recyclable and compostable, as well as the size of the packaging vis-à-vis the item it is holding. The latter is aiming to reduce empty space in packaging, banning practices such as double walls and false bottoms.

Finally, the Commission is proposing a substantial ban on several single-use packaging regularly distributed in hotels and restaurants. The list includes, but is not limited to, single-use packaging for condiments, milks, and sugars; single-use miniature packaging for toiletries and cosmetics; and disposable trays and plates used at the premises. Businesses will consequently have to move towards reusable alternatives to offer these products.

In reaction to the proposal, MBB President Alison Mizzi commented that, “aside from the merits of the proposed targets, which we will analyse further over the coming weeks together with Maltese businesses, there needs to be adequate recognition of the challenges businesses will face in adapting to these new requirements. The proposal is very much expected to lead to a substantial change in the way businesses serve customers, particularly in the Horeca sector. Transitional periods and sufficient flexibility will be needed to account for the high adaptation and set up costs which businesses may face. SMEs will be especially susceptible to these challenges, and they would thus benefit from having suitable financial and regulatory incentives to ease the transition.”

The MBB shall be following this file closely in the following weeks, preparing a deeper analysis of the proposed measures, and putting forward the arguments and concerns of Maltese businesses.

The Road To Decarbonisation

The event served as a forum to discuss the opportunities, possibilities and funding available to assist the decarbonisation efforts of the private sector

The Malta Chamber of Commerce, Enterprise and Industry held its third and final event earlier this week, as part of Malta SME Week 2022, titled ‘The Road to Decarbonisation’. The conference, which was organised in collaboration with the Dublin Chamber as part of the Enterprise Europe Network, served as a forum to discuss the opportunities, possibilities and funding available to assist the decarbonisation efforts of the private sector.

Marisa Xuereb, President of The Malta Chamber, in her opening speech said “around one third of our energy requirement is associated with transportation. Most of the remaining energy required relates to demand from buildings, one-third of which is for residential buildings. Industry, which is a big energy consumer in many European countries, accounts for a relatively modest 22% of the demand. Commercial enterprises, hospitality and the public sector add up to 46%. So we can make significant gains by improving the energy efficiency of our buildings: our homes, offices, shops, catering establishments and hotels, where most of the energy demands relate to heating, cooling and lighting.”

Minister for Economy, European Funds and Lands Silvio Schembri, in his opening speech, said that, “If the demand for such conferences which discuss decarbonisation as well as any consequent actions and prospective strategies is anything to go by, then it is highly evident that both public authorities and industry stakeholders are placing the achievement of carbon neutrality at the top of their agenda. An increasing number of companies are choosing to take significant actions to reduce emissions, seeking a bolder direction to implement a greener approach to business.”

Parliamentary Secretary for European Funds Chris Bonett said that the main idea is to ensure that the economy continues to grow in a green, sustainable manner, whilst giving the necessary incentives to businesses and individuals to invest in a more sustainable way by promoting the uptake of electric vehicles in the private sector including the commercial sector.

CEO Dr Marthese Portelli noted that The Malta Chamber walks the talk. “The Malta Chamber continuously drives towards Net Zero. Earlier this year, The Chamber invested in 53 PV panels with the aim of contributing towards a more sustainable and greener economy.” The Malta Chamber CEO also highlighted several policies which The Chamber is recommending in relation to 3 areas: Water, Transport and Sustainability & Planning.

Ing. Stefan De Marco, Policy Executive on Sustainability at The Malta Chamber, explained that due to the extensive use of fossil fuels, GHGs are the cause of Global Warming, the latter being one of the factors of Climate Change. Referring to the Low Carbon Development Strategy (LCDS), Ing. De Marco showed Malta’s current situation as regards to GHGs and what are the Governments targets are to reach the European Green Deal commitments. It is in this context that both Businesses and the public need to understand the urgency to take on the path to Decarbonise.

Two international speakers gave their insights on how businesses can implement efforts that can lead to decarbonisation. Aisling McCarthy, Higher Executive Officer within the Climate Action and Economic Infrastructure Unit at the Department of Enterprise, Trade and Employment, will be sharing a best practice from Ireland on how businesses can start their zero carbon journey through the Climate Toolkit for Business. George Kremlis, Principal Advisor to the Greek Prime Minister on Energy, Climate, Environment & Circular Economy, also addressed attendees by highlighting concrete examples of how Greece is implementing green practices.

The event included 3 panel discussions. The first panel, which was moderated by Rachel Attard (Head of Media and Communication Strategist at The Malta Chamber), discussed ‘Renewable Energy Systems & Energy Efficiency Retrofits’ and included the following panelists:
• Ing Marthese Vella, Lead Consultant – Risk & Compliance at RSM Malta
• Ing Patrick Spiteri Staines, Managing Director at T4B Services Ltd
• Prof Ing Charles Yousif, Associate Professor Institute for Sustainable Energy
• Ing Joseph Restall, Senior Head – Engineering & Technical Services at Corinthia Hotels Ltd

The second panel discussed ‘Funding for Decarbonisation’ and was moderated by Dr Daniela Grech (Head of Projects and EU Funds at The Malta Chamber). The panel included:
• Alberto Follador, Mandate Officer at European Investment Fund
• Clint Flores, Head – ESG Department at BOV
• Daniela Burlo, Management Consulting Manager at PwC Malta
• Dr Georgina Scicluna, Chief Coordinator, Operational Programme I, Planning and Priorities Coordination Division

Moderated by Kevin Mizzi (Head of Policy at The Malta Chamber), the third panel discussed ‘Future Cities’ and included the following panelists:
• Ing Marco Cremona, Director at Sustech Consulting
• Perit Jacques Borg Barthet, Director of Practice at AP Valletta
• Paul Fenech, Engineering and Reliability Director at Crane Currency Malta Ltd
• Joseph Sullivan, Sales Executive at IQbloc

Reskilling In The Era Of AI

The aim of the event was to discuss: Human Resources, Education and best use of AI in business.

The Young Chamber Network within The Malta Chamber of Commerce, Enterprise and Industry organised an event as part of Malta SME Week 2022 with the aim of sharing insights on 3 main areas: Human Resources, Education and best use of AI in business.

The President of The Malta Chamber Marisa Xuereb, in her opening statement, said that, “we need to dwell on the reskilling, upskilling and AI and how these feature within the working life of individuals and the economy alike.” She noted that we must ensure that we truly accept what AI stands for, “are we, as human beings, comfortable with accepting the notion that Artificial Intelligence can come up with a more efficient process?”

“Education also plays a vital role. We must ensure that apprenticeships, curriculums and consultations need to cater for future needs,” she continued. President Xuereb also emphasised that training programs need to be more dynamic to keep up with the times while also being short enough to efficiently map gaps within the market.

As part of Malta SME Week, Minister for the Economy, EU Funds and Lands said that, “we have recognised early on the important role that innovative technologies have within this uncertain new world. We greatly endeavour that the latter is embraced by local companies so these can remain ahead of the game while we continue to create the right infrastructure, enabling these same businesses to operate effectively.”

Professor Joshua Ellul, Director at the Centre for Distributed Ledger Technologies, delivered a presentation on the importance of upskilling and reskilling within the automation era. He said, “bridging the skills gap can only be done by introducing digital literacy at all levels.” He continued by stating that the next steps are to introduce policies and schemes, together with awareness efforts to promote and acknowledge the fact that digitalisation is present in all disciplines. “Due to blockchain, AI, software automation and robotics, disruption is expected. Certain jobs will become obsolete, but new ones will be created, so reskilling needs to be prioritised,” he said.

The first panel during the event discussed education and upskilling. Claudine Attard, Director – Management Consulting at PwC Malta noted that reskilling is all about having the right attitude and mindset. “Employers should have the tools to reskill their employees and should acknowledge the cold hard truth that the skills that their employees possess now may not be enough for the future,” she said. Alistair Buttigieg Vella, CEO at Universal Limited and Jetho Limited highlighted the gap that is currently present regarding soft skills within the education system. “Instilling a mindset of constant upskilling is vital if businesses wish to retain employees,” he noted.

Rachel Falzon, Founder & Owner at Rewired HR Consultants, reiterated the concept that it all boils down to company effort in ensuring that the right training is provided as it ensures that employees not only feel valued at the place of work, but are ready for the world of tomorrow. Ben Vincenti, Co-Founder & COO of Get Hitched, highlighted the challenges that companies are facing when finding people due to the skills mismatch. “There is no level playing field whatsoever. Startups find it incredibly difficult in finding the right employees, and when they do, these are poached by the bigger companies,” he noted.

The second panel aimed at highlighting ways in which AI and tech can be further utilised within business practices. Dr Marthese Portelli, The Malta Chamber CEO, said “We are in a very important juncture in our country. Investing in attitude and aptitude should be a national priority. Although Malta ranks 6th in the Digital Economy and Society Index (DESI) report, our ratings are still quite low, even though above EU average,” she said. Dr Portelli harped on the message that investing in digitalisation efforts, in the right way, is the way forward.

Jaques Barnard, Business Development Manager at Cleverbit Software, explained that 57% of EU companies are finding difficulty in acquiring digital skills, which in turn, will have a major impact on growth. “Being future ready is a must in today’s world! Although automation displaces some jobs, it creates others. Hence, it is vital for business leaders to drive and develop new skills for their workforce,” said Wayne Grixti, CEO at Tech.mt. David Sciberras, CEO & Co-Founder at Invent 3D said “Education helped in hammering in the management processes but passion and a positive mindset is what distinguishes the goods from the greats.”

Both panels were moderated by Rachel Attard, Head of Media and Communication Strategy at The Malta Chamber. The event was hosted by Melanie Cuzzoni, Networking Executive at The Malta Chamber.

The Malta Chamber And Malta Insurance Association Sign Cooperation Agreement

Both parties will cooperate to not only share views, ideas and best practices, but also work on creating initiatives intended to educate and raise awareness on the importance of insurance within the business community.

The Malta Chamber of Commerce, Enterprise and Industry have signed a cooperation agreement with the Malta Insurance Association with the aim of enhancing Malta’s economy, particularly in the field of insurance.

Ahead of the signing, Marisa Xuereb, The Malta Chamber President said “together with the Malta Insurance Association, The Malta Chamber will ensure proper take-up and enforcement of insurance policies.”

Both parties will cooperate to not only share views, ideas and best practices, but also work on creating initiatives intended to educate and raise awareness on the importance of insurance within the business community.

Mr. Anthony Cauchi, President of the Malta Insurance Association (“MIA”), expressed his satisfaction at the signing of the Memorandum of Understanding between the Chamber and the MIA. The close collaboration between the two would help address certain issues and concerns that the Insurance Sector is facing on an on-going basis.

‘This agreement opens up an interesting phase which would give the Association the possibility of sharing its own concerns with a wider sphere of sectors already experiencing similar challenges. The Chamber provides the MIA an excellent conduit and platform for sharing information and solutions which our Association will be unable to reach on its own. The shortage of human resources is one such challenge which requires a concerted effort and investment if it is to be considered as a career of choice for those embarking on one,’ Mr. Cauchi said.

The agreement was signed by Marisa Xuereb and Dr Marthese Portelli, President and CEO of The Malta Chamber respectively, and Anthony Cauchi and Adrian J Galea, President and Director General of the Malta Insurance Association respectively.