business agenda issue 13

businessagendaTHe Official business publicaTiOn Of THe MalTa business bureau

THIS ISSUE

EU POLICYEfforts to strengthen Europe’s manufacturing industry through investment priorities and policy review.

page 11

BUSINESS The importance of recharging one’s batteries during the Christmas season.

page 41

Issue 13 | dec 2012 - Feb 2013

cHarisMa and a pOwerful caMpaign – cenTral TO ObaMa’s elecTOral vicTOrybarack Obama’s first term in office has been criticised by sev-eral quarters as not having been effective in delivering electoral promises. Nonetheless he man-aged to overcome his Republican opponent Mitt Romney to secure a second term in office in a close call election earlier in November.

In an exclusive interview with busi-ness Agenda, US political expert Prof. David A. Schultz, expresses his opinion that in so many ways Obama should not have won given the economic situation and his lack of a plan for a second term, however his sleek campaign and

charismatic qualities helped him topple his challenger, Romney, who failed to connect with the American people.

Dr Isabelle Calleja Ragonesi, Head of the International Rela-tions Department at the Univer-sity of Malta, who also contrib-utes to this article, believes that in general European leaders are happy with the electoral outcome, however there are also fears that the US is too preoccupied with its domestic woes to pay attention to foreign affairs.

Valletta is expected to see a signifi-cant increase of 12 per cent in visi-tors as a result of being crowned as Capital of Culture for the year 2018. Valletta Mayor Alexiei Dingli said the figure is based on the results obtained by other Capi-tals of culture. being the capital of Culture in 2018 is more than a title but a massive a project which is expected to translate into far-ranging benefits to Malta’s differ-ent industries, including the hospi-tality and tourism industry as well as retail. The cultural injection will also generate more jobs across the board – creating what the Mayor of Valletta describes as “a cultural ecosystem that will trans-form Malta once and for all”.

Along with welcoming a 12 per cent rise in visitors, as David Felice, chairman for the V18 Foun-dation explains, research shows that if well-planned, the economic return on investment is worth the initial expenditure across a wide cross-section of sectors. The title will also help portray ‘a modern Malta’, and will give the country the chance to highlight its culture heritage.

business Agenda takes a look at the developments so far and what this will mean from a business and economic point of view.

See full story on page 8.

CaSE STUdYA close look at FIMbANK’s strategy to maintain its positive performance and to support businesses’ internationalisation efforts.

page 15

INTErvIEwDr Peter Agius discusses the communicative role of the European Parliament Representation in Malta and the European Parliament’s priorities for 2013.

page 22


‘resilience’ – Main reasOn fOr MalTa’s lOw uneMplOyMenT

valleTTa 2018 12 per cenT increase in visiTOrs expecTed

The unemployment situation in Malta is best described as ‘resil-ient’, according to leading econo-mist Dr Gordon Cordina. Despite the turbulent economic environ-ment in Europe, Malta has suc-ceeded in keeping the unemploy-ment rate well below the 10.5 per cent EU average.

Dr Cordina points out that even at the height of the recession, unem-ployment in Malta reached 7.3 per cent, but has since remained

consistently below the 7 per cent mark. He explains that in his opin-ion unemployment is mostly down to a skills mismatch, rather than a lack of job creation or an inefficient labour market.

business Agenda speaks to stake-holders in the sector about the current situation in Malta and discusses what is being done to improve it.


TOUrISMThe reclassification of Malta’s

hotels critical in defining the country’s tourism product.

page 31

newspaper pOsT

Photo by Clive Vella – www.viewingmalta.com

BUSINESS AGENDA | DEC 2012 - fEB 20132

BUSINESS AGENDA | DEc 2012 - fEB 2013 3

Publisher

Content House Group

Mallia buildings

3, Level 2, Triq in-Negozju

Mriehel QRM3000

Tel: 00356 2132 0713

Email: [email protected]

www.contenthouse.com.mt

Malta Business Bureau

Casa Leone

Pjazza Robert samut, Floriana

Tel: 00356 2125 1719 (Malta Office)

Tel: 0032 4859 81124 (brussels Office)

Email: [email protected]

[email protected]

www.mbb.org.mt

Editor: Joe Tanti

Deputy Editor: Yolande Spiteri Editorial Team: Chiara Bonello, Omar Cutajar, daniel debono, Mariella Scicluna

business Agenda is the quarterly publication of the Malta business bureau. It is distributed to all members of the Malta chamber of Commerce, Enterprise and Industry, all the members of the Malta Hotels and Restaurants Association, and to all other leading businesses by Mailbox distribution services, part of Mailbox Group. business Agenda is also distributed by the Malta business bureau to leading european and business institutions in brussels.

cOLLAbORATING PARTNeR:

The Malta business bureau is a non-profit making organisation acting as the european-business Advisory and support Office of the Malta chamber of commerce, enterprise and Industry and the Malta Hotels and Restaurants Association. The Mbb has two offices, the Head Office in Malta and the Representation Office in brussels.

ediTOrial

Last October, the european com-mission issued a Communication outlining its work programme for 2013, listing the strategic proposals that the College of EU Commission-ers intends to adopt from now until the end of its mandate in April 2014.

It is therefore not surprising that this work programme appears to be more strategic than the previ-ous ones presented by President of the European Commission José Manuel barroso. The Mbb wel-comes the Commission’s efforts to prioritise action towards achieving growth and creating more jobs. On a more strategic level, the Commis-sion is committed to making prog-ress towards a genuine Economic and Monetary union (eMu). In this respect, it confirmed its intention to publish a blueprint for a compre-hensive and genuine EMU before the end of 2012.

Aside from monitoring the imple-mentation at national level, the Mbb is keen to see the commission roll out its initiatives in relation to the internal market, in particular the new priority actions unveiled in the single Market Act II. This includes the reform of the single market for industrial products, by creating the conditions to stimulate new invest-

ment as well as to speed up the adoption of new technologies while enhancing resource efficiency. The standardisation acquis will also be reviewed and this could have sub-stantial implications for the manu-facturing industry.

The Mbb also welcomes the com-mission’s plan to push for e-invoic-ing and e-signatures in the field of public procurement. The Commis-sion will also put forward impor-tant proposals to reinforce public-private partnerships in the areas of research and innovation under the forthcoming Horizon 2020 Pro-gramme. Moreover, plans are in the making for a revision of the eu’s Schengen visa policy, which is set to facilitate the entry of legitimate trav-elers on vacation into the EU.

These initiatives certainly comple-ment the Mbb’s own work pro-gramme particularly in its efforts to promote and encourage competi-tiveness. In this respect, the organ-isation has worked extensively to communicate the challenges and opportunities Maltese businesses face when operating within the Euro-pean single Market. The bureau is already monitoring the EU’s leg-islative process in relation to the Insurance Mediation Directive, and

is also following up on proceedings related to the revised Integrated Industrial Policy both of which were released in October. With regard to tourism policy, the Mbb will be following the developments on the European Tourism Quality Label and the long-awaited revision of the Package Travel directive.

In view of employment and social affairs issues, the Mbb will continue to work on the Leonardo Mobility sHIFT project, which promotes flex-ible work arrangements and family-friendly measures in the private sector. In this respect, a study has recently been launched and more actions will be taken throughout 2013. Furthermore, the Mbb is also closely following developments within the context of the European social partners’ negotiations on the revision of the Working Time direc-tive, which are now reaching a criti-cal stage.

The Mbb’s focus on the environ-mental agenda is continuously backed with the unrelenting imple-mentation of the eu LIFe+ Invest-ing in Water project which has the objective of bringing about a 10 per cent decrease in service water con-sumption of businesses from all sectors. At the beginning of Novem-

ber, the Mbb launched the second set of free water audits, offered to enterprises by the project. The response and successful uptake is certainly a strong incentive for the Mbb to enhance its project and policy capacity on EU environmen-tal issues for the benefit of Maltese business. In this regard, the Mbb is already exploring the possibility of submitting another LIFe+ project proposal in 2013, possibly on waste issues.

2013 will be a truly challenging year for the Mbb but I have no doubt that we are equipped with the capacity to rise up to the challenges and deliver the best for Maltese businesses. The christmas holiday break will reinvigorate our determination to deliver on all fronts. In the mean-time, I wish you, on behalf of the Mbb, all the best for a happy, pros-perous and successful 2013!

business perspecTives fOr THe new year

By Joe Tanti, Chief Executive Officer, MBB


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Despite the turbulent economic environment in Europe, Malta has succeeded in keeping its unem-ployment rate low (6.4 per cent), the fifth lowest in the eu in fact; well below the 10.5 per cent EU average.

According to one of Malta’s lead-ing economists, Dr Gordon Cor-dina, Malta’s unemployment situ-ation tends to be an issue of skills mismatch, rather than a lack of job creation or an inefficient labour market. This is implied by the fact that annual long term unemploy-ment in Malta stands at approxi-mately 3 per cent, in comparison to 4.6 per cent and 5.2 per cent in the EU and euro area respectively.

Dr Cordina believes that Malta’s unemployment rate is relatively low and that the situation in Malta is best described as resilient. “At the height of the recession the unemployment rate reached a rate of 7.3 per cent, and has remained consistently below the 7 per cent mark over the past two years.”

He points out that Malta’s low unemployment rate is also due to the fact that a small percentage of the population is active in the labour market. The activity ratio in Malta stood at 61.6 per cent in 2011, compared to 71.2 per cent in the EU. This is mostly down to the low participation of female and older workers.

Employment Training Centre (eTc) chairperson sandra slad-den agrees that the registered unemployed level is not alarming and explains that according to the Eurostat publication for the euro zone area, Malta is succeeding to maintain a low unemployment rate despite the depressed economic growth rates experienced in the EU.

Dr Sladden points out that focus-ing solely on unemployment rates, without considering employ-ment, offers only a partial view of the labour market situation. The National statistics Office (NsO)’s Labour Force survey for the sec-ond quarter of 2012 indicates an employment rate of 58.5 per cent for those aged between 15 and 64, registering a trend of increasing employment levels.

commenting on the Labour Force Survey, economist Gordon Cordina explains that employment growth post-recession stood at over 2 per cent per annum, adding that it was important to note that the major source of this growth was the female segment of the labour force and part-time employment.

Over the past few years job cre-ation in Malta has emanated mainly from service-based sectors, he explains, and more recently one

could pinpoint other sectors such as IcT, financial, professional, food and accommodation. “Malta must, however, continually strive to iden-tify niche sectors that will contrib-ute towards dynamic economic growth,” he adds.

This registered growth has been positive for workers holding medium to high-skilled jobs, but rather negative for people with low skills. based on the fact that employment growth was gener-ated mainly from high value-added service-based activities, one can infer that unemployment is skewed towards low-skilled work-ers, Dr Cordina argues.

“Smart, sustainable and inclu-sive growth through employment and job creation has remained on the top of the EU’s agenda in 2012. Indeed the conclusions of the last European Council called upon member states to develop ‘quality traineeships and appren-ticeships’ in view of its belief that member states’ vocational training schemes play a particular role in addressing employment,” Dr Slad-den states.

She goes on to explain that in prac-tical terms this means that the ETC, as Malta’s Public Employ-ment services, is playing a key role in enhancing the employability of jobseekers, particularly by facili-tating access to training and in some cases by offering the oppor-tunity to acquire job experience in various working environments.

Through the cohesion Policy 2007-2013, more than €25 million were made available to the Corporation from the european social Fund (esF) to offer schemes to address unemployment and skills mis-matching.

These included short train-ing courses accessible to the employed, unemployed and inac-tive population, addressing both the soft and hard skills required by industry, specialised trainee-

ship schemes and training subsi-dies, including training subsidies of an academic nature for employ-ees who wish to pursue further training (esF employability Pro-gramme).

ETC course participants in 2011 reached a record high of 15,072, equivalent to a 10 per cent increase over the previous year. There was a slight increase of 2.5 per cent in male participation, but a satisfac-tory 27 per cent increase in female participation over 2010, Dr Sladden asserts.

In 2011 the ETC received 1,149 applications and signed 1,097 agreements with beneficiaries, for financial assistance to companies wishing to offer various forms of training to their employees (esF Training Aid Framework).

In a bid to explore and develop training, educational and employ-ment pathways of young jobseek-ers, specialised career guid-ance and counselling services were offered to over 3,000 youths

between January and December 2011.

co-funded through the european social Fund under the current programming period (2007-2013), the schemes are bound with a budget and a set timeline. As take-up exceeded expectations, in May 2012 the decision was taken to close the schemes temporar-ily. “Fully aware of the benefits of such schemes, the ETC intends to re-apply for similar projects in the

‘skills MisMaTcH – raTHer THan lack Of jObs’

MalTa’s uneMplOyMenT:in-depTH

Malta was one of 13 eu member states to see its unemployment rate, which currently stands at 6.4 per cent, fall between 2010 and 2011, a figure which is well below the eu average. cHiara bOnellO gets the experts’ take on the local unemployment situation.

“ Malta must, however, continually strive to identify niche sectors that will contribute towards dynamic economic growth.” – Gordon Cordina

dr gordon cordina


next programming period (2014-2020),” she explains.

Dr Cordina admits that the main challenge is increasing employ-ment rates, particularly by boost-ing activity rates within the labour market. “There needs to be a focus on upgrading the productivity of the employed and retraining and multi-skilling workers whose jobs may be at risk in the future,” he explains.

Improvement is needed in female employment rates, through the extension of affordable and ade-quate quality child care services and increased employer sensitisa-tion towards the benefit of family-friendly measures and employ-ment rates of older workers, through the implementation of an

active ageing strategy for longer working lives.

Programmes should be tailor-made to address the needs of low skilled workers, women re-enter-ing the labour market and older workers, and specific initiatives to provide on-the-job training, retraining, multi- and up-skilling of workers in sectors with low pro-ductivity or low competitiveness levels, Dr Cordina argues.

Mbb sHIFT (supporting Human Resources in Family-friendly Training) Project Manager Mari-ella scicluna says that flexibility and security within the labour mar-ket are being promoted by the eu, as part of the EU2020 strategy, since it has been found that flexi-ble work arrangements contribute

to a healthier work environment and higher levels of productivity.

“This gives our economy a compet-itive advantage and the possibility of growth, while ensuring the sus-tainability of our welfare system, by creating the possibility of more people, and more females, engag-ing in the labour market,” she explains.

As the Maltese population matures and increasingly discards the tra-ditional roles of men and women; this necessitates certain infra-structures to support the modern ‘partnership’ family.

In view of these developments the Mbb is working on the sHIFT proj-ect, with the objective of support-ing professionals in the human resources field.

Ms Scicluna explains that this proj-ect aims to give human resource professionals the opportunity to learn more about flexible work and family-friendly measures. Not only does it disseminate best practices, but it also offers innovative means of providing such measures at the place of work.

The project, which is divided into three stages, saw 17 HR profes-sionals gain experience in Den-mark and Germany, two countries where the implementation of flex-ible work and family-friendly mea-sures are at an advanced stage, particularly in the private sector.

The first phase, which was co-financed by the european com-mission Lifelong Learning Mobility Programme, gave participants the opportunity to get first-hand expe-rience of how companies and pol-icy makers work together for the implementation of such measures, and gathered clear insight on how to introduce such practices at their own place of work.

The project is just embarking on the second phase, which will anal-yse the current take-up of flexible work and family-friendly measures in the Maltese private sector. It will help to identify obstacles compa-

nies face in implementing such measures, and the changes needed to create an optimal environment for such measures to work well. simultaneously the sHIFT project will set about disseminating the gathered knowledge and best prac-tices with other HR professionals on a nationwide scale.

This will last well into the third phase, which will see the project publish a toolkit to support busi-nesses in the implementation of flexible work and family-friendly measures. It will also be offering reviews on an individual basis, to discuss and analyse the needs of the particular company and how they can surpass certain obstacles and start implementing these poli-cies.

Ms Scicluna states that “this brings us to our ultimate aim of having a higher percentage of companies

within the private sector offering flexible work along with a variety of family-friendly measures.”

Looking to the year ahead, ETC chairperson Sandra Slad-den admits that unemployment depends on a number of fac-tors, most importantly economic growth. Malta is exposed to eco-nomic developments in its major trading partner countries, espe-cially those in the EU. However, as was the case during the 2009 reces-sion, the Maltese Government was wise enough to adopt policies to mitigate the negative impact.

“ETC will continue to do its utmost to provide good counselling and advice, training, work experience and matching services to jobseek-ers, so as to contribute to decreas-ing unemployment and increasing employment levels,” Dr Sladden concludes.

in-depTH

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“ improvement is needed in female employment rates, through the extension of affordable and adequate quality child care services and increased employer sensitisation towards the benefit of family-friendly measures.”

“ smart, sustainable and inclusive growth through employment and job creation has remained on the top of the eu’s agenda in 2012.”


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cOver sTOry

Culture is big business. And as Valletta journeys towards its posi-tion as European Capital of Cul-ture (ecoc) in 2018, business own-ers will be eager to see how the city’s new role could translate into increased sales and opportunities for them. So, is this on the cards?

“V18 really is going to be an oppor-tunity to showcase Valletta, and other localities, like no other,” says the city’s mayor, Alexiei Dingli. “based on the results obtained by other Capitals of Culture, we esti-mate that the number of people vis-iting the city that year will rise by 12 per cent. Thus businesses will defi-nitely benefit from this increase.

“On top of that, activities aren’t just planned for 2018 but will build up gradually year on year. With more activities on the go, we’re sure that more people will be encouraged to

visit the capital, whether to shop, enjoy a meal or to visit a cultural activity. And beyond 2018? We hope the legacy will live on too and I believe Valletta will feel the differ-ence. Having said that, we can’t dis-count the substantial investment that is being made by the Govern-ment, as well as private entities, in the run up to this special event.”

Investment will be directed towards a variety of projects, including the restoration of several historic and cultural buildings, as well as ones that are being built from scratch. There will also be embellishment works, cultural investment, educa-tion, marketing and more.

“Yes, organising the European Cap-ital of Culture requires quite some expenditure,” says david Felice, chairman of the V18 Foundation. “Yet it is well-documented that if

well-planned, the economic return on investment is worth the initial expenditure.”

In fact, Mr Felice explains that a number of studies have been car-

ried out to analyse the economic impact left by a ECoC in the host city.”

“What has been found is that the pri-vate sector and the community of

entrepreneurs need to be involved in the process early on. This has to happen while the project is still being defined, rather than as a late attempt to source additional funds to support the realisation of a proj-ect that was evolved on the basis of an agenda developed by others.

“Within the walls of Valletta, the business community is almost as residential in its presence as the residents themselves, and this has played a vital role in keeping the city alive over the decades. Today businesses can invest, promote themselves, promote the ECoC and thus, promote Valletta. We know that businesses, and espe-cially small businesses, need to be guided and the support is out there.”

Of course, all this investment is aimed at making Malta more attrac-tive. “And it is already succeeding,” dr dingli continues. “The feedback we’re getting from estate agents is that, after the title was confirmed, interest in Malta quickly increased. We’re already seeing large num-bers of distinguished individuals set up in the city, including interna-tional artists and entrepreneurs.”

Dr Dingli believes that V18 will help to portray a ‘modern Malta’, and will also highlight our heritage and cul-ture. “We’re making some impor-tant statements,” he says, “like through the Renzo Piano project, as well as with the creation of the island’s first Museum of contem-porary Art, which will be housed in the Powerhouse near the Valletta Waterfront.

“At this stage, we are definitely strengthening our creative econ-omy, which is arguably new to Malta. This cultural injection will help to create more jobs across all sectors – construction workers will create the infrastructure needed, artists will have more spaces to realise their creations, the general public will be entertained by more quality productions and foreigners will be encouraged to be part of this change. Essentially, we will be creating a cultural ecosystem that will transform Malta once and for all. Plus, the expected boost in our

valleTTa 2018:‘nuMber Of visiTOrs TO valleTTa will increase by 12 per cenT’

There’s no business like… show business! and as valletta looks forward to its transformation as european capital of culture in 2018, jO caruana examines what this could mean for the capital’s business community – and beyond.

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cOver sTOry

tourism industry will have a posi-tive effect on the whole of the euro-Med region.”

At this stage, the V18 Foundation is keen to partner with businesses across a wide range of sectors. “We are currently analysing who our partners could be,” Mr Felice continues. “Research has proven that there is a wide cross-section of sectors which bring so much to the table, including finance, airlines, beverage companies, automobile, accounting services, hotels, restau-rants, travel agencies, tour opera-tors, destination management companies, transportation, energy, construction, and food and media partners, with no particular domi-nant sector.”

The chairman explains that the pri-vate sector can offer support and contributions in the form of cash but also in-kind, supplying services or goods required for staging the ecoc. “With this in mind, it is about establishing a two-way relation-ship that will benefit both parties. There is so much to be gained from the way Valletta and the rest of the territory can be portrayed in the future – and that starts now.

“Additionally, the inclusion of the Malta Chamber of Commerce, Enterprise and Industry within the founding structure of the Founda-tion was a fundamental and stra-tegic measure. We strongly believe it can prove effective in helping us devise our sponsorship strategy and act as a uniting force between the Foundation and potential part-ners. After all, businesses in past ecoc capitals saw benefits that included increased exposure, sales stimulation, image enhancement and employee incentives. We plan to create the same, and more, here in Malta.”

“I am very positive that V18 will put ‘product Malta’ right in the limelight,” says Charles Azzopardi, Phoenicia Hotel’s general manager. “It won’t just impact tourism, but it will also have a significant roll-on effect on other service industries across the islands.

“In my opinion, being ECoC ties in beautifully with the Malta Tour-

ism Authority’s strategic direc-tion to promote Malta in major tourism markets for city breaks. Success on this front also means an improvement in our tourism seasonality, as city breaks and short-break holidays are more predominant during the winter and shoulder months.

“With more cultural events planned to take place in and

around Valletta, we have greater possibilities to promote The Phoenicia with culture pack-ages targeted at specific market segments. Given the size of the island, Valletta’s planned promo-tion could potentially also impact tourist inflows for the whole island in a very positive way.

“At the hotel, we are proud to have already started making

cultural links with partners in Valletta. For instance, we are currently co-operating with the Manoel Theatre on the baroque Festival, which is to be held in January. We believe it is very important for us to be associ-ated with quality cultural events, and are promoting the festival through our PR agency in the uK. We hope that this will be the first of many.”

case sTudy– a business in culTure: phoenicia Hotel



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eu pOlicy

Recently, industrial policy has gained substantial attention as EU and national policymakers have turned their focus on the manufa-turing due to the current decline of industry, and given its importance to the eu's GdP and single market activity. Addressing this issue is of extreme importance since this industry plays a pivotal role in driv-ing economic growth in some of the most important EU economies.

In 2010, the European Commission unveiled an industrial policy within the framework of the europe 2020 Strategy. Just two years down the line, a re-orientation of the strategy needs to be undertaken to renew the implementation momentum. A mid-term review of the EU industrial policy has been carried out to reinstall the ‘real’ economy; not only to underpin eco-nomic recovery and job creation but also to reverse the declining role of industry in the European continent.

The shrinking economic contribu-tion of the manufacturing industry in the EU is no news. To counter this worrying trend, the mid-term review of the EU industrial policy – specifically sets a quantifiable objective of improving industry’s contribution to the EU's GDP from the current 16 per cent to 20 per cent by 2020.

IdENTIfYINg THE NEEdS, TakINg THE NECESSarY aCTIONTo this end, the European Commis-sion highlights a series of invest-ment priorities to reignite manufac-turing production in the EU. These include technological upgrading of manufacturing plant capital, strengthening the skills of human resources employed in manufac-turing as well as the enhancement of market openings for industrial products and related services both within the eu internal market as well as on third markets.

The priority emphasis placed on such critical aspects like innova-tion, better access to markets, easing of credit lines and capital investments are issues that cer-tainly tally with the immediate development needs of Maltese industry. The mid-term review of the EU’s industrial policy is very relevant to Malta, as it is also widely felt that the manufacturing sector is not given enough policy attention despite the clear added value that the industry brings to

the country’s socio-economic well-being.

These concerns have been aptly picked up by the Manufacturing Economic Group within the Malta Chamber which, in a detailed posi-tion paper, communicated to gov-ernment authorities its viewpoints on how to preserve and reinforce Malta’s immediate industrial com-petitiveness whilst also safeguard-ing the manufacturing industry’s long-term sustainability.

Preserving industrial competitive-ness is certainly critical for the sustainability of the entire Mal-tese economy. It is worth recalling some figures to better illustrate the significant economic contribu-tion of the manufacturing industry on the Maltese islands. As of 2011, industry contributed around 13 per cent of Malta’s Gross Value Added – a relatively high contribution when compared to other sectors, with industry also providing invalu-able employment posts, number-ing in thousands, for a wide and varied cross-section of the Mal-tese labour force.

dIffErENT SCaLE, SaME NEEdSThe mid-term review of the eu’s industrial policy offers an interest-ing comparative perspective and

draws a contrast between Malta’s investment-related challenges in the manufacturing sector and the eu’s more policy-oriented strate-gic objectives for the industry. The challenges confronting the manu-

facturing industry in Malta are in reality not so different from the issues articulated in the European Commission’s industrial policy. What differs is the sense of urgency to address certain short-term chal-

lenges within the immediate out-look and the disparate focus on what are considered to be promis-ing ‘growth’ sectors.

In part, this disparity stems from structural differences. Maltese industry operates within different structural dynamics when com-pared to the manufacturing sector in continental Europe. The dispari-ties in the lack of economies of scale poses significant problems with regard to market exploitation, leav-ing no other option for local industry

MOre eMpHasis On sTrengTHening eurOpe’s ManufacTuring indusTryBy Omar Cutajar, MBB’s Permanent Delegate in Brussels

“ as of 2011, industry contributed around 13 per cent of Malta’s gross value added – a relatively high contribution when compared to other sectors.”


eu pOlicy

than to depend almost entirely on foreign exports and therefore find-ing itself more exposed to interna-tional pricing fluctuations of raw materials. Transport accessibility and the frequency of commercial cargo routes linking Malta to the trading hubs of continental Europe are also perennial matters of con-cern for the sustainability of local manufacturing business.

Given these structural constraints, the retention and most importantly, the enhancement of competitive-ness should therefore lie at the core of Maltese industrial policy. Conversely, EU industrial policy is more oriented towards strengthen-ing the industrial base by opening up new possibilities through the deployment of new technologies. In this regard, the review of EU indus-trial policy is highly dependent on the development of innovation-based markets within six distinct fields: advanced manufacturing technologies for clean production, key-enabling technologies, bio-based product markets, sustain-able construction and raw mate-rial extraction, clean vehicles and smart grids.

From a local perspective, the immediate outlook on the manu-facturing industry is perhaps less rosy unless certain fundamental deficiencies are either addressed or rapidly implemented. Accord-ing to the Malta Chamber’s Manu-facturing Economic Group, there are eight fundamental imperatives that require immediate targeted action. These are the availability of a skilled labour force at competitive wages, the provision of adequate factory space at competitive occu-pancy rates, stable provision of energy at competitive rates, better terms and provision of finance, effi-cient internal and external trans-port links, incentives for invest-ment, a business-friendly public administration and finally, interna-tionalisation support to help busi-nesses access the European Single Market and beyond.

Whilst at first glance there might appear to be dissimilar and irrec-oncilable aspects between the EU’s industrial policy and local policy needs, it is certainly the case that in Malta, the urgency to deliver on industrial policy support is of paramount and absolute concern. Implementation of EU industrial policy is also key and the success or otherwise of such a policy can only be ascertained by testing the results on the ground and noting their effectiveness in practice.

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“ given the structural constraints, the retention and most importantly, the enhancement of competitiveness should therefore lie at the core of Maltese industrial policy. conversely, eu industrial policy is more oriented towards strengthening the industrial base by opening up new possibilities through the deployment of new technologies. ”


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After four years of facing an ongoing financial crisis, businesses and indi-viduals around the world are still struggling with its consequences. However, to counteract the adverse impact of this crisis, FIMbank employed a ‘disciplined approach’, an approach which the bank’s Pres-ident Margrith Lütschg-emmeneg-ger describes as the main ingredi-ent which helped to maintain its positive performance through such turbulent times.

“The strategy we put in place involved a constant focus on our core competence, in managing our risks, increasing productivity and implementing cost improvement measures,” she says, adding that she is satisfied that the bank’s busi-ness model has proven to be resil-ient and that its robust size has allowed it to generate new business effectively, as it was able to respond to the world’s conditions rapidly.

FIMbank is a specialised Trade Finance bank, providing a range of trade financing facilities to help businesses finance their activities when trading internationally, sup-porting their growth in the process.

“Doing business abroad can be a complicated, frustrating and risky endeavour, and we therefore facili-tate trade by providing a wide range of trade finance and banking ser-vices to our broad client base, which includes producers, processors, traders, importers and exporters,” explains Ms Lütschg-emmenegger.

FIMbank may be instrumental for businesses seeking to penetrate

and succeed within foreign mar-kets: “we can really add value to corporates that trade internation-ally, as the expense and risk of navi-gating complicated overseas mar-kets, understanding and complying with myriad regulations as well as cultural peculiarities and insuring against inherent risks, can all be off-

set with the support of a specialist financial institution having a global footprint like that of FIMbank,” she adds.

The bank specialises in providing tailor-made trade finance solutions, particularly within emerging mar-kets. “The FIMbank Group network

is growing and we are now pres-ent in 11 major financial centres worldwide,” states Ms Lütschg-Emmenegger.

In 2006, the Group was further enhanced through the creation of FIM business solutions, which was launched as a business systems provider and technology consulting firm which focuses on delivering innovative technology and business process solutions. Ms Lütschg-Emmenegger explains that its core business is to provide factoring soft-ware services, allowing companies to make use of adequate funds to

complete their project and repay them once the project is finalised. “Our customers also benefit from expertise and economies of scale that they would not otherwise be able to afford,” she explains, and this FIMbank subsidiary also pro-vides additional and complemen-tary services related to back office operations.

A look into the company’s track record reveals that earlier this year FIMbank Group announced an after-tax profit of usd 4.55 million for the first quarter ending 30 June 2012, an increase of 12 per cent

“ we are never saTisfied wiTH Our resulTs and are always sTriving TO grOw and iMprOve”

case sTudy

fiMbank president MargriTH lüTscHg-eMMenegger talks to yOlande spiTeri about the strategy which the bank adopted during the hardest recession to hit the world since the great depression, and the bank’s emphasis on helping businesses succeed in international markets.

“ doing business abroad can be a complicated, frustrating and risky endeavour, and we therefore facilitate trade by providing a wide range of trade finance and banking services to our broad client base.”

Margrith lütschg-emmenegger


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when compared with USD 4.08 mil-lion registered for the same period in 2011.

“In general, we are never satisfied with our results and are always striving to grow and improve,” says Ms Lütschg-emmenegger. The world, however, is experiencing a serious crisis not only in the bank-ing sector, but across practically all industries. Faced with this scenario, the bank’s results can be consid-ered satisfactory, and also compare very well with those of its banking peers.

Over the past years, Malta has expe-rienced an influx of banks which have set up shop here, serving to increase competition but also satu-rate the already limited market. This, however, does not seem to worry Ms Lütschg-emmenegger: “FIMbank is an international bank and we already compete with global

players when serving our multina-tional customers; so the licensing of a few more banks in Malta does not really have a bearing on our com-petitive environment and therefore has a limited impact on us.”

beyond our shores, FIMbank has successfully left its mark on the international factoring sector by offering a portfolio of factor-ing services through its joint ven-tures. “Our network today includes MeNAactors in dubai, egypt Fac-tors in egypt, Levant Factors in Lebanon, FactorRus in Russia, India Factoring in India and brasilFactors in brazil, as well as a strategic part-nership with ROMFactor in Roma-nia,” says Ms Lütschg-emmeneg-ger, adding that the FIMbank Group plans to continue developing its network of factoring joint ventures, with an important target for 2013 of expansion into the African conti-nent.

Locally too, during the 17 years since the bank’s inception, Maltese investors have consistently dem-onstrated their trust in FIMbank, whether as shareholders, bond-holders or depositors: “the encour-aging response to our savings and term-deposit products has driven the bank to continue enhancing its product portfolio and seek higher grounds,” Ms Lütschg-emmeneg-ger proudly explains.

With regard to Malta’s banking sce-nario and how it dealt with the eco-nomic instability, she believes that it was the local banks’ traditional business model which ultimately served to shield them from the international financial turmoil of these last years.

“I must say the situation remains extremely challenging, and con-ventional wisdom tells me that this state of affairs may prevail for a while longer, especially when you consider the fact that economies are still vulnerable and changes in regulation are squeezing profit-ability,” Ms Lütschg-emmenegger admits. She cites the introduction of basel III in 2013 by way of example, which she believes will make bank-ing safer, but “will also raise the bar for more demanding risk and capi-tal management, undoubtedly lead-ing to increased costs.”

basel III, as defined by The bank of International Settlements www.bis.org, was developed by the basel committee on banking supervi-

sion to strengthen the regulation, supervision and risk management of the banking sector. As a preven-tive measure for possible future economic crises, this regulation looks to improve the banking sec-tor’s ability to absorb shocks arising from financial and economic stress, as well as to serve as a support in risk management and to strengthen banks’ transparency and disclo-sure.

Looking ahead, what can the bank-ing sector possibly do to overcome such turbulent times? Ms Lüt-schg-emmenegger suggests that those in a position to invest and take advantage of opportunities to strengthen their competitiveness will grow while those focusing on core strengths and identifying inno-vative ways to service their clients will also fare well, as she strongly believes that “in the midst of diffi-culty lies opportunity”.

case sTudy

PLANS FOR THE YEAR AHEADThe future does look bright for FIMbank. A recent announcement by the bank heralds the receipt of a joint offer by burgan bank s.A.K. and united Gulf bank b.s.c.(uGb), both of which form part of the Kuwait Projects company (KIPcO) Group, which has diverse and significant investments in the Middle east and North Africa regions. Ms Lütschg-Emmenegger explains that the offer provides for a comprehensive approach culminating in a rights issue to increase the bank’s capital and in burgan and uGb potentially acquiring a controlling interest in the bank. “Initially, burgan and uGb will acquire an aggregate of 37.56 per cent of the bank’s capital through a combination of debt-to-asset swap as well as an outright acquisition, both with Massaleh Investments K.s.c.c. concurrently, uGb will provide a loan of usd 60 million to the bank which may, at uGb’s option, be converted into newly issued listed shares of the bank,” she elaborates. At the end of this multi-step approach, the bank will launch a rights issue to raise a minimum of USD 100 million on terms that would eventually have to be determined and announced by the bank. In terms of the offer, both uGb and burgan have undertaken to subscribe in full to all the new ordinary shares to which they will be entitled under the said rights issue. In this regard, an Extraordinary General Meeting of the share-holders of the bank has been convened for 31 January of the coming year to discuss this offer.

Naturally, this process is subject to the required corporate and regu-latory approvals.


inTernaTiOnal pOliTics

“In so many ways Obama should not have won the US election given the economic conditions, the deep-ening of the country’s deficit prob-lem and his lack of a plan for a sec-ond term, however he had a very good campaign and he is certainly a charismatic character. The qual-ity of his campaign and his cha-risma gave him an edge over his Republican challenger Mitt Rom-

ney,” says political expert and edi-tor of the Journal of Public Affairs Education in the US, Prof. David A. Schultz, in an exclusive interview with business Agenda.

“Americans want presidents who they personally like and whom they feel understands them. The public did not feel that way about Romney but did about Obama,”

asserts Prof. Schultz whilst adding that the Americans want someone who is likeable and down-to-earth but who could nonetheless help them dream of a better day, of hope... or the possibility of achiev-ing the American Dream.

The American people have how-ever failed to equate the economic crisis with Obama. As a cNN.com

poll confirms, whilst only 39 per cent of people believed that the economy was improving, around 50 per cent of Americans blamed former President George W. bush for the gloomy scenario, and not Obama – which speaks volumes about the voting outcome.

Conversely, however, adds Prof. schultz, “Obama received nine mil-

lion less votes compared to 2008 and his margin of victory was less than his triumph over McCain, making him a weaker president this time round.”

Adding insult to injury, Republican candidate Mitt Romney was a weak competitor and this gave Obama a further advantage. Obama man-aged to win over votes from vari-ous socio-economic backgrounds whilst Romney failed to connect with the people and to prove that he could be someone they could trust, explains Prof. Schultz.

The results have a ripple effect that reaches all corners of the world, as they affect the US’s inter-national relations in no small way.

speaking to business Agenda about the result of the US presi-dential election, Dr Isabelle Calleja Ragonesi, Head of the Interna-tional Relations Department at the university of Malta, remarks that in general European leaders seem to be enthusiastic about Obama’s re-election and there is hope that this will now facilitate more coop-eration in the fields of the economy and international trade, security and foreign policy, specifically in the Middle East and North Africa. She is also of the opinion that “Malta, being a member of the EU and a border state adjacent to North Africa, should find its needs better served by a Democrat presi-dent.”

ObaMa’s vicTOry:

in the four years as the first african-american us president, barack Obama may not have delivered on all his electoral promises, nevertheless he maintains his place in the heart of many americans, beating his republican opponent Mitt romney in the recent us presidential election. yOlande spiTeri speaks to two experts to discuss what led to Obama’s victory and what this means to america as well as the rest of the world.

‘cHarisMa and a sleek caMpaign were criTical’


inTernaTiOnal pOliTicsHowever, she adds, there are also fears that the US will be too preoc-cupied with domestic issues and might neglect foreign policy. Prof. Schultz cannot agree more and adds that Obama’s election has focused more on domestic politics rather than the US’s foreign rela-tions. “I would not anticipate much of a change in the political sce-nario for Obama. I do not see his administration taking any bold new direction in a second term that will differ from the first, even with key changes in his cabinet, including the appointment of a new Secre-tary of State.”

On America’s relations with the EU, Prof. Schultz believes that Obama might have taken europe for granted already and may con-tinue to do so as he focuses on Asia – America’s number one trad-ing partner.

Over recent years, it has been reported that the US Government has shifted its position, occupy-ing a less vocal role in interna-tional politics. Dr Calleja Rago-nesi claims that “under bush the USA was extremely unpopular on the international circuit and when Obama came to power he chose to address this issue.”

One way of addressing this, she explains, was by adopting a new method of foreign policy-making whereby decisions that were sup-ported by the us were taken on in co-operation with international and regional organisations. This

was the case, for instance, in the Middle East during the Arab Spring, one example being the establishment of a no-fly zone over Libya. This was agreed to by the UN, the EU and the Arab League – as part of a joint decision, she asserts.

“This increased the legitimacy of the final decision which was reached through instruments of international law and international cooperation, rather than through unilateral mechanisms adopted by the US... as was done in the past.” Dr Calleja Ragonesi believes that this method of foreign policy-making under Obama has helped to rehabilitate the reputation of the us globally. “Whilst others may refer to this form of politics as leading from behind, I would cat-egorise it as leading through con-sensus,” she asserts.

Prof. Schultz also believes that the US has clearly retreated from its previous role of ‘going it alone’ under bush and the world is to con-tinue to see more of this because of the current weakened economic position and a cautious Obama administration. Hence many have suggested that the strong urgency to address domestic issues has not left Obama much room for manoeuvre.

No particular conclusion was reached on the Palestinian-Israeli conflict during Obama’s first term. As Dr Calleja Ragonesi explains, on 18 september 2010, Obama stood

before the UN’s General Assem-bly and declared his support for Palestine; however in 2011, the us administration spoke out against a Palestinian bid for UN member-ship and froze funds to the Pales-tinian Authority. Two years later, on 12 November 2012, Obama again declared that his adminis-tration was against a Palestinian bid for non-state membership of the UN and in the meantime, the

Obama administration has also not been able to get peace negotia-tions going between Israel and Pal-estine. Hence, here too, it is highly debatable whether Obama’s re-election will change anything in the context of Palestinian statehood. In spite of this, at the end of the day, one cannot fail to observe that Obama was the revitalising change that America needed, most espe-cially after the great loss in con-

fidence that the country suffered following the gloomy years of the early 2000s, after the 9/11 attack.

Obama may not be working towards a re-election but his per-formance will mean a lot to the democratic votes he managed to swipe off the Republican party. Whether the democrats manage to maintain these votes will largely depend on his second term.


enTerprise

Following the success of the first Get Qualified scheme, Malta enter-prise will be extending this scheme to support more students gain qualifications required by a wider range of industries.

Furthering knowledge and skills is a key element in helping indi-viduals grasp new opportunities or advance in their careers. It also allows them to lead a better life through the application of their knowledge and skills in everyday life.

Whether one is seeking a new job, alternative employment or perhaps looking at setting up a business, by furthering his or her studies one would be opening new doors and in doing so increasing the chances of being successful in his or her endeavours.

This is particularly the case in today’s highly competitive global economy where, notwithstand-ing the continuous challenges and changes that the operating environ-ment has to overcome, the expecta-

tions to get the best value for one’s money are increasing across the board.

In this respect, investment in train-ing and development is crucial so that workers in the labour market always have the skills and knowl-edge required not only for them to succeed on a personal level, but also to ensure that businesses and industries alike have the compe-tent human resources necessary to innovate, develop and grow their operations.

With this in mind and building on the success that the Get Quali-fied scheme has registered over the past years, Malta Enterprise has extended the scheme to sup-port students and other individuals obtain qualifications required by a wider range of industries.

by means of the Get Qualified scheme, students or other individu-als who undertake further studies in specific industries may recover up to 80 per cent of their expenses in relation to registration fees,

examination fees, as well as fees paid to the university, institution or recognised educational entity.

The tax credit, which is granted upon successful completion of the course, is thus aimed at encourag-ing and assisting further develop-ment of human resources within those industries showing a higher potential for economic growth, thus making it easier for students, employees and entrepreneurs to constantly update their knowledge and skills in order to keep abreast of new developments.

Following the latest amendments to the scheme, studies leading to a certificate, diploma, degree or post-graduate degree within indus-tries such as advanced manufac-turing, maritime, energy, oil and gas, as well as life sciences (includ-ing health services and veterinary services), will now be supported.

Support for engineering courses, which was previously limited to electromechanical engineering, is now being widened to include other

aspects such as structural engi-neering.

These additional industries will complement the existing sup-port covering courses related to aviation, economics and statis-tics, financial services, crafts and creative industries, chemical and pharmaceutical industries, as well as information and communication technologies.

Another significant amendment to the scheme is being introduced in respect to studies at a doctoral or post-doctoral level, whereby the Get Qualified scheme will now sup-port all students irrespective of their area of specialisation.

The tax credit is capped depend-ing on the level of qualification or certification being obtained – with a higher amount being granted in tax credits to those obtaining more advanced qualifications.

The list of approved qualifications assisted through the scheme is updated periodically to include

other qualifications according to the needs of the industry.

Local education service provid-ers, including training institutions and local representatives of for-eign universities, need to submit an expression of interest in order to provide a list of qualifications that may be included in the Get Qualified scheme. These will then be reviewed to ensure that they fit within the scheme’s criteria before being approved for eligibility. Stu-dents following approved qualifica-tions will be able to apply for the tax credit through the service provider.

In those cases where the courses are not offered locally, either directly or through the representa-tion of a foreign training or educa-tion institution, students can submit an application themselves to under-take the specific course they are interested in.

Students have to submit their appli-cations by not later than 12 months following the commencement of their course in order to be eligible for the tax credit. Applications in respect of a course of studies that had already been terminated at the time of application will not be con-sidered.

The scheme has already registered a significant success among stu-dents or individuals who undertook further studies in the past years, with Malta Enterprise granting almost €14 million in tax credits to around 3,500 beneficiaries through Get Qualified and similar schemes.

Having moved on to the labour market with improved skills and enhanced employability, most of these beneficiaries are nowadays contributing to the Maltese econ-omy by lending the skills and knowl-edge acquired to various enter-prises in Malta.

Further information on the Get Qualified scheme may be accessed from www.maltaenterprise.com/getqualified or by contacting Business First, the one-stop-shop for businesses operated by Malta Enterprise, on tel: 144 or email: [email protected]

geT Qualified: exTending iTs suppOrT TO MOre indusTries

following the success of the first get Qualified scheme, Malta enterprise will be extending this scheme to support more students gain qualifications required by a wider range of industries.


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The European Parliament has long been at the forefront of efforts to reduce the EU’s administrative bur-dens. “by the end of 2012, the euro-pean Union will have succeeded in decreasing more than 25 per cent of its administrative burdens, help-ing businesses to save money whilst allowing them to focus on their pri-orities,” says Dr Agius.

As recent studies confirm, the com-mon sentiment among Maltese businesses is that the EU’s institu-tions bring with them an additional degree of bureaucracy. Dr Agius points out, however, that not only is the EU reducing administrative bur-dens emanating from its own leg-islation but it is also insisting with member states to reduce their own red tape.

Implementing EU laws, he argues, entails costs to businesses. Some of these costs are linked to obliga-tions to provide information either to public authorities or private par-ties, some of which have become needlessly time-consuming, exces-sively complicated or useless.

“Unnecessary and disproportion-ate administrative costs may ham-per economic activity and irritate business and possibly also public authorities,” continues Dr Agius. However by reducing unneces-sary reporting requirements, busi-nesses can dedicate more time to their core activities, helping them to reduce their production costs and allowing more time for additional investment and innovation to take place. In turn this should improve

productivity and overall competi-tiveness. Dr Agius explains that initially a European Commission programme intended to ‘Reduce Administration burdens’ set a tar-get of reducing these burdens by 25 per cent by the end of 2012, how-ever this target will be surpassed. “We have seen a joint effort by the Parliament, the Commission and the Council to bring about these positive developments in various areas, including VAT procedures, paper-work related to agricultural subsidies, annual accounts/com-pany law, financial services, fish-eries, food safety, pharmaceutical legislation, public procurement, employment relations, transport and e-invoicing,” he explains.

As reported by the European Com-mission, the current overall burden resulting from EU legislation and national implementing measures is estimated at around €124 billion and if all the proposals tabled by the Commission are adopted, the total estimated burden could be reduced by 31 per cent by the end of 2012,

helping to bring about a saving of almost €40 billion.

''Moreover, concepts like 'think small first' and considering exemp-tions from eu legislation for micro-enterprises are increasingly finding themselves high on the political agenda,'' he adds. "These concepts are boosted by a continuous effort by the European Parliament to insist on these elements in its Reso-lutions and in the negotiation of spe-cific legislative dossiers."

Recent years have seen the plight of SMEs rise on the legislative and political agenda. “99 per cent of the EU’s businesses are SMEs and it is important that their con-cerns are voiced and their interests addressed for them to be able to

see the single market as an oppor-tunity for growth beyond their home market,” adds dr Agius.

For this to happen, sMes should take an active role in the policy-making process. “They are the small employers of today, however recognising their potential, the EU is now focusing on fostering their growth and transforming them into the large employers of tomorrow.”

To facilitate this, the European Par-liament Information Office in Val-letta serves as a bridge between Maltese citizens, businesses and the European Parliament, inform-ing them of the policies and politics building up in brussels and hence enabling them also to influence the agenda, through their MEPs.

“When I took on this role, I was pleasantly surprised by the inter-est of civil society and Maltese businesses in anything which is eu-related.” europe is truly a living reality for the Maltese and Dr Agius believes that this is highly impor-tant, particularly as the EU is con-

seTTing THe agenda fOr 2013

inTerview wiTH THe Head Of THe eurOpean parliaMenT Office in MalTa:

peTer agius is no stranger to the european union’s institutions. He started his career at the age of 23 as the youngest official of the council’s legal service. He was then appointed adviser to the rotating presidency of the council, handling negotiations on legislative dossiers in the internal market until july 2012, when he was appointed Head of the european parliament Office in Malta. in an interview with yOlande spiTeri, dr agius discusses the office’s role in bridging the gap with brussels, the european parliament’s priorities for 2013 and another topic close to his heart – the reduction of administrative burdens.

inTerview

“ european commission programme intended to ‘reduce administration burdens’ set a target of reducing these burdens by 25 per cent by the end of 2012, however this target will be surpassed.”


stantly deciding on measures and issues which are eventually embed-ded within the local framework.

Prior to taking up office at europe House in Valletta, his tasks in brus-sels included negotiations with MePs, briefing the President of the European Council Herman Van Rompuy on various issues, training national officials of the forthcom-ing Presidencies and seeking to transmit these experiences when addressing visitors to the institu-tions, as well as delivering lectures in Malta.

The difficulties he encountered dur-ing his talks to visitors and students made him aware of the challenges of communicating the grand side of brussels to the citizen. He explains that the European Parliament is elected by the people to offer ser-vices to European citizens and the Valletta office is testament to this value. “Our office is situated in a central, easily accessible location and exists to bring all that is going on in brussels right to the doorstep of Maltese citizens.”

“For example, in september we held an event with people from dif-ferent walks of life to discuss the issue of asylum – a hot topic for our island," explains Dr Agius. In spite of the different views expressed, Dr Agius reports that the participants were grateful for the Maltese MEPs’ readiness to address concerns and listen to what the Maltese had to say. “It is this kind of outreach that we seek to achieve; we want the Maltese to feel that Europe House is their home and the EU is proac-tive in addressing their needs,” Dr Agius continues.

“Our intention is also to reach out to people of all ages and from dif-ferent societal backgrounds, and our activities must reflect this strategy,” asserts dr Agius. Over the past few months, the office has also stepped up its online pres-ence specifically to address stu-dents and younger citizens who may feel alienated from the Euro-pean institutions. The office now has a reach of over 10,500 on its Facebook page (www.facebook.com/Parlamentewropew), which is continuously updated.

Looking ahead to 2013, the euro-pean Parliament Information Office will continue to strengthen rela-tions with stakeholders and busi-ness organisations, so as to under-stand their challenges and what they seek to achieve in europe. “Enhancing the information avail-able to the organisations will ensure a more effective represen-

tation and that the interests of Mal-tese citizens are being reflected in the EP’s policy decisions,” he adds.

On the recent developments at EU level, Dr Agius explains that the European Parliament is set to decide its position on the ongoing negotiations relating to the recog-

nition of qualifications throughout member states. This would mean that a qualification earned by a Maltese professional will be eas-ily transferable anywhere in the EU, hence broadening employment possibilities for our youths. Other ongoing legislative developments relate to SMEs’ tendering oppor-

tunities and their ability to tap into venture capital. In 2013, the Euro-pean Parliament will also focus on businesses’ accounting obligations. The European Parliament will fur-ther discussions on digital rights, a timely issue as online activity is con-stantly on the increase. “The Mal-tese are very active online shoppers and users, and we therefore expect the Maltese public to take interest in the forthcoming items for discus-sion on the EU agenda which will seek to enhance a wider and safer use of the internet,” he explains.

Next year, the EP, together with the Council, will also be deciding on the implementation of funding and will determine the priorities to be addressed. “The Parliament recently declared that finances should be directed towards foster-ing growth, by addressing inno-vation and seeing to the needs of

SMEs. Addressing this will directly enhance growth and job creation.”

Asked to comment about the cur-rent economic crisis, Dr Agius sees a light – albeit faint – at the end of the tunnel. “europe is working extremely hard to get back on track. The challenge facing the Union is not only one of economic growth versus austerity and fiscal disci-pline; the european Parliament has been insisting that the EU runs an even bigger risk, that of deciding without the support of its citizens.

For this reason the european Par-liament has been insisting that decisions taken at eu level need to involve the representatives of the people to ensure that the age-old adage ‘no taxation (or austerity) without representation’ is applied also in the European legislative pro-cess.

inTerview

Peter Agius lecturing Polish senior officials at the College of Europe in Bruges, Belgium.


business newsMbb updaTe

Following the successful comple-tion of an impact assessment on the European Commission’s pro-posals for a Common Consolidated Corporate Tax Base (CCCTB) ear-lier this year, the MBB and Bank of Valletta once again joined forces to collaborate on another critical study focusing specifically on busi-nesses and their access to finance.

On the launch of the study, MBB President George Vella highlighted

that in recent years MBB has been very active in issues related to the European Single Market and that any EU legislation in the field may impact Maltese business. Mr Vella stated that “this assessment will strengthen and consolidate the MBB’s work related to the Euro-pean Single Market, by present-ing solid recommendations to both Government and the local credit institutions on the real financial requirements of our businesses, in

order for them to continue contrib-uting towards growth and employ-ment in the Maltese economy.”

The assessment study is entitled: ‘Market gaps in access to finance and the feasibility of new financing instruments in the EU, addressing the credit needs of Maltese busi-ness’.

MBB CEO Joe Tanti participated in a conference on ‘Employers’ prac-tices for active ageing’ in Brus-sels. This conference concluded a joint project on ‘Age management policies in enterprises in Europe’, conducted by BUSINESSEUROPE, European Centre for Employers

and Enterprises (CEEP) and the European Association for Craft, Small and Medium Sized Enter-prises (EURAPME).

During the conference, impor-tant topics such as policies and practices to extend working lives,

flexible working and maintaining work-ability, among others, were discussed.

Mr Tanti’s visit was sponsored by BUSINESSEUrOPE.

Claire Gillespie participated in the EUROCHAMBRES Global Europe Committee on behalf of the MBB. The purpose of this Commit-tee meeting was to discuss how national strategy could be com-plemented by EU strategy, whilst giving special consideration to the promotion of the Chamber network within the framework of the EU.

Chambers across Europe have already shown themselves to be effective in mobilising busi-nesses and influencing interna-tional strategy, so these networks should be strengthened to provide Chambers and their members with greater influence at EU level.

Ms gillespie is a Uk student who is currently undergoing a traineeship at the MBB Brussels office.

MBB Executive Daniel Debono par-ticipated in a training programme on EU lobbying in Brussels, organ-ised by HOTREC (the umbrella association of Hotels, Restaurants and Cafes in Europe) and the Euro-pean Hospitality Foundation (EHF).

The training programme entitled, ’Understanding and lobbying the EU decision-making process’, served to provide members with ad hoc lectures and practical guid-

ance on the function of the EU’s institutions and on ways of engag-ing in good and effective lobby-ing at EU and national levels. The training included a guided tour of the European Parliament, during which participants had the oppor-tunity to follow live sessions of a number of standing committees, including the Committee on Trans-port and Tourism (TRAN), and the Committee on Employment and Social Affairs (EMPL).

12TH SEPTEMBER –

MBB LAUNCHES STUDy ON ACCESS TO FINANCE

27TH SEPTEMBER –

MBB CEO PARTICIPATES IN A CONFERENCE ON EMPLOyERS’ PRACTICES FOR ACTIVE AGEING IN BRUSSELS

28TH SEPTEMBER –

EUROCHAM-BRES GLOBAL EUROPE COMMITTEE

17TH–18TH SEPTEMBER–

MBB ExECUTIVE PARTICIPATES IN A TRAINING PROGRAMME ON EU LOBByING IN BRUSSELS


Mbb updaTe

The MBB launched a study on flexible work and family-friendly measures in the private sector during a Master Class organised for participants attending the annual national conference of the Foundation for Human Resources (FHRD). The study will be con-ducted with the support of MISCO International.

When launching the study, MBB CEO Joe Tanti stressed the impor-tance of this project. He stated that “this study will help busi-nesses gain a better understand-

ing of the take-up of flexible work and family-friendly measures among Maltese businesses, what lacunas exist in our private sector, and what can be done to decrease this discrepancy. Through MIS-CO’s support, the MBB will deter-mine an accurate representation of the measures implemented by local enterprises,” he continued.

MBB SHIFT Project Manager, Mariella Scicluna stated that “establishing a system of fam-ily-friendly work environments strengthens society across the

board. Flexible work-arrange-ments and family-friendly mea-sures allow employees to strike a balance between work commit-ments and family responsibilities, allowing more people to work and be financially independent. In turn the human resource is protected, as it would be able to retain expe-rienced employees who can con-tinue contributing to the labour force.”

The Master Class was addressed by Cæsar Szwebs – an expert from AMU Nordjylland (a voca-tional education and training cen-tre in Denmark), who discussed Denmark’s successful adoption of flexible work arrangements and presented best practices of Dan-ish companies. During his pre-sentation, he also highlighted how the adoption of such measures by the local private sector could help boost its human capital, contrib-ute to a better work environment and bring about an increased level of productivity.

MBB Project Manager Geoffrey Saliba participated in the launch of DG CLIMA’s latest campaign ‘A World you Like, with a Climate you Like’ – a project co-ordinated by the European Commission. The cam-paign draws different entities from all around Europe in a drive against climate change. It aims to create a showcase of creative initiatives to reduce greenhouse gas emissions and pressure on the environment.

One of the more serious impacts of climate change is the expected decrease in rainfall in the Medi-terranean. Through the EU LIFE+ Investing in Water Project the MBB is supporting DG CLIMA’s campaign by showcasing initiatives taken by local enterprises to consume water more efficiently. The MBB remains committed to support local enter-prises in their environmental sus-tainability efforts.

Mr Saliba’s visit was sponsored by the European Commission.

As part of SME week 2012, a Female Business Café was organ-ised at the President’s Kitchen Garden in Attard under the patron-age of First Lady Margaret Abela.

MBB along with the Foundation for Women Entrepreneurs, Reach Beyond Foundation, the National Council of Women, the Malta Association of Women in Business, along with all AMIE Ambassadors were present to discuss and offer guidance to women about entre-preneurship (The AMIE project seeks to encourage female entre-preneurship in Malta through the establishment of a network of women ambassadors). Advice on

company registration and on any licenses required was also given. Representatives of Business First, SOLVIT Department and the Employment and Training Corpo-ration (ETC), were also present to offer individual advice to women visiting the café. Moreover, work-shops were held for women who wished to acquire more entrepre-neurial skills and who were still undecided on the business path they would like to take.

The event was organised by the Ministry of finance along with the foundation of women Entrepre-neurs, as aMIE Project Coordina-tor.

5TH OCTOBER –

MBB LAUNCHES STUDy ON FLExIBLE WORK ARRANGEMENTS IN THE PRIVATE SECTOR

8TH OCTOBER –

MBB PROJECT MANAGER PARTICIPATES IN AN EU CLIMATE CHANGE CONFERENCE IN LONDON

8TH OCTOBER –

FEMALE BUSINESS CAFé AT THE PRESIDENT'S KITCHEN GARDEN


Mbb updaTe

MBB Executive and AMIE Project Manager Mariella Scicluna repre-sented the MBB at a summit enti-tled ‘Women’s entrepreneurship makes business sense’. Partici-pants included the various female entrepreneurs who took part in the AMIE project as ambassadors and mentors to promote female entre-preneurship in Europe. National consortia running network proj-ects in the individual member states were also present.

The conference highlighted the fact that entrepreneurs are indispens-able to Europe’s economic growth, employment and prosperity; espe-cially within the current turbulent economic situation in Europe. The conference was also addressed by Androulla Vassiliou, European Commissioner for Education, Cul-ture, Multilingualism and youth.

Women entrepreneurs represent the biggest untapped potential

for entrepreneurship in Europe and are a potential resource for economic growth; thus should be encouraged.

Ms Scicluna’s visit was funded by the CIP Programme via the aMIE Project.

MBB CEO Joe Tanti, who forms part of ‘Team Europe Malta’, was invited by the European Commis-sion Representation to partici-pate in a training programme on ‘Mobilising citizens for Europe’ in Brussels. This was also a good networking opportunity to meet other stakeholders from all member states.

Throughout the training pro-gramme, a number of important topics were addressed. These included subjects relating to the implications on national sover-eignty of a closer economic and monetary union, the European Central Bank’s role during the financial crisis and the main con-cerns that EU citizens face today.

Mr Tanti’s visit was sponsored by the European Commission.

During the 112th General Assem-bly held in Brussels last Octo-ber, MBB former President and current Board member, John A. Huber, was elected on the Board of Directors of EUROCHAMBRES – the European Association of Chambers of Commerce and Industry – for 2013.

MBB President George Vella, on behalf of the Board and Exec-utive Team, congratulated Mr Huber on his election. Mr Vella noted that "it is very positive for Malta's business represen-tatives to have a Maltese dele-gate present within such a pres-tigious European association. I encourage Mr Huber to continue contributing positively, in the best interest of Maltese businesses within European fora," he con-cluded.

16TH-18TH OCTOBER –

AMIE PROJECT DELEGATION PARTICIPATES IN EUROPEAN SME WEEK 2012 SUMMIT CONFERENCE

7TH-9TH NOVEMBER –

MBB CEO INVITED TO PARTICIPATE IN A TEAM EUROPE TRAINING IN BRUSSELS

8TH NOVEMBER –

MBB PARTICIPATES IN A CONFERENCE DEALING WITH LONG TERM UNEMPLOyMENT IN EUROPE

18TH-19TH OCTOBER –

MBB TRUSTEE – JOHN A. HUBER ELECTED TO EUROCHAMBRES BOARD OF DIRECTORS

MBB Project Administrator Mark Seychell participated in a confer-ence under the auspices of the Commission’s Mutual Learning Programme. The conference discussed various strategies and tools in order to address long-term unemployment.

EU trends in long-term unem-ployment were disseminated, whilst member states shared their country’s policies to coun-ter such trends, including col-lective labour market reform. The conference then moved on

to discuss how this issue relates to Europe’s 2020 overall target of achieving a 75 per cent employ-ment rate across Europe. Key speakers at this event included Herwig Immervoll, Senior Social Protection Specialist – World Bank and Rebekah Smith from BUSINESSEUROPE.

Mr Seychell’s visit was spon-sored by the European Com-mission.

In recent weeks Mark Seychell was appointed Project Admin-istrator at the MBB. Mark is a graduate in B.A. European Stud-ies (Hons.) and has recently completed an M.A. in European Studies and Economics.

In recent months, Mark has undergone a year-long trainee-ship at the Bureau, within both its Malta and Brussels Offices.

NEW APPOINTMENT AT THE MALTA BUSINESS BUREAU


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and celebrate the Christmas spirit with your family and friends.

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As part of its activities to com-memorate the 20th anniversary of the European Single Market, the MBB undertook the task of con-ducting a study in order to assess the Maltese business’ experi-ence of operating in the Euro-pean Single Market. To date, the single market has developed into the world’s largest market, cater-ing for 500 million consumers. In August, a number of focus group sessions were organised with Maltese SMEs and micro-enter-prises representing the services, import/distribution, manufactur-ing/exportation, hospitality and tourism services sectors, all of which contributed to the study.

Upon completion of the study, in October, an MBB delegation led by President George Vella met the Prime Minister and the Opposi-tion Leader, and presented them with the business study highlight-ing the challenges and opportuni-ties that Maltese SMEs encounter when operating within the Euro-pean Single Market. Recommen-dations were made for a number of local issues that could help the business environment of compa-nies in Malta. It is also the MBB’s intention to communicate the findings and recommendations to a number of top officials at the European institutions in Brussels in the coming weeks.

As part of the Single Market Week activities, the MBB organised a half-day conference whereby it launched a special publication in collaboration with the Euro-pean Commission Representa-tion in Malta commemorating the 20th anniversary of the European

Single Market. Apart from show-casing the events which marked the progression of the European Economic Community’s initial customs union to the eventual EU internal market and the sub-sequent monetary union, the publication provides an in-depth analysis of the results achieved in this business study, whilst it conveys the MBB’s detailed policy recommendations on how to sup-port Maltese businesses to better operate in the European Single Market.

In a separate event held during Single Market Week, MBB Presi-dent George Vella was invited to participate in a panel debate alongside MEP Louis Grech and Odette Vella, who represented the Malta Competition and Consumer Affairs Authority. The panel was moderated by Martin Bugelli, Head of the European Commis-sion Representation in Malta. Dur-ing this debate, Mr Vella had the opportunity to discuss the findings and recommendations emanating from the Single Market business study that was published by the MBB during the same week.

MBB SINGLE MARKET ACTIVITIES

Mbb updaTe

EU SERVICES DIRECTIVE EXPECTED TO BE IMPLEMENTED IN 2013

The EU Services Directive is finally expected to be implemented next year across the EU27 states. The directive was adopted in 2006 to create a regulatory environment in order to help businesses and consumers across the EU make the most of the single market’s opportunities. The directive was due to be transposed by 2009 how-ever this has been delayed as the implementation has not been sat-isfactory. The transposition will now take place next year, whereby the executive body within the Euro-pean Union will impose proper implementation. Contrary to what was reported in the last edition of Business Agenda, Dr Peter Agius, the Head of the European Parlia-ment in Valletta, had stated that a number of EU member states – and not the Maltese Government as erroneously quoted – have been falling behind in the implementa-tion of the Services Directive. To ensure that this implementation takes place, the EU will continue stepping up its vigilance in order to ensure that member states con-form to this legislation.


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Associating oneself with a repu-table group or club is a desirable aim for all and the recent announce-ment that Malta has become the lat-est addition to the Hsu is a win-win situation for both parties. Malta is now part of a club that enjoys wide international respect for its defini-tion of accommodation criteria.

This will undoubtedly boost Malta’s tourism product and image, as tour-ists worldwide can trust that the island’s hospitality sector offers exceptional standards. On the other hand, by adding Malta, the HSU has also improved its credibility since the island was already known as an exemplary leader in terms of hospi-tality. The Union’s membership now extends from the northern country of sweden to the southern-most island of Malta, with other members including Austria, Czech Republic, Germany, the Netherlands, Switzer-land, Hungary, Estonia, Latvia, Lith-uania and Luxembourg. Norway will also reportedly be joining shortly.

Klaus ennemoser, chairman of HSU states that “on the one hand, we succeeded in building a harmon-ised system with common rules, and on the other hand, we incor-porated necessary differentiations in the hotels according to the mar-ket. especially nowadays, when one of our top priorities is to promote Europe as a tourism destination, we not only require a common profile, but also a strengthened common understanding of products and ser-vices,” he continues. On the other

hand, Kent Nyström, President of HOTRec – the european umbrella organisation for hotels, restaurants and cafes, describes the HSU as one of the best examples of successful market-driven initiatives in europe.

The new Hsu classification regime adopted in Malta now presents a two-tier classification system, pro-viding for a ‘superior’ label across all the hotel gradings, among other things. It also facilitates the clas-sification of bed and breakfast hotels across all categories, except for the five-star category. The new classification system will also see the re-introduction of the one-star hotel, which was eliminated in 2002 because of the Guesthouse license, which bears very similar criteria to those of the one-star hotel. How-ever this was necessary as all par-ticipating countries need to have 99 per cent of their criteria conform-ing with that of the HSU in order to qualify. In the case of Malta, the

main additional mandatory criteria represent the provision of air-condi-tioning for the three-, four- and five-star categories, due to the country’s warm climate.

When asked what instigated Malta’s drive to be part of this European framework, Malta Tourism Author-ity (MTA) chief executive Josef Formosa Gauci explains that this partnership between the hospital-ity sectors of an ever-increasing number of European countries will undoubtedly enhance the reputa-tion and quality of the hotel indus-try, especially within the states and territories directly involved. He notes that this is achieved by creat-ing more transparency and security

for guests, and further stimulat-ing hotel marketing opportunities. “Needless to say, Hotelstars' rat-ings feature prominently in the prin-cipal international booking sites,” he affirms.

George Micallef, senior Vice-President of the Malta Hotels and Restaurants Association (MHRA), states that Minister de Marco was very receptive to MHRA’s proposal of adopting the Hsu classifica-tion system to replace the previ-ous system that has been in place since 2002. Once the MTA took this to task, MHRA worked closely with the Authority to ensure that the new framework reflected the custom-ers’ requirements.

According to Mr Micallef, through Malta’s membership of the HSU, “we can gain from the expertise and experiences of the other member countries across europe. We will also gain access to the extensive research undertaken by the Hsu with the support of the EU Commis-

MalTa’s enTry TO THe HOTelsTars uniOn bOOsTs lOcal TOurisM’s iMage and credibiliTy

in October, the Maltese government announced a new classification system for hotels in Malta, allowing the local industry to conform to the standard regulations adopted by the Hotelstars union (Hsu) – made up of 12 european countries. daniel debOnO discusses this development and its impact on the hospitality industry with local stakeholders.

TOurisM

“ needless to say, Hotelstars' ratings feature prominently in the principal international booking sites.” – Josef Formosa Gauci

josef formosa gauci


TOurisMsion. Another distinct benefit is the agreement that the HSU is enter-ing into with the foremost booking sites and hotel-review sites, which are committing themselves to fea-ture hotels in destinations that are members of the HSU strictly by the following HSU criteria, and that they will refrain from awarding their own hotel classification. This will help to strengthen the credibility, and indeed the reliability, of the Hotel-stars rating with our customers, who are sometimes sceptical about the grading systems of hotels,” he continues.

The new classification system was also welcomed by various stake-holders from the industry. Grand Hotel Excelsior General Manager Norbert Grixti states that “with the harmonised criteria catalogue

for hotel classification, the imple-mentation of the HSU will offer all guests and hoteliers in Europe and now also in Malta a transparent and comparable system.” According to Mr Grixti, “the biggest opportunity is the transparency offered to the guests, who in turn will appreci-ate more the value offered by the respective hotels based in Malta.”

When asked if hoteliers were fore-seeing any support to achieve classifications, Mr Grixti says that

“any support directed towards the enhancement of the Maltese prod-uct is always welcome. However it is expected that the HSU imple-mentation will stimulate local hote-

liers to consider the enhancement of their product, which in turn can help them to achieve higher room rates and occupancy levels,” he concludes.

A NUMBER OF OTHER CRITERIA INTRODUCED BY GOVERNMENT IN THE NEw HOTEL CLASSIFICATION SYSTEM:

- One-star to four-star categories can substitute bath tubs in rooms with a suitable shower.

- The introduction of special labels – bed & breakfast, Heritage, Resort, Rural and spa in the hotel sector and the Agro Tourism label in the guest house, host family and ‘farmhouse’ properties.

- Mandatory provision of internet access and a complaint management system for the three-, four- and five-hotels.

- The awarding of the superior label to those hotels that have more facilities and services than is required in their specific class – thus introducing an element of further motivation to reach higher levels of quality.

- A new measuring tool has been introduced in the classification methodology of hotels. Hotels have to reach a minimum number of points to be classified in the star level requested – points which can be achieved through conformity to a set of mandatory criteria and a selection of voluntary criteria chosen by the hotelier.

“ Through Malta’s membership of the Hsu, the industry can gain from the expertise and experiences of the other member countries across europe.” – George Micallef

“ The biggest opportunity is the transparency offered to the guests, who in turn will appreciate more the value offered by the respective hotels based in Malta.” – Norbert Grixti

norbert grixti

george Micallef


waTer saving sOluTiOns – fOr yOur business

The Malta business bureau’s eu life+ investing in water project has been running for over a year and has helped numerous enterprises identify water saving opportunities and consequently, potential reductions in their utility costs. The project’s Manager geOffrey saliba, discusses the latest developments which include the publication of a list of concrete water saving solutions.

envirOnMenT

After running for just over a year, or half the project’s life, the EU LIFe+ Investing in Water project has now made contact with many businesses, hotels, authorities and other stakeholders. The aim of all this networking is very simple – through the project the Malta busi-ness bureau and its partners want to help enterprises save water and also safeguard Malta’s scarce water resource, to preserve it for future generations.

Networking has clearly shown us that most enterprises are more than happy to reduce their water consumption – after all, the higher the consumption, the higher the utility bills. The question that was raised at almost every single meet-ing over the past year was not ‘should consumption be reduced’, but ‘how can it be done’?

The eu LIFe+ Investing in Water project has therefore focused con-siderable energy on addressing this question. A first set of 40 water audits offered in January last year were very quickly booked out. A sec-ond larger set of 100 water audits offered this November have also proven extremely popular, with a third already having been taken up. Through these audits experts advise enterprises on water sys-tems and are able to identify water saving opportunities specific to the enterprise’s infrastructure.

In line with the Mbb’s core philoso-phy of empowering enterprises, we do not simply stop at providing this consultation. We would like to pro-vide enterprises with all the neces-sary information needed for them to make the correct decisions when identifying and implementing appro-

SOME INTERESTING FACTS AND FIGURES:waTEr SavINgS

Audits offered -140 Typical savings for medium-sized factory or hotel - €5000 - €10,000 per annumMinimum repayment period for above-mentioned solutions - 6 months

waTEr SCarCITY

- Malta is among the world’s top ten driest countries- Climate change could result in 15 per cent less rain in the

Mediterranean by 2050- 90 per cent of Malta’s groundwater bodies are not in a Good

Status - 50 per cent more groundwater is consumed every year than

is sustainably available


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envirOnMenTpriate water saving solutions. Our aim is to empower enterprises to be sustainable.

To support this, our latest efforts include the compilation of a set of water saving solutions which over the past year have shown to be most attractive to local enterprises. The list provides a guide on how to identify which of these water sav-ing solutions are best suited to an enterprise’s particular circum-stances. The list and guide have been published in a printed report, the Water saving solutions Pack, which is being mailed out to busi-nesses and hotels throughout Malta and Gozo.

To make this list and guide as widely available as possible they have also been uploaded to the eu LIFe+ Investing in Water project web-site. A dedicated section features a description, images and videos of each water saving solution.

In addition, a self-assessment tool has been created and can be accessed through the website. The tool asks for some basic informa-tion on an enterprise’s water con-sumption, presents an analysis and identifies which of the solu-tions meet the enterprise’s needs. A report is automatically generated and can be saved on one’s computer or printed for future reference.

The list of solutions and the self-assessment tool are powerful resources which businesses and hotels can easily use to reduce their consumption and costs, and strongly encourage enterprises to take advantage of them. Any enterprise requiring further infor-mation or wishing to examine its consumption, water saving oppor-tunities and potential solutions in more detail is also welcome to book a water audit with the project. To use the tool or book an audit, visit www.investinginwater.org

LIST Of SOLUTIONS IdENTIfIEd BY THE PrOJECT: SHOwERS – ENSURE THAT YOUR wATER FLOw IS SEVEN LITRES PER MINUTE.

How? Fit shower pipes with restric-tors or aerators, alternatively use water efficient shower heads.

wASH HAND BASINS – ENSURE THAT YOUR wATER FLOw IS FIVE LITRES PER MINUTE.

How? Fit taps with restrictors or aerators. For both showers and wash hand basins, if the features are fed from a pressure regulated pipe, adjust the pressure regula-tor until the appropriate flows are achieved. If no pressure regulator has been fitted look into the pos-sibility of fitting one.

TOILETS – ENSURE THAT YOUR FLUSH VOLUME IS SIX LITRES.

How? For traditional cisterns use volume displacement devices, for other flushing systems, such as line flushing, adjust the flushing mechanism to the lowest possible flush volume setting.

SECONd CLaSS waTEr

Much of the water consumed by a business or hotel does not need to be first class or potable, water. examples include water for flush-ing toilets, washing floors, use in laundry washing machines, irriga-tion, chillers, scrubbers and other equipment. Water sources which could satisfy this demand include rainwater, recycled grey-water (water from showers and wash-hand basins) and recycled black water (all sewage).

For a more detailed explanation visit www.investinginwater.org


John AmbrogioChairman, eSkills Alliance Maltawww.mita.gov.mt/eskillsalliance

business clusTers – jOining fOrces fOr cOllecTive innOvaTiOn

Pooling for Clusters workshop with different industry players

jOHiM wins besT bOuTiQue invesTMenT Manager aT cHariTy TiMes awards

J. O. Hambro Investment Man-agement Limited (’JOHIM’) has been awarded the ‘Best Boutique Investment Manager’ at October’s Charity Times Awards.

JOHIM beat off strong competition from Jupiter, Quilter and Chari-ties Property Fund, among oth-ers, to win the award which was presented in front of 600 repre-sentatives from some of the UK’s leading charities. Judges praised JOHIM’s long-term performance track record as the main reason behind the company’s win.

Hugh Grootenhuis, CEO at JOHIM said: “charities are an important area for JOHIM and considerable effort has been put into devel-oping our charity offering over the last few years. In the last 12 months we have seen significant growth in the demand for our spe-cialist charities business and an increase in the number of enqui-

ries. It is encouraging to see how our success is being recognised in the sector.”

Charity Times Awards recognise the best practice in the UK chari-ties and not-for-profit sector. The awards honour outstanding pro-fessionals in the fields of charity management and support the con-tinuing professional development of individuals, while contributing towards raising the standards of charity management. As such, the event itself is built around the individuals and teams for whom the awards are intended: trust-ees, chief executives, directors and other upper-level manage-ment from not-for-profit organ-isations across the UK. Reflecting this belief, the Awards provide the charity sector with an event dedi-cated to rewarding the work car-ried out in difficult and competi-tive conditions; and establishes a unique annual congress of the pre-

eminent figures in the sector at the premier charity event of the year.

JOHIM is the Sub-Investment Manager of the Vilhena Global Themed Fund, which is managed by Valletta Fund Management Limited (VFM). The fund exceeded USD 8 million in its total net asset value as at 31 October 2012.

JOHIM was founded in 1986 and since then assets under manage-ment have grown to USD 5.4 bil-lion as at 30 September 2012. JOHIM’s six-strong charities team

currently manages portfolios for 95 charities, amounting to £300 million (USD 481 million) in assets under management, as at end-September.

Past performance is not a guarantee to future performance. The value of the investment may fall as well as rise and any initial charges may lower the amount invested and the amount received upon redemptions. Investments should be based on the full details of the Prospectus, which

may be obtained from VFM, BOV branches or licensed financial intermediaries. VFM is licensed to provide investment services in Malta by the MFSA. The Vilhena Funds SICAV plc is licensed as Collective Investment Schemes by the MFSA and qualifies as UCITS by the MFSA. Issued by VFM, TG Complex, Suite 2, Level 3, Brewery Street, Mriehel BKR 3000. Tel: 2122 7311; fax: 2275 5661; email: [email protected]; website: www.vfm.com.mt

business updaTe

A number of companies from the ICT sector, as well as from the bio-technology, health, manufac-turing, aviation and tourism sec-tors, were recently approached by eSkills Alliance Malta to gather their opinions on the formation of clusters. Discussions hovered around the ideal framework for business clusters and the per-ceived opportunities from the European Single Market.

Clustering enables businesses to work collectively to enhance their individual business efforts through a central structure that draws these different businesses together. Through collaboration between interconnected compa-nies, clustering is a proven model for stimulating growth through the creation of new and innova-tive products. Every cluster has the potential to grow and develop

in different ways to tap bigger and more profitable opportunities.

Lessons learnt from the European experience show that clustering requires group initiatives that are executed alongside policies aimed to assist business re-structuring. Such initiatives would be aided and supported through a dedi-cated set of funding instruments and a code of good governance.

At a local level, the evaluation of the benefits of the cluster-ing model is just beginning and the first indications from parts of the Maltese business community show eagerness to fast track its adoption.

A preliminary recommendation plan on clusters has been drawn up which assumes a high degree of industry participation and endorsement, to be able to put the clustering concept into practice.

In this regard, we would like to invite the business community to access www.mita.gov.mt/p4c and give feedback on this document. your feedback will help us craft a sound clusters framework for Maltese industry.

Discussions were partly financed through the Pooling 4 Clusters project which is part of the Interreg IVC programme. The project was aimed at identifying clustering best practices and identifying ways on how these can become more efficient in boosting their contribution to the economy.


living a rOyal cHrisTMas aT THe grand HOTel excelsiOr

Middlesea’s new sMe insurance pOlicy

At the Grand Hotel Excelsior we value cultural diversity highly. Our team is composed of 27 different nationalities and we strongly feel that this has contributed to the unique identity of this grand hotel.

This Christmas we would like you to partake in our ‘Sharing Diver-sity’ philosophy, which is why we have chosen the Three Kings as our ambassadors for the festive season.

According to medieval legend, the three wise men, named Melchior, Balthazar and Gaspar, each came from a different culture: Melchior was Asian, Balthazar Persian and Gaspar Ethiopian, thus represent-ing the three races known to the old world.

Our ‘Sharing Diversity’ philosophy is also reflected in our cuisine, offer-ing you the opportunity to explore

the world's finest cuisines and authentic ethnic dishes. For months our chefs have been busy behind the scenes making plans and prepara-tions to share with you a unique and memorable Christmas.

So for bon vivants, raise a toast to the good life and may you enjoy your Christmas and New year celebra-tions at the Grand Hotel Excelsior in

the company of your treasured fam-ily and friends.

For more information contact our Events Team on 2125 0520 or email: [email protected]

Embarking on or growing a busi-ness venture involves hard work, dedication and ongoing invest-ment. your hard-earned achieve-ment should be accompanied by an insurance policy to help you safeguard yourself, your enter-prise and your employees. Mid-dlesea’s new insurance policy for small and medium enterprises is an adequate business solution to protect your entrepreneurial accomplishments.

The Middlesea SME policy includes a number of benefits to ensure

your business is properly cov-ered if something goes wrong. The policy gives you full flexibility to increase cover limits or add on cover to suit your business’ unique needs. Middlesea’s New SME insurance policy provides cover for property, stock and other trade contents, public and products liability, employers liability, loss of income, money and personal accident cover, fidelity guaran-tee, equipment breakdown as well as an annual travel cover for the insured or any other employees. This new SME policy also includes

as standard cover the Business Emergency Assistance, to cater for all your emergency needs 24 hours a day, seven days a week, through our call centre.

Middlesea Insurance p.l.c. (C-5553) is authorised by the MFSA to carry on both long-term and general business under the Insurance Business Act, 1998. COM No191012 700.

business updaTe


Create and Exclusive Party Atmosphereand enjoy the Festive Season.

For Further Information and ReservationsPlease contact us on:

Tel: 2152 0923E-Mail: [email protected]: www.maritim.com.mt

It’s never too late to book your Christmas cruise vacation and never too soon to

book your 2013 cruise. Benefit from our late offers or the early booking discounts.

Contact your travel partner or the local International Representatives for Royal Caribbean, Celebrity and Azamara Club Cruises

Executive Holidays on 21226124/8/9 or [email protected]

World Largest Cruise Ship Modern Luxury You’ll love where we take you


There is no denying that the world we live in is a fast-paced and stressful one. Various studies have repeatedly found that people today are far more stressed than their predecessors.

According to occupational psy-chologist Gottfried Catania, with technological advances, economic conditions, flexible working hours and various other factors, the dis-tinction between work and the rest of one’s life has become ever more blurred, with the result that the worker finds it harder to break away from work, leading to an increase in stress.

Mr Catania explains that it has been proven that stress has a number of implications. The psy-chological effects include irritabil-ity, depression and an inability to concentrate, whereas social impli-cations include strain in relation-ships, relationship breakdown and inability or reduced ability to enjoy socialising.

The fact is that stress can also cause, or be implicated in, a num-ber of physical conditions rang-ing from headaches and stomach ulcers to high blood pressure and heart disease, he says.

Research has also shown that stress is a major contributor to days of sick leave taken from work, which is why it is in the employer’s interest to ensure that his/her employees work towards achiev-ing a good work-life balance, Mr Catania asserts.

He explains that physical exercise is definitely recommendable, as is a healthy and balanced diet. “Other activities which can be beneficial include taking regular breaks, dur-ing which you do not think about work – this might include switch-ing off your mobile and not viewing your emails while on holiday, for example,” he advises.

“Irrespective of your job descrip-tion, unwinding is a priority. Any-thing from a relaxed walk to a full-on training session will help clear your mind after a stressful day,” according to Mark Gaglione,

Director at Medcomms, a company which offers a host of gadgets to assist users in keeping fit. “Hav-ing said that, physical unwinding is just one of many ways to relax, but my personal choice is running, or a simple bike ride with friends. This helps me to forget about my work day and prepare me mentally for the next.” besides the obvious advantages of keeping you healthy, exercise keeps you focused and gives you that never-give-up deter-mination and attitude towards life.

“Personally it's given me more confidence and that feel-good fac-tor in my social life as well,” he explains, adding that as the leader in fitness products worldwide, Gar-min have a product to cover every detail imaginable.

There are gadgets to monitor your heart rate, speed, pace, distance, time and calories burnt. The list is endless. Anyone wanting a device to monitor his or her workout, run or walk… Garmin has it. Further-more all data is viewable on your

personal web account, so you can monitor your progress as you go along.

There are a variety of other recre-ational options, depending on the individual’s particular situations. A good way of recharging one’s batteries is to spend a day at a health spa, ideally accompanied

by a relaxing massage or another beauty treatment.

Outdoor activities are another extremely effective way of releas-ing stress and pent-up energy. spend an afternoon horse-riding or gather a group of people for a session of clay-pigeon shooting or a round of golf.

If it’s a proper escape you’re after, why not consider an agri-tourism experience? besides the benefits of switching off from the usual hec-tic routine, you are also enjoying a hands-on experience. It can also be a learning experience.

Mr Catania admits that relation-ships can be a major source of

business HealTH cHeck: Take sOMe TiMe fOr yOurself

business

no matter how much one enjoys his or her job, taking time out to relax is important. statistics show that in today’s world, work-related stress is one of the biggest health and safety challenges that we face in europe. it is the second most frequently reported work-related health problem, which affected 22 per cent of workers from the eu 27 in recent years. cHiara bOnellO speaks to a number of experts about the importance of relaxing and the options that business executives can look into during their upcoming christmas break.


stress, therefore maintaining healthy relationships at work can be very important. Team-building activities, as well as other incen-tives aimed at having fun together with colleagues, can be instrumen-tal in this.

Concurring with Mr Catania, Direc-tor at Outdoor Living, danica Fava points out that we all know the importance of having motivated employees if one wants to have a successful business.

“Though we go to work to earn money, high wages do not neces-sarily lead to an engaged work-force. In today’s society, whereby the success of organisations is mostly dependant on the human capital and use of teams to keep up with the advancements and remain competitive, healthy employee relationships are nec-essary for effective teamwork in organisations.”

When colleagues get along well and work in a pleasant environ-ment, productivity is higher as they tend to support each other more, which results in getting the job done more efficiently and effectively. Good workplace rela-tionships are beneficial for both the employee and employer, she points out.

Employee turnover tends to increase when the relationships are negative, and considering the time and money invested in train-

ing an employee, employee turn-over is one of the main things to avoid.

Team-building activities are aimed at getting employees together in a fun and relaxed environment,

and they offer participants the opportunity to work together as a group, to communicate better, solve problems, effectively man-age resources and provide honest feedback to successfully complete the challenges.

“As they complete different chal-lenges, individuals tend to talk more about past experiences and likes, thus building close working relationships which may improve their relations. Team-building activities and incentives are also a good way of improving work morale,” Ms Fava explains.

“At Outdoor Living we offer vari-ous types of half-day and full-day team-building events, such as csI, build-a-boat, teamwork chal-lenges, treasure hunts, film mak-ing and our latest addition, the GPS city explorer – a high-tech trea-sure hunt whereby teams are given tablets and, using our unique GPS App, have to solve clues and com-plete challenges to win points for their team. For the thrill-seekers, we also have a selection of adven-turous activities such as abseiling, climbing and aerial ropeway.”

“besides the fun oriented activi-ties, we also offer facilitated team-building events which combine our fun activities with theory sessions on team dynamics. Team-build-ing facilitation is intended to add value to any team event by exam-ining specific issues that affect it. Since our events are informal and participants are taken out of the ‘classroom’, participants are more relaxed about interacting. Our pro-fessionally qualified facilitators will help your team discover what it is that they currently do well as a team and where they can look for improvements in teamwork.”

And with Christmas just around the corner, many offices begin to think about that all important office party. It presents a wonder-ful opportunity to socialise with colleagues in a more relaxed atmosphere.

It is that time of year when col-leagues can drop their profes-sional front and let their true per-sonality emerge, presenting the ideal opportunity to get to know one another and bond, according to director of sales and Marketing at Phoenicia Malta Rob bruno.

Mr bruno explains that this is espe-cially true for larger companies, in which some employees would not normally get to meet and talk to members of other teams during the regular working day.

Whichever way you wish to cele-brate, The Phoenicia offers a vast array of staff lunches, dinners or receptions. And according to Mr bruno its unique ambience and surroundings, particularly the tranquil gardens, offer the ideal setting for such events.

However busy you may be, you can undoubtedly find some time for yourself, even if you start with a few minutes each day or an hour or so over the weekend.

business

“ when colleagues get along well and work in a pleasant environment, productivity is higher as they tend to support each other more, which results in getting the job done more efficiently and effectively.” – Danica Fava

business agenda issue 13

Documents

business agenda

modern malta

economic situation

capital of culture

transform malta

cent increase

mayor of valletta

culture heritage