Former Chamber President Sounds Warning: ‘Beware of Big Promises’

In the heart of Valletta, at the historic Auberge de Castille, the former President of the Malta Chamber of Commerce, Enterprise and Industry, Marisa Xuereb, recently shared a cautionary tale with local business leaders. Her advice? Be wary of those who promise a lot.

Promises, Promises: A Cautionary Tale

Xuereb, who led the Chamber from 2016 to 2021, was speaking at a business breakfast organised by the Malta Chamber and Bank of Valletta. She recalled her time in office, a period marked by significant political and economic changes. “I’ve seen many promises made,” she said, “and I’ve seen many promises broken.”

Xuereb wasn’t referring to the typical political rhetoric. Instead, she was warning against the allure of quick fixes and grand promises, especially from those seeking to do business in Malta. “We’ve all heard them,” she said, “the promises of massive investment, of creating thousands of jobs, of transforming our economy overnight.”

Malta’s Economy: A Cautionary Tale

Xuereb pointed to Malta’s economic history as a cautionary tale. “We’ve seen it before,” she said, “promises of rapid growth, of becoming a European tiger. But we must remember, our economy is not a jungle. It’s a complex ecosystem that requires careful nurturing and sustainable growth.”

She cited the example of the iGaming industry, which promised a revolution when it first arrived in Malta. “It did bring jobs and growth,” she acknowledged, “but it also brought challenges – regulatory issues, social concerns. We must learn from these experiences.”

Beware of Empty Promises

Xuereb’s warning comes at a time when Malta is once again courting foreign investment, particularly in emerging sectors like blockchain and artificial intelligence. She’s not against foreign investment – far from it. But she cautions against being swayed by empty promises.

“We should welcome those who bring real investment, who create real jobs, who contribute to our economy in a sustainable way,” she said. “But we must be wary of those who promise the moon and deliver very little.”

Xuereb’s advice echoes that of the current Chamber President, David Zahra, who has repeatedly called for a more discerning approach to foreign investment. “We must choose our partners wisely,” Zahra said recently, “and ensure that their interests align with ours.”

In the end, Xuereb’s warning is not about being cynical or pessimistic. It’s about being realistic and discerning. “Malta is a small island with a big heart,” she said, “but we must not let our hearts overrule our heads when it comes to doing business.”

As the sun rose over the Grandmaster’s Palace, casting its golden light on the Auberge de Castille, Xuereb’s words served as a reminder that while promises can be enticing, it’s the actions that truly matter.