Former Chamber President’s Warning: Don’t Be Dazzled by Big Promises

In the heart of Valletta, at the bustling Republic Street, a familiar face was seen stepping out of the Chamber of Commerce building. But this time, former president, Marvin Gaerty, wasn’t there for business as usual. He had a warning for Malta’s entrepreneurs and investors.

Promises, Promises

Gaerty, who led the Chamber from 2017 to 2021, was clear and concise. “Be wary of those who promise a lot,” he cautioned, “especially when it sounds too good to be true.” His words echoed through the historic streets, a stark reminder rapid growth and big promises.

Malta’s economy has been booming, with foreign direct investment (FDI) pouring in. But Gaerty isn’t convinced that all promises will translate into reality. “We’ve seen projects announced with great fanfare, only to stall or fizzle out,” he said, referring to a few high-profile cases that have left a sour taste.

Lessons from the Past

Gaerty isn’t alone in his skepticism. Many local business owners and investors have learned the hard way. Remember the Tigné Point debacle? Promised as a ‘new city within a city’, it’s been a long, bumpy road to reality. Or the Three Cities regeneration project, which has seen delays and changes in plans.

These aren’t isolated incidents. They’re part of a pattern that Gaerty believes needs to change. “We need to ensure that promises are backed by solid plans and realistic timelines,” he said, “and that those making the promises are held accountable.”

Due Diligence and Realism

So, what can Malta’s business community do? Gaerty advises a healthy dose of due diligence. “Do your own research,” he said, “don’t just take promises at face value.” He also encourages a realistic approach to project timelines and expectations.

“We need to be honest with ourselves and with those we’re doing business with,” Gaerty said. “Malta’s growth story is real, but it’s not a magic show. It takes time, effort, and a lot of hard work.”

As Gaerty walked away from the Chamber building, he left behind a simple yet powerful message. “Let’s build our future on solid ground, not on promises in the air.”