Former Chamber President: ‘Beware of Big Promises’

Standing at the bustling Republic Street in Valletta, former Chamber of Commerce President Marthese Portelli offered a stark warning to Malta’s business community and the public at large. “Be wary of those who promise a lot,” she said, her words echoing through the historic city centre, a stark contrast to the grand promises often heard in the political and business spheres.

From Optimism to Caution

Portelli’s warning comes at a time when Malta’s economy, once hailed as a ‘miracle’, is facing headwinds. The country’s growth, once the envy of Europe, has slowed, and the once-buzzing construction sector has cooled. Meanwhile, the country grapples with challenges like rising inequality and environmental degradation.

Portelli, who led the Chamber from 2017 to 2021, is no stranger to Malta’s economic boom. She witnessed firsthand the rapid growth and transformation of the island nation. But she also saw the pitfalls and the dangers of overpromising. “We’ve seen too many projects that promised the world but delivered little,” she said, citing examples of underdelivered promises in the public and private sectors.

Promises and Pitfalls

Portelli isn’t alone in her caution. Many local economists and business leaders are echoing similar sentiments. They point to projects like the Three Cities project, which promised to transform the historic area into a bustling cultural hub, but has faced delays and criticism. Or the proposed gas-fired power station, which was initially hailed as a solution to Malta’s energy needs but faced fierce opposition and is now in limbo.

These examples, they argue, highlight the dangers of overpromising. They warn that such promises can lead to disillusionment, wasted resources, and missed opportunities. “We need to be realistic about what we can achieve,” Portelli said, “and we need to hold those who make promises to account.”

: Realism and Ambition

Portelli’s warning isn’t a call for pessimism, but for realism. She argues that Malta can still achieve great things, but it must do so with its eyes open. “We should be ambitious, but we should also be honest about the challenges we face,” she said.

She calls for a new approach, one that balances ambition with realism. She suggests that projects should be evaluated not just on their potential, but on their feasibility and their impact on the community. She also calls for greater transparency and accountability, so that promises can be tracked and held to account.

As she spoke, Portelli gestured towards the Grandmaster’s Palace, a symbol of Malta’s rich history. “We’ve achieved a lot in our history,” she said, “but we can’t rest on our laurels. We need to look ahead, with our eyes open, and build a future that’s sustainable and realistic.”

Her words serve as a timely reminder, as Malta looks to navigate the challenges and opportunities of the coming years.