Former Chamber President: ‘Beware of Empty Promises’

Standing at the heart of Republic Street, Malta’s bustling thoroughfare, former Chamber of Commerce President Marisa Xuereb offered a stark warning to the island’s business community. “Be wary of those who promise a lot,” she cautioned, her words echoing through the historic city center.

From Optimism to Caution

Xuereb’s tone was a stark contrast to the optimism that has dominated local business circles in recent years. The island’s strategic location, coupled with its strong financial services sector and favorable tax regime, has attracted significant investment. However, Xuereb’s warning serves as a timely reminder that not all that glitters is gold.

Lessons from the Past

Xuereb’s caution is rooted in lessons learned from the past. She pointed to the 2008 financial crisis, which exposed the vulnerabilities of overly optimistic economic projections. “We’ve seen promises made and broken,” she said, “and we must ensure we don’t repeat the mistakes of the past.”

She also cited the recent controversy surrounding the now-defunct Pilatus Bank as an example of how empty promises can lead to disaster. “We were promised a financial hub, but what we got was a bank that facilitated money laundering,” she said, her voice heavy with disappointment.

: Due Diligence and Realism

Xuereb’s advice is not to shun opportunity but to approach it with caution. She urged businesses to conduct thorough due diligence on potential partners and investments. “We must be realistic about what we can achieve and the time it will take to achieve it,” she said.

She also called on the government to play its part. “We need policies that encourage sustainable growth, not just quick wins,” she said. “And we need transparency. The more open we are about our challenges and our progress, the more trust we build.”

Xuereb’s words are a sobering reminder that while Malta has much to offer, it must navigate its future with eyes wide open. As she put it, “We’re a small island with big ambitions. Let’s make sure we’re ambitious in the right way.”

As Malta continues to attract investment and attention, Xuereb’s warning serves as a crucial reminder. Let’s not be seduced by empty promises. Let’s be wary of those who promise a lot. Because, as Xuereb knows all too well, the road to hell is paved with good intentions.