Five takeaways from the leaders’ SME chamber debate
Last Tuesday, the air in the Grandmaster’s Palace was thick with anticipation. Not the usual tourist chatter, but the buzz of local business owners and policymakers. The annual SME Chamber debate was about to kick off, and the room was abuzz with questions: What’s next for Malta’s small businesses? How can we navigate the challenges ahead?
1. The Elephant in the Room: Brexit and Beyond
The debate opened with the 800-pound gorilla in the room – Brexit. With the UK now officially out of the EU, the leaders were quick to acknowledge the uncertainty it brings. But they were also clear: Malta’s SMEs are resilient, and they’re ready to adapt.
Dr. David Zahra, President of the Malta Chamber of Commerce, Enterprise and Industry, put it bluntly, “Brexit is a challenge, but it’s also an opportunity. It’s time for our SMEs to look east, to explore new markets.” He pointed to countries like Egypt and Libya, where Maltese businesses have already made inroads.
2. The Digital Divide: A Call to Action**
Next up, the digital divide. It’s no secret that Malta’s SMEs lag behind in digital adoption. But the leaders agreed: it’s high time we bridge this gap. Minister for Competitiveness and Digital, Climate and Energy, Dr. Silvio Schembri, stressed the government’s commitment, “We’re investing heavily in digital literacy. Our SMEs need to be online, and they need to be innovative.”
But it’s not just about government initiatives. The private sector has a role to play too. Tony Zahra, President of the Malta Hotels and Restaurants Association, called on his members to embrace technology, “It’s not just about having a website. It’s about using data, about understanding your customers better.”
3. The Labour Shortage: A Growing Concern**
Malta’s booming economy has a dark side – a chronic labour shortage. The leaders agreed that this is a pressing issue for SMEs. But they also agreed that it’s an opportunity to invest in local talent.
Prof. Joseph Cuschieri, Executive Chairman of the Malta Financial Services Authority, suggested that SMEs could look to retrain local workers, “We have a skilled workforce. We just need to help them adapt to the jobs of the future.” Meanwhile, Dr. Marthese Portelli, CEO of the Malta Enterprise, stressed foreign talent, “We need to make Malta an attractive destination for the best and brightest.”
4. The Green Agenda: A New Priority**
The debate took a green turn when the leaders discussed the importance of sustainability. With the EU’s Green Deal on the horizon, Malta’s SMEs need to start thinking green.
Dr. Michael Farrugia, Minister for Energy, Enterprise and Sustainable Development, outlined the government’s plans, “We’re investing in renewable energy, in energy efficiency. But we need our SMEs on board. They need to start thinking about their carbon footprint.”
5. The Future of Work: Flexibility is Key**
The final topic was the future of work. The leaders agreed that flexibility is key. From flexible working hours to remote work, SMEs need to adapt to the changing nature of work.
Dr. Alex Muscat, CEO of the Malta Employers’ Association, summed it up, “The future of work is flexible. It’s about giving our employees the freedom to balance work and life. It’s good for business, and it’s good for our people.”
The debate ended with a clear message: Malta’s SMEs face challenges, but they also have opportunities. It’s up to us – business owners, policymakers, and citizens – to seize these opportunities and build a stronger, more resilient future for our islands.
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