BOV seminar on business opportunities in Tunisia

A seminar entitled 'The EU-Tunisia Association Agreement: A Business Opportunity' was recently held at the Corinthia San Gorg Hotel, St Julians to give Maltese entrepreneurs the opportunity to learn and discover more about the potential business opportunities open to them through the EU-Tunisia Association Agreement.

Addressing the audience comprising mainly of Maltese businessmen and Bank of Valletta clients, Tony Camilleri, chief officer Financial Markets and Investments Bank of Valletta, said that throughout its four years of active presence in Tunisia through the operation of its overseas representative office, Bank of Valletta has recognised the country's stable economic growth, the inflow of foreign direct investment and capital and the development of the Tunisian tourism product and infrastructure.

Consequently, tourism and financial services are key areas where Malta and Tunisia can further strengthen business co-operation within the globalised world. "As a bank, we are using our network of representative offices in Australia, Canada, Egypt, Tunisia and Libya and the Mediterranean Bank Network to consolidate our ties with our Tunisian counterparts," he said.

Mr Camilleri explained that for the past four years, Bank of Valletta has been firmly committed in further enhancing Maltese-Tunisian business relations. "Our Tunisian representative office has the clear mandate of assisting our clients in establishing contacts with their Tunisian counterparts and vice-versa. I strongly encourage more of our clients to use this hands-on service the bank is providing. A significant number of our clients have used BoV's representative office as a gateway to this emerging and dynamic economy," he said.

Through Malta's entry into the European Union, it is envisaged that trade and investment between the two countries should increase significantly through the benefits offered by the EU-Tunisia Association Agreement and the formation of a Free Trade Area by the year 2010, Mr Camilleri said.

He added that this opportunity is further strengthened by the fact that over the past few years, Malta within its Euro-Mediterranean vocation has developed excellent political and economic ties with Tunisia. This spurs Bank of Valletta to look forward to being a prime mover and catalyst in further consolidating our investment and commercial ties which together with cultural and educational exchanges, help to foster closer and more friendly relations.

"During the last few years, Malta's imports from Tunisia have on average exceeded 1.5 million Maltese liri, mainly in cotton clothing and textiles; while Maltese exports to Tunisia amounted to half a million Maltese liri. Certainly, these figures clearly indicate that there is much a need and an opportunity to strengthen our trading ties. It is events like this organised today that forge linkages and enhance networking between commercial partners," he concluded.

Since the introduction and strengthening of regular direct flights to Tunisia, a considerable number of Maltese have chosen Tunisia as one of their holiday destinations following the United Kingdom and Italy. Tunisia has a rich culture and history to offer to the Maltese visitor.

Moreover, in the recent past, a considerable number of Maltese enterprises have successfully set up business operations in Tunisia, particularly in the tourism, textiles and the extraction of natural resources sectors. Tunisian-Maltese commercial co-operation has also been strengthened by the intensification of collaboration between the Malta Federation of Industry and its Tunisian counterpart UTICA.

The seminar was also addressed by Tunisian Ambassador to Malta Naceur Mestiri, Minister for Foreign Affairs Dr Michael Frendo and the Tunisian Minister for Commerce and Handicrafts Mondher Zenaidi, who gave a political overview Malta and Tunisia how political and commercial ties between the two countries can be further fostered.

The president director-general of CEPEX, Ferid Tounsi, pinpointed the export opportunities Tunisia has to offer, while Robert Darmanin, who is the manager of Bank of Valletta's representative office in Tunisia, and FIPA sub-director Manhel Sebai, highlighted the number of opportunities Tunisia has to offer with regard to foreign direct investment.

During the seminar, a Tunisia Showcase Exhibition was also inaugurated. The exhibition provided a visual experience of what Tunisia has to offer to the Maltese public at large be it a tourist, a businessman or a potential investor.