Chamber and FOI's members approve merger

Members of the Chamber of Commerce and Enterprise and the Federation of Industry yesterday formally announced the merger between the two organisations, describing the move as "history in the making for private enterprise".

The merged organisation - to be called the Malta Chamber of Commerce, Enterprise and Industry - will carry more weight with government and stakeholders since it would eliminate fragmentation.

Chamber president Tancred Tabone said during a news conference: "The authorities cannot ignore the opinion of such a strong proportion of business people, industrialists and investors - local and foreign alike.

He said the merger also presented an opportunity to become more effective both locally and on the European stage.

The new organisation will continue to be housed in the Chamber's Republic Street building and manned by the combined permanent staff of both entities.

This merger has the full backing of the government, Mr Tabone said, to the extent that the government is committed to retain the combined weight of chamber and FOI representation on national boards and entities, such as the Malta Council for Economic and Social Development.

FOI president Martin Galea said: "Our local industries, now established, have to compete on the open market, and new economic sectors have sprung up. It was becoming very evident that these new industries did not have a natural home in either of the organisations as originally set up."

The merger is likely to take effect in three months to give enough time for any creditors to have any objections registered.

The new structure will be divided into three economic groups: manufacturers; importers, distributors and retailers; and a new group focus - service operators, which would include the financial sector, ICT and other service sectors.