Wednesday started a bit gloomy. I had to wake up at 5.30a.m. which I consider to be quite early. Besides, the news programmes on BBC World Service at that hour were rather dark concerning the economic prospects facing the world. It almost seems that there is no light in sight at the end of the tunnel! Alternatively, worse still, it seems that there seems to be no end to the tunnel. At least this is what some economists and journalists are predicting for the near future.

It was not the kind of mood I needed to moderate, for the second year running, the annual conference organised by Ernst & Young about Malta's attractiveness. As noted by Mario P Galea, Managing Partner with Ernst & Young Malta, the Malta Attractiveness Survey 2101 brings together the views of 90 top executives with foreign-owned companies based in Malta and the results were to be announced during the seminar. It turned out that the perceptions of these foreign investors about Malta are quite positive and in sharp contrast to what I listened to on BBC.

I was to moderate a discussion featuring a high powered and most interesting panel. It was made up of James Stewart - CEO SR Technics Group; Alan Camilleri - Executive chairman, Malta Enterprise and Malta Industrial Parks;

Helga Ellul - President, Malta Chamber of Commerce, Industry and Enterprise; Prof. Maurice Grech - CEO and Principal of MCAST; Luan Cuffe - Irish entrepreneur/Hotel Phoenicia Shareholder; Stephen Pandolfino - Deputy Head of Global Banking and Markets, HSBC Malta; Jan Siemons, a Dutch consultant who presented the results of a similar survey on the European level and Ronald Attard from Ernst & Malta who presented the results of the Malta survey. The audience featured many people active in different areas of the business sector.

The thumbs up given by the respondents of the survey was corroborated by the panel and the audience. The mood was one of cautious optimism with an emphasis on optimism. Besides, I noted that the foreigners that were present in the seminar were more optimistic about Malta's future and potential than many commentators writing in our media are. While the dilettantes spew out pessimism and more pessimism, the experts look positively towards the future. What a contrast!

Read some of the figures and other information that emerged from the Ernst & Young seminar.

  • Malta's economic growth for the first quarter of 2010 was 3.4%. The Prime Minister said that he wanted to know the figures for the second quarter before taking a definitive position on the state of the economy. However, half of the respondents of the survey who were affected by the international recession said that they were already experiencing or are expecting to witness a supportive environment by the end of the year.
  • The survey confirms the high standing of Malta's human resources with foreign investors. Malta's human resources are well known for their skill, work ethic and level of English. While several in the seminar complained about the level of English of many in Malta, I pointed out that several external examiners at our University tell us that the level of English of our undergraduates is higher than that of English undergraduates!
  • 76% of participants indicated that in the past 3 years their company expanded its activities in Malta.
  • 74% of companies are considering expanding their operations in Malta in the near future.
  • 81% of participants believe that Malta is implementing an investment attractiveness policy that is interesting to international investors.
  • Malta Enterprise and MCAST were praised all around. So much praise was showered that at times it must have been a bit embarrassing for both heads of these institutions. Lately, some tried to create a controversy about the remunerative package of Alan Camilleri. I think that after this seminar he should ask for it to be increased.

There are problem areas as well. Bureaucracy and energy were the two main problems mentioned. The first one was a constant present in several such studies over the years. The supply and the cost of the energy were highlighted much more this year. I was surprised that while most companies took energy saving measures, very few opted for the installation of equipment providing alternative energy.

However, at in all a day with a dark dawn ended up as a day with a bright noon and an optimistic attitude for tomorrow.

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