Business ties between Malta and Scandinavia are set to increase as a result of the launch on Friday of the Scandinavian Business Forum.
“The role of the Scandinavian Business Forum – Malta will be to create a permanent forum on which existing network chains between Scandinavian and Maltese businesses may be consolidated, as well as the establishment of new ones,” said Mark Fenech, chairman of the Forum which has been established under the auspices of the Malta Chamber of Commerce, Enterprise and Industry.
“There is huge a potential for Scandinavian countries to invest in Malta. Many of these countries have very high tax rates and, if they make use of our financial services and incorporate their companies here, they will see their taxes decrease drastically,” Dr Fenech told The Times.
In his legal practice, Dr Fenech often deals with Scandinavian companies and realised that there was a lot potential for business growth.
“There are some regions which haven’t even heard of us. We are a small country so we have to make a huge effort to market ourselves,” he said.
Malta Chamber president Helga Ellul noted that during the visit of a business delegation to Scandinavia last year, the great interest from both sides was evident, but it was also clear that Maltese companies faced a number of challenges, including a lack of general awareness about Malta, and what Malta has to offer.
“This means that the Maltese company has to first sell Malta – and then their offering,” she explained.
“Given these challenges, I am very pleased to note the ever closer cooperation which exists between the Malta Chamber, Malta Enterprise and Finance Malta,” Mrs Ellul said. “This is also why there is a real need for the Scandinavian Business Forum, to be the nexus around which such efforts are organised, and from which they will be initiated.”
Tonio Borg, Deputy Prime Minister and Minister of Foreign Affairs, noted that while Malta is already home to Scandinavian investment in the iGaming and manufacturing sectors, the existing level of commercial relations between Malta and Scandinavia is below its potential and can further develop. “There are a number of areas of potential growth in our business relations, such as trade, investment, tourist flows and real estate,” he said.
“We also welcome more Scandinavian interest in Malta to invest, conduct business and exploit Malta’s position as a financial, educational, trading, logistics, and high-tech manufacturing hub in the Mediterranean region,” Dr Borg added.
Minister of Finance, the Economy and Investment Tonio Fenech expressed his hope that the Scandinavian Business Forum can act as a catalyst to facilitate greater commercial activity with the region. He remarked that “although Malta and Scandinavia are geographically distant and diverse in various aspects, there are good business prospects as Malta can act as a European gateway to opportunities presented by markets in North Africa, the Middle East and even Asia.”
At the same time, he encouraged local business to consider the different opportunities being provided through Malta Enterprise to assist local companies in exploring opportunities abroad, particularly through franchising and networking events.
The event was also addressed by Ole- Kristian Baevahr (vice president, Wilhelmsen Shipping Lines, Norway), who discussed Wilhelmsen’s experience in Malta and why they chose Malta as one of the centres for their many activities. Phillip Baruch (partner at Lund Elmer Sandager law firm, Denmark), drew upon his considerable experience in the fields of alternative energy and eco- tourism and combined with his sound knowledge of Malta he explored some of the areas of potential collaboration between Maltese and Danish companies in these fields.
Mikkel Korntved (CEO- Loyalty Group International, Denmark and guest lecturer at Copenhagen Business School), discussed building strong business relationships within the Scandinavian market and elaborated upon the different styles of doing business within Scandinavia.
The event was supported by Wilhelmsen Lines, Fenech & Fenech Advocates EMD Advisory Services Ltd, 3a Malta Ltd and Frank Salt Real Estate Services.