An event held by Bank of Valletta and the European Commission Representation recently highlighted how the cultural and creative industries have the potential to significantly contribute towards Malta’s future economic growth.

The event, organised in collaboration with the Malta Business Bureau and the Creative Economy Working Group, brought together stakeholders in the creative sector and business.

European Commission Representation head Martin Bugelli explained how “ideas are the capital of this sector and their value should be maximised” while reiterating the need to raise awareness about existing opportunities.

He introduced Sylvain Pasqua from the European Commission’s Directorate General for Education and Culture, who gave a presentation on the opportunities the EU provides to the creative industry under the new ‘Creative Europe’ programme.

New forms of financing for the creative industries, particularly financial engineering instruments through EU structural funds were explained by BOV’s EU Business Development Department head Mark Scicluna Bartoli. He underlined the proactive role BOV is playing to improve the access to finance and EU financing for Maltese creative industries through its EU representation office in Brussels and its Malta department.

Bank official Peter James Sant simplified the BOV Jeremie financing package and highlighted possible EU funding streams for the Valletta 2018 European Capital of Culture.

Caldon Mercieca gave a snapshot of the local creative industries highlighting existing challenges and their growth potential. This broad overview was discussed also in the context of V.18 – Valletta as European Capital of Culture 2018 by Valletta 2018 Foundation chairman David Felice.