The majority of respondents in a survey believe their business is performing well despite the global economic crisis.
Sixty-five per cent of those questioned felt their business was performing well or very well. On the other hand only 25 per cent felt the business climate would improve over the next 12 months while 50 per cent said it would remain the same and 25 per cent said it would worsen.
The business survey was conducted by the Malta Business Bureau among members of its parent organisations - the Malta Chamber of Commerce, Enterprise and Industry and the Malta Hotels and Restaurants Association - to coincide with Malta's fifth anniversary of EU membership.
Bureau president George Micallef said the survey aimed to gauge the performance of businesses in different sectors.
The survey showed that 92 per cent of the respondents feel that EU accession has been beneficial, or very beneficial for Malta, with the adoption of the single currency being cited as the most beneficial result of membership.
The study revealed that access to EU funding was also seen as a main advantage, with 25 per cent of respondents stating they viewed this as a key advantage of EU membership. However, many also felt that less bureaucracy and more information was needed when it came to applying for funding.
The main disadvantages of EU membership cited were the costs involved to adhere to EU regulations and the increased competition from foreign companies.
Asked if the EU's free trade agreements with non-EU members had facilitated access to non-EU markets, 40 per cent of the respondents said they do not trade with such markets, while 33 per cent replied in the affirmative. Twenty-seven per cent of those questioned said that such agreements had not facilitated access to non-EU markets.
Seventy-three per cent of respondents said access to the EU's common market has been beneficial or very beneficial, while 22 per cent said this has not been so beneficial. Six per cent said such an access has not been beneficial at all.
Among the measures cited as needed to help business were lower water and electricity rates (21 per cent), marketing Malta more (18 per cent), less government bureaucracy (16 per cent) and a reduction in government induced costs (11 per cent).
Mr Micallef, president of the Malta Business Bureau, explained that the survey aimed to gauge the performance of different businesses operating within various sectors, enabling the MBB to give more of a service to its members and the business community at large.
"The MBB's primary role is to safeguard and promote the business interests of its members and parent organisations, at a European level and to help achieve this purpose, it has just restructured its local set up", he said during the presentation of the survey.
The results were presented at an event held in collaboration with the Phoenicia Hotel. Anthony Carabott, general manager at Misco International, gave a detailed presentation of the survey, which was followed by a panel discussion by Helga Ellul, president of the Malta Chamber of Commerce Enterprise and Industry, Winston Zahra, vice-president of the MHRA and Mr Micallef. The business breakfast, which was moderated by Joseph F X Zahra was also addressed by Joseph Tanti, CEO of the Malta Business Bureau.