Over 60 meetings were held yesterday afternoon between Czech organisations and Maltese business people currently on a trade mission to Prague.
The meetings, which primarily serve as contact initiation opportunities, were held at the Czech Chamber of Commerce, following a morning business forum. The event, organised in collaboration with Malta Enterprise, focused on bilateral economic relations and trade and investment opportunities.
Finance Minister Tonio Fenech gave the keynote presentation showcasing Malta's dynamic, high-value added economy and its efforts to establish the island as a centre of excellence in six key sectors, including ICT, financial services, tourism, high end industrial services, and specialised education and health services under Vision 2015. He also highlighted the similarities between Malta and the Czech Republic, saying the time was ripe for business exchange opportunities to kick off.
The forum heard how investment from Europe to the Mediterranean has reached around €6 billion; regional expansion of 50 per cent is expected by 2025.
Representatives of 25 local businesses and organisations, including Malta Enterprise, the Chamber of Commerce, Industry and Enterprise, the Malta Tourism Authority, and the Czech Republic's honorary consul in Malta Tonio Casapinta, are in the Czech capital accompanying the minister.
The delegation includes officials and owners of a cross-section of Maltese businesses, including pharmaceutical, renewable energy, marine, real estate, shipping, recruitment, tourism, food, financial services, and English language tuition firms. They seek opportunities in export, trading, joint ventures, consultancy and technology transfers.
The forum was also addressed by the Czech Chamber of Commerce's director of foreign relations Zdenek Kocarek and official Lenka Tycova, Ministry of Trade and Industry official Lubos Joza, and Oldrich Dubsky of the CzechInvest Agency. All expressed their eagerness to facilitate bilateral trade, particularly as there is no Czech investment in Malta.
Last year, Malta exported over €2 million worth of goods and services, particularly pharmaceuticals to the Czech Republic. Imports reached €6.4 million, mostly machinery and mechanical appliances and parts.
Malta Enterprise chairman Alan Camilleri outlined his organisation's role in facilitating foreign businesses interested in setting up operations in Malta, while the MTA's Ernest Flamini, who is also Malta's honorary consul in the Czech Republic, gave a presentation on incentive and conference travel opportunities.
Business meetings with Czech companies continue today.
In Prague, Mr Fenech held private meetings with his Czech counterpart Miroslav Kalousek and deputy minister for trade Milan Hovorka.
The Czech Republic currently holds the EU Presidency.
Mr Fenech later said talks focused on the themes of meetings of European finance ministers and the G20 leaders. He highlighted the need for a co-ordinated approach so that decisions taken on a European level were monitored and that small countries' interest is safeguarded.
Discussions also dealt with financial services regulations and their provisions. He said that it was important for additional verification processes to be in place so that business that would preserve and enhance Malta's good reputation was attracted to the island.
However, he pointed out it was critical that a balance was struck so that regulations did not become unnecessarily restrictive.
Mr Fenech personally thanked Mr Kalousek for the Czech Republic's support in securing an EU agreement for food and medicine to continue being VAT exempt in Malta. Talks with Mr Hovorka centred on the Czech Republic's policy to eliminate trade barriers. Mr Fenech said internal protectionism was detrimental and should be discouraged, especially internally. The ministers also spoke of the failure of the World Trade talks and the direction these would now take.
Mr Fenech pointed out that trade missions such as the one to the Czech capital were important networking opportunities for Maltese firms seeking to internationalise and spread business. Even if one contract were finalised after every trade mission, it would be of benefit to Malta, he said.