A new entity coordinated between the Chamber of Commerce and the government will help Malta-based companies tap the international market, Prime Minister Joseph Muscat said this morning.

Speaking during the official launch of the entity, Trade Malta, Dr Muscat said “what can best be done by the private sector should be done by the private sector”.

The government, he said, wanted to help businesses grow by assisting them in entering new markets.

The new entity is 51 per cent state owned with the remaining 49 per cent belonging to the Chamber of Commerce. Chamber President David Curmi, who has been appointed chairman of the entity, said Trade Malta would offer guidance to all locally based companies who wanted to make the most of broader possibilities overseas.

This, he said, will include forming part of international franchises, increasing exports, forming joint ventures, as well as attracting business prospects to the island.

“This is an executive agency dedicated to assisting companies, irrespective of size or experience, internationalise there operations and tap new markets,” he said, adding that the country would have to look outwards for “lasting economic growth”.

This was not limited to the EU’s single market, he added.

In fact, the entity’s first trade mission will be held in Algeria in two months time. A public call for interested businesses who wish to attend the visit has already been issued, and Mr Curmi said the feedback had been positive and the businesses will be paired up with Algerian counterparts.

The mission will discuss oil and gas trade, tourism, food production, ICT and more.