At the end of a week of events celebrating the SME week 2014, the Minister for the Economy, Investment and Small Business, Dr.Chris Cardona, delivered an opening speech during an event organised by the EU Commission and the Malta Employers' Association on EU Access to Finance. This event gave participants a good opportunity to hear about new financial instruments from the European Union - from structural funds to global loans.
In his speech, Minister Cardona gave an overview of the current economic situation of Malta and the initiatives which the government has taken over the past year and a half to assist SMEs in Malta.
The good performance of Maltese SMEs in recent years, said Minister Cardona, also derives from the absence of any financial or housing crisis in Malta. However, Dr.Cardona said that there are still many ways in which SME businesses can do more to develop their trade and state aid, public procurement, skills and innovation, internationalisation and 'think small first' are all areas that can be developed.
Minister Cardona referred to a number of ways in through which businesses can take off and expand through, for example business incubators, seed funding and crowd funding.
Dr Cardona said that thanks to high rates of employment in Malta and the good chances young people have at the start of their adult life, the despair suffered by young people in some other European countries does not exist in Malta. This is also thanks to the investment being made by the government in education, and the government's understanding of the need for both personal fulfilment and meeting the needs of a skills-based economy. Dr.Cardona said that the free childcare being offered, where children get to participate in stimulating activities from a young age also contributes greatly to the education of the individual.
Minister Cardona said that the government has enacted selected tax cuts, and initiatives such as suspending stamp duty for first time buyers which has stimulated the housing market and continues to contribute to the country's sound finances since the ripple effect of such measures, including the reduction of energy tariffs for the families, is felt in small and medium enterprises with individuals and couples, some of them newly married, having more spending power to make purchases according to their needs.
"Malta continues to attract direct investment, whether it be a small company relocating here because of our pro-enterprise environment or a vast country such as China having decided this is a place with long term potential." said Minister Cardona.
Dr Cardona emphasised that the Maltese should recognise what they have and build on that by developing further other sectors to compliment tourism, igaming, digital games, financial services, manufacturing, life sciences and so on.
Minister Cardona referred to various initiatives which the government is taking to assist SMEs including free childcare, which will lead to greater female participation in the work force, reduced electricity bills for families and for businesses as of 2015, the development of a Family Business Act aimed at sustaining enterprise across generations, the Digital Malta Strategy which will help everyone seize technology opportunities as well as the recently launched EBIZ courses intended for entrepreneurs, retailers and self-employed people to learn more about how ICT can help them manage their business, reduce costs and reach out to the international market.
Dr Cardona concluded by thanking all participants and SMEs for their hard work which is turning the wheels of industry and augured to all those present that they may be able to get access to all the funding they need to take their business to the next level.
Minister Cardona's key note speech was followed by opening remarks by Dr Joanna Drake, Director of SMEs and Entrepreneurship, European Commission, during which she thanked Minister Cardona for his close cooperation in achieving the best for Maltese SMEs.