Although the Maltese economy was well integrated with the European one – with import and export figures reaching 68 per cent and 48 per cent respectively – transactions with eastern European countries were meagre, he said.

The minister was addressing an information seminar, jointly organised by Malta Enterprise and the European Bank for Reconstruction and Development (EBRD) entitled EBRD Trade Facilitation Programme held at the Corinthia San Gorg Hotel.

The aim of the seminar was to present local entrepreneurs with the bank’s facilitation programme. The bank, established in 1991, works towards facilitating investment in various market economies, from central Europe to central Asia. It is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 60 countries and two inter-governmental institutions.

Mr Dalli pointed out that Malta is considered one of the most open economies in the world, importing 73 per cent of its GDP and likewise exporting 55.5 per cent, which is one of the highest export-per-capita ratios globally. For this reason, he said, we should make an effort to exploit emerging opportunities.

The so-called ex-soviet countries have expanded the EU’s consumer base, he said, with a population of some 79 million. Poland alone represents 39

million, yet our exports to that country are negligible.