The Malta Chamber of Commerce and Enterprise joins Eurochambres in deeply welcoming the vote in the Plenary Assembly of the European Parliament (EP), urging the European Commission to put forward a legislative proposal on a European Private Company Statute within a year.

Pierre Simon, president of Eurochambres, said: “With this decision, the EP has proven that it understands the crucial role of SMEs for the competitiveness of European economy. Now it is up to the commission to put a proposal on the table by 2007. By lifting the barriers to cross-border trade, a European Private Company Statute would increase the competitiveness of European SMEs, and greatly contribute to the fulfilment of the Lisbon objectives.”

Chambers have supported the concept for some time. A private company statute would bring manifold benefits to companies by:

• consolidating the European internal market,

• simplifying the legal framework for enterprises, thus reducing consultancy costs, and

• facilitating access to cross-border markets, thus boosting economic integration and growth.

Hailing this decision as a further fundamental step towards spurring the international competitiveness of the European Union , chamber director-general Kevin J. Borg added that “this statute will represent the establishment of a much needed standard in European business practices and attitudes, and will undoubtedly contribute towards Malta’s relative economic performance.”