“The private sector is resilient, dynamic and quick to respond to changing circumstances.” That is how Helga Ellul, president of the newly merged Malta Chamber of Commerce, Enterprise and Industry, explained the edge that we can enjoy over other countries, even in the present challenging circumstances.

Following what is happening around the world remains and becomes more worrying. It’s the credit crunch, the crisis that has had a disastrous impact on key financial institutions, the lack of sufficient orders in the manufacturing industry, the severe problems being experienced at car plants, the impact of people spending less, businesses going bankrupt and shops that had become landmarks on the commercial scene closing down or downsizing, it’s bank interest rates repeatedly being reduced to stimulate growth and then those rates are further reduced after only a few weeks, it’s moreover the impact of massive unemployment or workers having to cope with reduced working time and wages.

That is the picture that emerges day in, day out as one follows the news bulletins on many foreign television stations.

Malta is not immune to what is happening around the world. None the less, if we value the qualities and characteristics that Helga referred to in drawing up a picture of the private sector a few days ago, then we may well manage not only to sail through the turbulent waters that surround us, but also to identify the right opportunities for us that stand out in difficult and challenging times.

Four local news items in the space of less than one week offer encouragement but are no cause for complacency.

Over the past week, Tecom announced that they will invest e31 million out of their own funds, as opposed to borrowing from banks, in the SmartCity project. The government of Malta increased its own level of commitment within the project in order to retain the same percentage level of participation. An increased budget and equity augurs well as Phase One of the project starts taking shape this year.

Melita Cable on its part went ahead with its plans to invest in the mobile telephony sector. The investment carried out by Melita to enter this market has been of e40 million. The investment was made together with the Swedish leading name in telecommunications, Ericsson. It will not only result in more choice in favour of customers, but also bringing down tariffs and introducing new packaging schemes as well as new technologies that can only benefit the general public.

This has also been the week when a new bond issue, made by MIDI to carry on with the Manoel Island and Tigne’ development project, was oversubscribed within an hour and half, and the consortium is using its option to allocate a total of e30 million worth of bonds. This news item partly reflects the fact that in an age where bank interests are tending to move downwards, there is a strong yearning for higher yield products. It also reflects the fact that there is still a lot of money out there that is craving for the right openings where it can be invested.

More good news came from Ryanair which launched its Edinburgh and Bristol routes and announced that it anticipates that it will fly half a million passengers this year. We have come a long way since the launch of the first two routes: Luton and Pisa – which launch had come about after much painstaking effort to make the point that the tourism industry in our country cannot grow if it tries to ignore the new facts of life – low cost airlines are part and parcel of those facts, or if we remain over cautious about making the bold moves which are now taken for granted but had then required courage and persistence.

Each and every success story does not come about without determination and the necessary drive to make it happen. Each and every success story emphasises that especially in this challenging phase, there is scope and need for more.

In her own speech, Helga Ellul appealed in favour of an urgent stimulus package in favour of the private sector. She also made the point about payments being made on time by the public sector wherever required. I would add the importance of changing all vestiges of red tape into a red carpet in favour of the private sector, in favour of investors, in favour of economic growth. Time is really of the essence.

We can all make a choice in favour of being resilient, dynamic and quick to respond to changing circumstances. As long as there is synergy between public authorities and the private sector, we can achieve a great deal.

Francis Zammit Dimech is a Nationalist MP