Europe’s economic success depends largely on the growth of small and medium-sized enterprises (SMEs) achieving their potential, according to European Commissioner John Dalli.

Mr Dalli made the remark during a meeting in Brussels with Bank of Valletta’s CEO Charles Borg and the Head of the EU Business Development Department Mark Scicluna Bartoli, during which they explored ways of enhancing internal market opportunities for Maltese SMEs within EU frameworks.

Commissioner Dalli said: “Europe’s 23 million SMEs contribute more than half of the total value-added in the non-financial business economy and have provided 80 per cent of all new jobs in the EU over the last five years. With the passing of the financial crisis, access to finance is essential to enhance the competitiveness and growth potential of European SMEs. My colleague European Commission Vice President Antonio Tajani is always pressing the point that easing access to finance for SMEs is the number one priority as a catalyst for growing out of the current economic environment.

“As part of its 2020 strategy, the EU is seeking to support businesses – especially small businesses – as they respond to globalisation, the challenging economic environment and the move to a low-carbon economy. Entrepreneurship is the most effective way of making European business fitter and more competitive by covering every part of the value chain from access to a service. There are a significant number of niche business opportunities in the EU’s internal market of which Maltese SMEs are not aware and from which they can certainly benefit.”

Mr Borg explained to Mr Dalli that, as the Maltese Bank, Bank of Valletta has always supported SMEs, exploiting its links with European institutions and associated agencies such as the European Investment Fund and the European Investment Bank.

“Bank of Valletta recently strengthened its specialisation on EU financing by setting up an EU Business Development Department. We are now seeking to enhance its impact by opening a representative office in Brussels, he said.

Bank of Valletta is the exclusive organisation in Malta handling the EU’s Joint European Resources for Micro to Medium Enterprises (JEREMIE) package, as well as offering other financing and co-financing packages.