The Prime Minister has used a great deal of his overseas trips to foster business ties with as many countries as is possible. In particular, Joseph Muscat used his trip to New York for the United Nations General Assembly to court as many bilateral meetings as possible.

While many have focused on the fact that the PM met a great many Middle Eastern, Chinese and Libyan delegations, many forgot, or ignored the fact that he held meetings with Barack Obama, opening a new phase of bilateral relations with the US.

The challenge now is to turn cordialities into sound and stable business ventures and foreign direct investment. Such cooperation, which already exists, could reshape the commercial ties between Malta and the US for years to come. Earlier this week, Dr Muscat was quoted as saying that many countries are buckling out of the financial crisis, adding that Malta, although slightly late, must push the accelerator to enhance investment.

New trading patterns and potential partners should be sought, encouraging companies to exploit new economic opportunities in the US and vice-versa. Malta must ramp up its participation in new trading relationships and more aggressively pursue opportunities in the world economy, or risk being left behind. This is a school of thought which Dr Muscat seems to subscribe to. We must find new ideas and new ways of doing things. Sometimes it is actually as simple as putting out a call for expressions of interest. One must point out that the PL Government has done just that. Find an area or a sector that needs developing, or could develop further and put out an international call. The results have actually been quite startling in their initial success. Follow through, and material investment, however, is another thing entirely.

The United States has always been welcoming towards Malta’s campaign to attract private investment, and some firms operating in Malta have US ownership or investment, including hotels, manufacturing and repair facilities.

But now, it is time to take things to another level. Malta has always had excellent relations with the US. There was a real warming of ties when former Prime Minister Lawrence Gonzi paid a visit to Barack Obama’s predecessor, George W. Bush, at the White House in Washington. The visit was reciprocated when Hilary Clinton visited Malta as secretary of State under the Obama administration. Now, Dr Muscat has followed up with meetings with President Obama in New York. What follows next, perhaps, could be the setting up of a state visit by the Government of Malta to Washington D.C once more. The last visit was in 2005 and it is high time for another. Of course, there are cultural ties. Just as Prime Ministers of Malta have done before, the communities of Maltese in the US will be visited. And make no mistake, there are many business owners amongst them.

We are on the right track, but we need, as the Prime Minister put it, to press harder on the accelerator. The economy depends on growth. And in turn, that will create jobs – which is the biggest challenge in Europe. Let us continue to build on what has been achieved in the past. Let us leave no stone unturned.