The Malta Independent 13 November 2019, Wednesday

Absolute majority of enterprises concerned about the banking situation in Malta

Friday, 8 November 2019, 10:04 Last update: about 5 days ago

GRTU Malta Chambers of SMEs last week organised its annual SME Conference. This year's conference focused on banking and financial issues and GRTU Malta Chamber of SMEs published its survey results. During this year's conference over 200 enterprises attended this event. The conference was supported by Business 1st and MEIB as part of the month-long itinerary of SME Week.

74% of the enterprises replied that they find it difficult to get funds from banks. This is an increase of 25% over the results of a similar survey that asked the same question in 2011.

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The survey results show that businesses need more competition in the banking sector and that from a business perspective, the situation in the banking sector has never been worse. The survey results were published by GRTU vice-president Marcel Mizzi.

The conference was addressed by the Minister for Economy, Investment and Small businesses, Chris Cardona, who thanked GRTU for never shying away from challenges faced but also working towards finding a solution for these challenges.

He insisted that "we are facing new challenges of new economic times and there are no easy solutions. Offering support and resolutions for these dynamic challenges is what guarantees our businesses future success".

The minister referred to the tight labour market and changing banking policy as two of the new challenges that businesses are facing today, as the country has entered a new economic era.

New challenges to businesses nowadays highlighted in the conference also include their incorporation and adjustment to rapid technological changes, including data management, information security and incorporating a blockchain infrastructure.

Malta Enterprise CEO Kurt Farrugia also addressed the conference and announced that local businesses will benefit from a partnership signed between Malta Enterprise and T-Systems, a Deutsche Telekom subsidiary, whereby together they will be offering blockchain as a service for companies setting up their blockchain project in Malta.

GRTU Malta Chamber of SMEs president Paul Abela said that while Malta is going through a very particular time, we are facing challenges that come from having too much success. Abela said that a lot of hard work went into getting Malta to where it is today and this hard work was not only done by our policy makers, but a lot of it was also due to the hand of enterprise owners.


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