Improving Malta’s Position Through its Tycoons

Certainly, if I ever were to enter the world of politics I would surely promote the idea of Maltese business tycoons teaming up to seize the opportunities European Integration offers. I would definitely be working to decrease hostility amongst entrepreneurs and increase co-operation based upon the German Model.

Let me explain myself, Germany, France and Italy have all adopted a business model where national pride comes first and foremost. As a result, companies operating in the same sector buy shares in each other. This would mean that a given company would receive a higher dividend from the competitor that manages to reduce its market share. This enables companies never to be driven out of the market and instead gives them opportunities to tap the international market in an aggressive manner. This intricate web of cross ownership has enabled France and Germany to gain control of important sectors of the European Economy despite the economic problems they are currently facing.

In Malta this situation is not materialising. Instead of teaming up with each other, some of Malta Tycoon’s enter into useless conflicts which often reduce their companies to insolvency. Moreover the Government is always speaking of foreign direct investment, as if Malta lacks the money of performing some great investments itself.

Certainly, Malta’s coffers do lack the money needed to give a stimulus to our economy, but the Maltese citizens’ pockets don’t - especially now, following the government’s initiative to repatriate all money which was in bank accounts abroad.

Therefore it would not be wrong to say that in Malta there are currently significant sums of liquid assets that are not being invested properly. This is where I smell a golden opportunity for Malta, the Maltese and their business tycoons.

I think time is ripe for entrepreneurs to come up with concrete projects and ideas which involve the participation of their competitors in order to gain a sound footing in the Mediterranean and European economies. These proposals are to be made available for local investment on the Malta Stock Exchange.

In other words, I want to see Malta present abroad trough its companies. Moreover I firmly believe that creative and opportunist Maltese businessmen, when given the appropriate chance and the right conditions, will succeed in their endeavours. Therefore I want Maltese companies to internationalise their operations. This would not only help the Maltese businessmen and their Maltese shareholders but also amplify Malta’s voice in international affairs, as economy is the prime driver of politics.

Maltese companies can tap lots of sectors ranging from financial services to tourism to transport to engineering and construction. We certainly do have the expertise and know-how in order to engage in projects abroad that would yield returns on our home soil. Money would not leave Malta to be hidden in secret bank accounts as it was before, but would instead be invested in order to generate a greater dividend, thus benefits, for all Maltese.

Malta can already witness the success stories of various companies that managed to international their operations and are now reaping the benefits of such a move. Examples of such companies include Corinthia Hotels International, which knows its genesis with Alfred Pisani managing San Anton’s Corinthia Palace Hotel. It was a long and difficult process which is now enabling the Maltese company to tap into new opportunities for success, as recent news suggest.

This is why the government and all interested parties are to embark on a strategy to create the necessary conditions for Maltese tycoons to make such a move. Some steps in this direction, including the setting up of the Malta Business Bureau, have already been made. It is time now to speed up the momentum.