‘New business model’ emerging in post-Arab Spring countries

The Malta Business Bureau's President George Vella has underlined entrepreneurship as part of Malta's identity during an international conference organised by the MBB and the Ministry for Small Business.

"Malta can and should serve as a gateway for Euromed investment opportunities thus fuelling a sustainable Mediterranean business community based on thriving network of commercial collaboration between Europe and North Africa," Vella said, addressing SMEs representatives from Tunisia, Libya and Egypt.

He added that this potential was corroborated by the facts and figures underpinning the healthy trade and investment relationship already in place between the EU and the Mediterranean partner countries.

"A closer inspection of the Maltese statistics in relation to Libya, Tunisia and Egypt reveals a promising picture, indeed a solid basis for furthering developing investment and trade exchanges," he said.

He explained that trade exchanges with Tunisia rose sharply in 2011, with an increase of no less than €11.6 million over the past year.

Tunisian-Maltese trade rose from €13.6 million in 2010 to €24.2 million in 2011. "The same positive trade patterns underpin Malta's economic relationship with Egypt," Vella added.

Vella also encouraged the Maltese private sector to be part of the process in developing the policy that is shaping the new realities of the Southern Mediterranean.

"Private business should be an actor and not a mere executor of projects. Its collaboration is crucial for economic growth, the creation of employment and social development in the region," he insisted.

Investment experts from Tunisia, Libya and Egypt also addressed the conference, and discussed the current political scenario and the new economic developments occurring in their respective countries as well as in the whole region.

All three conceded that a lot of work was still required to re-build their respective economies as well to strengthen the foundations of a new way of doing business with international partners and enterprises.

A new economic reality is unfolding in the Southern Mediterranean region, which in turn provides new business opportunities for Maltese and other European enterprises, they said.