€485,000 in assistance to export locally manufactured programmes

Malta Enterprise has launched two new programmes which will provide at total of €485,000 of assistance to industry to export locally manufactured products. The programmes cater for industries that are new to export as well as to those that wish to expand their current export market.

The Go Global Programme focuses on companies whose export revenue is less than 20%. It includes a free assessment of export readiness, an export management master class and financial assistance to conduct market research as well as support to undertake export promotion initiatives.

The Global Growth Competition is a competition through which 12 Market Development Plans will be selected. The companies behind such plans will receive assistance to implement such plans over a three year period at a co-funding rate of 50%. Subject to certain conditions, the maximum grant value can be of 80,000 euro over three years.

These programmes are being supported by HSBC Bank Malta through the Malta Trade for Growth Fund – an initiative that supports Maltese businesses to thrive and the local economy to prosper. Through this Fund, businesses are eligible for a discount in pricing if they switch from a traditional overdraft to a structured trade finance product such as Export Loans or Invoice Finance.

The programmes were launched during a press conference at Malta Enterprise. Chief Officer for Export Support and Clusters, Joe Schembri, gave a presentation during which he explained how the programmes work.

Addressing members of the press, Malta Enterprise Chairman Mario Vella reiterated the Corporation’s committal towards assisting local industry to grow and expand into new markets through export.

“Malta Enterprise is sensitive to the challenges that local industry faces when it comes to export and a lot of thinking outside of the box is being done to incentivise and support these industries to thrive,” Vella said.

“The programmes launched today are the result of a process that has been initiated over a year ago to create more relevant, better structured incentives that stimulate local industry to grow and explore new markets.”

Vella emphasised Malta Enterprise’s strategic decision to opt for a more focused and more precisely targeted approach to both investment and trade promotion.

From his part, HSBC Bank Malta Chief Executive, Mark Watkinson said that supporting these initiatives of Malta Enterprise was a natural thing to do for a bank like HSBC which prides itself in connecting customers to opportunities across the globe.

Watkinson said that international trade is a critical component of Malta’s history, its economy, and most importantly the country’s future.

“We believe that Malta can build on its competitive trade advantage and its strategic location that bridges Europe with Africa and the rest of the world. HSBC, as one of the world’s largest international banks can add real value to the Maltese economy. The Bank is already instrumental in helping hundreds of Maltese businesses, including SMEs, expand across borders.”

Head of Commercial Banking at HSBC Michael Cordina said Malta Enterprise’s initiatives fit in perfectly with HSBC’s 'Malta Trade for Growth' proposition as well as the 50 million euro fund launched in December.

“International trade is forecast to bring the most significant growth to Maltese companies and the Malta Trade for Growth Fund is our platform to connect Maltese customers to global opportunities, to help corporate companies and SMEs grow their business and, in turn, further the prosperity of Malta’s economy.

“With offices on the ground in 60 markets, more than 7,000 relationship managers operating worldwide we are in a unique position to connect potential customers in new markets, provide local insight through people on the ground, and offer the financial support to businesses expand globally.”

Economy Minister Chris Cardona said the good thing the programmes was not just the financial assistance, but also the help and guidance that are incorporated within the programmes.

“Everyone needs a helping hand at times, and with the right support in the early stages the chance of long term success are much greater. Through these programmes, our objective is to assist 12 companies to grow their exports over the next three years,” Cardona said.

“We also expect to see some of the 20 companies joining the Go Global programme to start exporting for the first time. Malta Enterprise will be investing nearly half a million euro during the coming year. This will be a wise investment given the benefits associated with exporting.”