“When one notes that more than 90% of products our country imports and exports come by sea, we can understand better the importance of the work of seafarers,” said Minister for Transport, Infrastructure and Capital Projects Ian Borg when visiting the Seafarers Centre in Ta’ Liesse in Valletta on the occasion of signing the MoU.

“The seafarers whose work presents them with such risks and challenges but who nevertheless continue working to sustain our economy and our livelihood, are among the many other workers with different roles who in this case — in the maritime sector — are helping to sustain this industry towards continued efficient functioning and are therefore sustaining several other industries,” minister Borg added.  

“And that is why this agreement is important — today we have an authority that is working hard to continue pushing forward the maritime sector in our country, and that is making a financial contribution with social aims to the same industry and its workers,” continued minister Borg. 

Furthermore, Mr Bugeja said that the agreement will continue to support the relationship of the authority with the centre while fostering the principle of the social contribution that the authority believes in, according to the DOI press statement. 

In addition, chaplain Borg explained how helpful the centre will be for seafarers, giving them shelter to sleep, eat and offering other services. 

The post TM signs MoU to support Valletta Seafarers Centre first appeared on The Malta Business Weekly.

During the session, Christian Vella Masini from the Ministry for Gozo said that the 5% growth of the economy of Gozo per annum per capita can be predominantly attributed to small-scale but high value-added manufacturing and services activities. 

In addition, Mr Vella Masini underlined the interest by the Ministry for Gozo in welcoming incentives that provide easier access to finance. In fact, these are necessary to further enhance investment and job creation within Gozo, giving life and energy to such businesses. 

Furthermore, MDB chief officers Joseph Darmanin and Maria Xuereb explained that the MDB performs a promotional role, supporting productive and viable operations where the market is unable to accommodate due to higher credit risks. Therefore, their bank works on complementing commercial banks in bridging financial gaps in bankable investments. It provides guarantee schemes intermediated through commercial banks to enhance small and medium-sized enterprises (SME) access to finance and to facilitate more attractive terms for bank lending to SMEs.

Moreover, Executive SME Finance of BOV Alfred Buhagiar illustrated how these guarantees assist SMEs to tap into financing through the BOV Family Business Success and BOV SME Invest loan products. 

As a matter of fact, the BOV Family Business Success facilitates the transfer of ownership between family members within a Family Business certified with the Family Business Office, while the BOV SME Invest offers a financial solution to SMEs including startups, seeking finance to grow and reach their full potential through reduced collateral requirements and financing costs, the press release says. 

“Businesses in Gozo never operate on a level playing field as those on the mainland, and the Malta Development Bank can be the bridge or link that can help our enterprises prosper.  With this in mind, we will be asking the Malta Development Bank to study regional financial packages, which acknowledge the specificities of our Island,” concluded the President of the Gozo Business Chamber Joseph Borg. 

The post BOV, MDB offer support for Gozitan businesses first appeared on The Malta Business Weekly.

The main theme will be “The Voice of the Industry” and last year more than 300 participants from 21 different countries attended this summit.

“An appropriate theme as ahead of us we have a forum that presents an excellent opportunity to continue discussing opportunities and challenges with the industry,” said Mr Borg. “The success we are experiencing today in the maritime sector is thanks to continuous dialogue and collaborative work between the government and the industry. We are speaking about an industry that contributes 12% of the Gross Domestic Product, which creates 23,000 jobs,” he added.

“Today Malta has great potential to become a centre of maritime excellence in the Mediterranean. Our Country is blessed with natural ports and a strong maritime tradition, and this together with our work with the industry has resulted in a lot of success,” added Mr Borg. “Last year, the Maltese Register registered more than 6% growth and we have more than 82 million gross tonnes under our flag, which is renowned for excellent service. After all, we also had great success in the superyachts niche, with 90% growth over five years ago. The government will continue investing in ports, marinas, appropriate high-quality infrastructure, and we will continue working hand in hand with the industry.”

He also reminded those present of the investment which this industry is drawing to our country and which makes space for the creation of several ancillary services and added that this is why it is even more important to continue collaborating and discussing.

“Now a fixture in the international maritime calendar, the Malta maritime week comprises a summit and three conferences once again convening the most influential maritime stakeholders and specialists from all over the world,” said organiser Mr John Gauci-Maistre. “They will be airing and sharing their views on the most pressing concerns particularly policies, energy, sustainability, finance and yachting demands currently faced by the shipping industry at a time of notable geopolitical shifts and technological advances. Having posited itself as ‘The Voice of the Industry’, the forthcoming debates continue to enhance Malta’s reputation as a key maritime nation.” 

The post Ministry officially confirms Malta Maritime Summit 2020 first appeared on The Malta Business Weekly.

Founded in late 2016 and launched in early 2017, Fetch It was launched aiming to revolutionise the transportation of goods and products in Malta. 

“Our key contributions came purely through a marketing and tech focus, arguably elements which were mostly needed to get the company off the ground. We realised we had less to contribute in terms of the ongoing operational endeavours of the company, which were now naturally the central focus of this business model,” said Zak Borg.  

As Anchovy was going through the arduous process of going public on the Malta Stock Exchange (MSE), the Borg brothers say they felt it was time to part ways with Fetch It. 

“It was not a case of pulling out because we did not believe in the business. We believe in Fetch It wholeheartedly and we still do to this day. We as Anchovy simply felt that we could not continue investing our time in this venture and could no longer contribute as profoundly as we did to the business, given its stage,” added Zak Borg. 

“While it was really sad to part ways with such a great business, it also proved a great learning curve for us, being our first exit so to speak. The emotional connection to something you helped build is incredibly strong, so making this decision was especially tough,” continued Benji Borg.   

The post Anchovy parts with Fetch It ‘amicably’ first appeared on The Malta Business Weekly.