Malta Chamber presents fresh proposals to assist businesses

The Malta Chamber has presented a series of fresh proposals during a meeting with Economy Minister Silvio Schembri aimed at assisting businesses through the extraordinary COVID-19 crisis.

The Chamber issued a statement on Wednesday in which it explained that the new proposals are built on the already existing programme of assistance which the Government is providing businesses with, as it provides a structure for resilience and adaptation on behalf of businesses.

“The Malta Chamber has been in constant contact with members of the business community in the past weeks, and is cognisant of the difficulties they are facing at this unprecedented time and hence is in the best position to represent their concerns as well as their ambitions at this time,” said Malta Chamber President, David Xuereb.

While reiterating its call to extend assistance to all businesses which are experiencing dire loss of activity and business, The Malta Chamber argued that scarce public funds should be utilised efficiently to incentivise companies to seize the moment and gear themselves up to ensure resilience and viability in a different, post-COVID world which is the new normal.

The new normal would entail re-thinking business models and strategies and it is now more essential than ever before that companies should be incentivised to work hard to become more innovative and resilient in order to grow and develop further in a competitive international market with fast-changing dynamics, continued to explain Xuereb.

The Malta Chamber also proposed a new advisory scheme for support on the development of professional business plans to re-engineer objectives, structure and operations. The new scheme should include the possibility for all companies to access expert advice on business reengineering. This will assist most businesses to thrive as a result of the opportunity offered by this disruptive pandemic.

The Chamber’s proposals also included for short-term support measures to incentivise companies to innovate their operation, assistance for training or reskilling of workers and subsidies on investment in technology and equipment.

During the meeting with Minister Schembri, The Malta Chamber continued to reiterate its call for urgent amendments to the Companies Act to provide temporary protection to company directors with respect to their obligations and responsibilities related to insolvency.

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