THIS ISSUE
EU POLICY Efforts to strengthen Europe’s manufacturing industry through investment priorities and policy review.
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Issue 13 | dec 2012 - Feb 2013
business agenda
NEWSPAPER POST TOURISM The reclassification of Malta’s hotels critical in defining the country’s tourism product.
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THE Official Business publication of the Malta business Bureau
VALLETTA 2018 ‘resilience’ 12 per cent increase in visitors expected
case study A close look at FIMBANK’s strategy to maintain its positive performance and to support businesses’ internationalisation efforts.
– Main reason for malta’s low unemployment
The unemployment situation in Malta is best described as ‘resilient’, according to leading economist Dr Gordon Cordina. Despite the turbulent economic environment in Europe, Malta has succeeded in keeping the unemployment rate well below the 10.5 per cent EU average.
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Dr Cordina points out that even at the height of the recession, unemployment in Malta reached 7.3 per cent, but has since remained
Interview Dr Peter Agius discusses the communicative role of the European Parliament Representation in Malta and the European Parliament’s priorities for 2013.
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BUSINESS The importance of recharging one’s batteries during the Christmas season.
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Photo by Clive Vella – www.viewingmalta.com Valletta is expected to see a significant increase of 12 per cent in visitors as a result of being crowned as Capital of Culture for the year 2018. Valletta Mayor Alexiei Dingli said the figure is based on the results obtained by other Capitals of Culture. Being the Capital of Culture in 2018 is more than a title but a massive a project which is expected to translate into farranging benefits to Malta’s different industries, including the hospitality and tourism industry as well as retail. The cultural injection will also generate more jobs across the board – creating what the Mayor of Valletta describes as “a cultural ecosystem that will transform Malta once and for all”.
Along with welcoming a 12 per cent rise in visitors, as David Felice, chairman for the V18 Foundation explains, research shows that if well-planned, the economic return on investment is worth the initial expenditure across a wide cross-section of sectors. The title will also help portray ‘a modern Malta’, and will give the country the chance to highlight its culture heritage. Business Agenda takes a look at the developments so far and what this will mean from a business and economic point of view. See full story on page 8.
consistently below the 7 per cent mark. He explains that in his opinion unemployment is mostly down to a skills mismatch, rather than a lack of job creation or an inefficient labour market. Business Agenda speaks to stakeholders in the sector about the current situation in Malta and discusses what is being done to improve it. See full story on page 5.
Charisma and a powerful campaign – central to Obama’s electoral victory Barack Obama’s first term in office has been criticised by several quarters as not having been effective in delivering electoral promises. Nonetheless he managed to overcome his Republican opponent Mitt Romney to secure a second term in office in a close call election earlier in November. In an exclusive interview with Business Agenda, US political expert Prof. David A. Schultz, expresses his opinion that in so many ways Obama should not have won given the economic situation and his lack of a plan for a second term, however his sleek campaign and
charismatic qualities helped him topple his challenger, Romney, who failed to connect with the American people. Dr Isabelle Calleja Ragonesi, Head of the International Relations Department at the University of Malta, who also contributes to this article, believes that in general European leaders are happy with the electoral outcome, however there are also fears that the US is too preoccupied with its domestic woes to pay attention to foreign affairs. See full story on page 18.