This year, TradeMalta is organising the third edition of the Malta International Business Awards to celebrate the remarkable efforts of Malta-based businesses trading internationally. Anton Buttigieg, Chief Executive Officer, TradeMalta, outlines TradeMalta’s role in helping local businesses expand their horizons.
What international growth have Malta-based businesses achieved in recent years?
In recent years, particularly in the post-Covid period, we’ve seen a significant increase in the demand for the services TradeMalta offers. Following the recovery phase, we registered an increase of almost 40 per cent in financing to Malta-based companies seeking to boost their internationalisation efforts. This was contrary to what was being predicted during and immediately after the pandemic. This year, we have successfully maintained this momentum.
Much of our financial support goes to helping companies participate in international trade fairs or to promote their products or services online. Exhibiting at international trade fairs, is an effective way for Malta-based companies to promote their brands, meet potential new clients, monitor the competition, and keep track of industry trends.
Regarding digital marketing, this is a relatively new scheme that we have launched. The aim is to help companies carry out digital marketing campaigns on a wide variety of international platforms. Requests for such assistance have increased significantly over the past two years as companies engage in digital promotion of their brands.
Is this growth one of the main reasons you revived the Malta International Business Awards?
We used to organise the Malta International Business Awards every two years – however, due to the pandemic, we had to pause temporarily. Now companies have had two years to recover from the effect of the pandemic and in the process renew their efforts towards internationalisation. We are very encouraged to note how quickly the majority of Malta-based companies have returned to their level of pre-pandemic exports with some exceeding those levels.
By promoting and celebrating these companies at the Malta International Business Awards, we are not only giving them well-deserved recognition, but also raise their profile and enhance their visibility. This increased exposure, is especially important when it comes to attracting talent and fostering further growth
What role does TradeMalta play in such internationalisation efforts – and what support, beyond financing, does TradeMalta give to Malta-based companies, wanting to expand beyond our shores?
Trade Missions are part of our support strategy, as these provide local companies with invaluable opportunities to explore mew markets. However, they represent just one of many ways we provide assistance. As indicated earlier, our most impactful assistance to companies involves helping them exhibit their products or services at international fairs and facilitating meetings in-market to ensure that companies get the maximum return from their visit.
When we started operations in 2014, many Maltese companies were still recovering from losses incurred due to the crisis in Libya. This highlighted the risks of having significant concentration of business in one country – which was not in itself a bad idea, especially due to Libya being a neighbouring country. Following this experience, we shifted our strategy to diversify across multiple countries, helping to distribute risk more effectively, and this explains our participation in various fairs and missions around the globe.
What level of resilience have local businesses shown in the face of the significant challenges of recent years?
All challenges are, in themselves, a learning opportunity – whether it’s the crisis in Libya or the pandemic. These crises although they test businesses, they make them more resilient and willing to explore new markets.
TradeMalta has recently launched the 2024 edition of the Malta International Business Awards. What are the main aims of these awards?
We regularly meet with businesses – and are always impressed by their achievement on the international stage. As an entity we believe that we should recognise and celebrate these efforts.
The MIBA Award categories reflect the wide spectrum and activities that local companies engage in – and the awards will recognise the best SME exporter, the best large exporter, the best high potential exporter, and the best emerging markets exporter, in addition to an overall award recognising outstanding achievement.
Does celebrating achievements also contribute towards further investment and opportunities for growth?
We aim to recognise and showcase the efforts that local businesses make in expanding internationally, while also bringing their achievements to the attention of the wider public.
By promoting and celebrating these companies at the Malta International Business Awards, we are not only giving them well-deserved recognition, but also raise their profile and enhance their visibility. This increased exposure, is especially important when it comes to attracting talent and fostering further growth.
The Malta International Business Awards are organised by TradeMalta and endorsed by the Ministry for Foreign and European Affairs and Trade and The Malta Chamber. The awards are supported by our strategic partner HSBC Bank Malta p.l.c. and our sponsors Grant Thornton and Emirates together with Times of Malta as the exclusive Media Partner.
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