89% of Maltese businesses are better off since joining the Single Market

89% of Maltese businesses are better off since joining the Single Market

20th November 2019 – At an event held this morning, business-representative entity the Malta Business Bureau (MBB) indicated that 89% of Maltese businesses are better off since joining the Single Market. This figure emerged from a study launched this morning on the impact of the European Single Market on Maltese businesses. The study, carried out by Grant Thornton, also identifies the barriers and bottlenecks that exist, while proposing a way forward.

An MBB delegation—led by MBB President Simon De Cesare—presented this study to Minister for the Economy, Investment and Small Business Hon. Chris Cardona. The discussion started with a presentation of the study objectives and findings by MBB President.

Mr De Cesare explained, “Despite the obvious benefits to Malta and its businesses, we are seeing Maltese businesses struggling to exploit the full potential of the Single Market. Businesses are continuously faced with challenges stemming from excessive administrative procedures to legislative barriers when accessing markets across borders.”

“For example, 96% of businesses indicated that they wish to see simplification in EU services regulation, providing evidence to a perception that has existed among business-representative organisations across Europe,” he continued.

The study also shows that businesses are concerned about the implementation of EU legislation at a national level, with 35% showing dissatisfaction about ineffective enforcement of EU law in Malta, particularly with regards to market surveillance, and another 26% complaining about the inefficiency when it comes to implementation.

Minister Cardona stated, “Studies and feedback from our shareholders that allow us to gain a comprehensive understanding of how Maltese businesses have benefitted within the Single Market are very valuable for us. We welcome the suggestions made by the MBB and after we will assess how we can incorporate them to better address the needs of our business community.”

On the same day, the MBB hosted a Business Seminar on ‘Doing Business in the EU’. High-level business representatives from the Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association shared their experience, views and ideas on doing business in the EU, while discussing how things can be made better for businesses.

The full publication can be viewed from here.

The Malta Business Bureau is the EU-business advisory office of the Malta Chamber of Commerce, Enterprise and Industry and the Malta Hotels and Restaurants Association. For more information, kindly contact MBB on info@mbb.org.mt or +356 2125 1719.