Maltese President encourages entrepreneurs to embark on new business ventures

President of Malta Edward Fenech Adami encouraged Maltese and Cypriot entrepreneurs to exchange ideas, embark on new business ventures and make use of the comparative advantages their two countries have to offer.
In his opening speech during a Cypriot-Maltese business seminar at Cyprus Chamber of Commerce and Industry (KEVE), Adami said that such business meetings provide an excellent opportunity for the business communities of the two countries to strengthen bilateral relationships and seek new frontiers, adding that “in an ever increasing competitive environment, there is room for enhancing further our cooperation.”
The Maltese President noted that due to their geographical position, the two countries are the ideal base for commercial and marketing operations of companies from the bordering regions and continents.
He expressed certainty that the business delegations attending the seminar are aware of the potential that both Cypriot and Maltese economies offer and can seek ways of exploiting their distinct but unique characteristics that emanate from their strategic locations in the Mediterranean Sea.
Adami noted that the members of the Maltese delegation are here assessing the business environment with the aim of developing economic synergies with Cyprus and to seek increased cooperation in diverse fields for the mutual benefit of the two countries.
Cyprus Minister of Commerce, Industry and Tourism Antonis Michaelides said that relations between Cyprus and Malta have been moderately enhanced since May 2004, when the two countries joined the European family and expressed the belief that the European Union provides the ideal platform for further strengthening, not only the political, but also the trade and economic relations between our two countries.
He reassured that the Cyprus government will work with all its strength towards achieving this objective.
Michaelides said the Government was seeking through various policies to capitalise on the island’s unique strategic geographical location and to develop Cyprus into an ideal centre for both local and international business activities in the Eastern Mediterranean, adding that this role has been greatly enhanced since the accession of the island to the EU.
As regards the adoption of Euro by Cyprus and Malta on the 1st of January 2008, he said that it is expected to have positive effects on both economies including the reduction in cost of foreign trade transactions and in foreign exchange rate risk and will ensure price transparency through increased competition and macroeconomic stability.
“By joining the Euro zone, Cyprus and Malta hope to boost tourism and foreign investments in their countries. Tourism is an important part for the economy of both countries. The number of Maltese visited Cyprus in 2005 has increased by 29.2% in 2006, and the number of Cypriots visited Malta has increased by 65.5% in 2006. Our aim is to build on the bonds between the two countries and to promote tourism for the welfare of our economies,” he added.
KEVE President Manthos Mavrommatis said in his speech that cooperation between the Chambers of Commerce and Industry of Cyprus and Malta was imperative “because in this way we promote our common interests in the EU as two small island-countries, which are far from the economic EU centre and which are primarily based on the services sector.”
“We have a lot of common interests to promote within the EU for the good of our economies and our two countries,” he added, noting that “we hope to develop even further our commercial and economic relations, because we believe that we have a bright common business future.”