A study entrusted to Grant Thornton by the Malta Business Bureau (MBB) indicates that while 89% of Maltese businesses feel they have been positively impacted by Malta’s accession to the European Single Market, several obstacles need to be removed for them to exploit the market’s potential fully.
An MBB delegation presented the findings of the study to Minister for the Economy, Investment and Small Businesses Hon. Chris Cardona. MBB President Simon De Cesare explained how many Maltese businesses are still not exploiting the possibilities offered by the Single Market to their full potential, mainly due to legislative barriers and cumbersome administrative procedures. “For example, 96% of businesses wish to see simplification in EU services regulation” explained Mr De Cesare.
In addition to this, 35% of business owners showed dissatisfaction with the weak enforcement of EU law in Malta, and another 26% voiced their concerns about the improper implementation of EU legislation at a national level. After identifying the critical areas, the report proposes a number of recommendations to be implemented in order to rectify the current situation.
Minister Cardona recognized the importance of the study by stating that “feedback from our shareholders that allow us to gain a comprehensive understanding of how Maltese businesses have benefitted within the Single Market is 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.”
The research was executed by Grant Thornton’s Transaction Advisory Services team, under the supervision of Partner George Vella.