BoV promotes closer commercial ties with Germany

"Over 50 German companies are currently operating successfully in Malta employing over 3,000 people," Tonio Depasquale, chief executive officer of Bank of Valletta, said during his opening speech at a half day seminar entitled Doing Business with Germany.

"These companies operate in the aviation, plastics, software development, automotive and back office operations. Malta currently imports and exports around Lm240 million to Germany per annum in terms of products and services. However, as a country, we need to attract further German investment, particularly now that we form part of the European Union."

The seminar was held recently at Bank of Valletta's head office in Sliema and was organised in collaboration with the German-Maltese Chamber of Commerce. The seminar was a first initiative taken by the bank and the chamber following the signing of a three-year co-operation agreement between the two sides.

The seminar forms part of a new BoV initiative, Mr Depasquale said: "This is the beginning of a series of in house seminars the bank is organising to further promote trade and investment between Malta and its main trading partner countries.

"The basic idea is that of giving our corporate, business and branch managers more information on the opportunities available to our customers in terms of both trade and investment."

Referring to the advantages enjoyed by trading partner countries doing business with Malta, Mr Depasquale added: "Among the advantages Malta has to offer are free access to the European internal market, a well educated, flexible and hard working force, agreements covering the Encouragement and Reciprocal Protection of Investment, the avoidance of double taxation and air transport.

"From a tourism perspective, German tourists account for the second largest market segment that visits our shores, preceded only by arrivals from the United Kingdom. Annually we welcome over 125,000 German visitors to our islands, and their numbers are on the increase.

"The principal market segments are cultural tourism, education, incentives, conferences and leisure," he added.

"All this is proof of the wealth of opportunities that exist to further promote German-Maltese investment and commercial ties. With a local potential customer base exceeding 200,000 clients in Malta and Gozo and a representative office network in the Euro Mediterranean region, Bank of Valletta has the infrastructure and core competency to turn these opportunities into successful business ventures.

"Moreover, through the bank's Business Development Department, our organisation is on the forefront in further developing Maltese-German relations," Mr Depasquale said.

The seminar was also addressed by Julian Holland, head of Bank of Valletta's Business Development Department, who spoke about the various opportunities enjoyed by businesses who seek Bank of Valletta's assistance to tap new business opportunities with German counterparts.

"This seminar is in line with the primary functions of Bank of Valletta's Business Development Department: to promote growth by stimulating new business for our clients, as part of the bank's policy of providing added value; and by providing the best environment and relationship to ensure good customer retention and satisfaction."

Mr Holland announced: "To this end, we have already concluded strategic alliances with seven different business chambers, and a further three alliances are in the pipeline. Moreover, we are doing our utmost to transform these alliances into generators of new business, both for ourselves and for our clients.

"The added value we offer to our clients, and our strong belief in building strong relationships with them, is the key to customer retention and growth. Bank of Valletta is more than just a financial institution - we are a pillar of Maltese economic activity - a Maltese bank which has adapted to the needs of the Maltese market and is best geared to suit their needs.

"We have to see ourselves not only as a supplier of financial services to meet the immediate needs of our clients, but also as promoters of further growth and activity," Mr Holland said.

The seminar was also addressed by Henry J. Borg, president of the German-Maltese Chamber of Commerce; Paul Cassar, director, IMS Ltd, about the newly revamped German-Maltese Chamber of Commerce Website, and by Georg Merten, Ambassador of the Federal Republic of Germany to Malta.