Driving change – and how transformation can support growth and generate value – was a central concept at the second edition of the Deloitte Annual Forum.

Held on January 19 at the Westin Dragonara Resort, attendees from across Malta’s business community met at the highly anticipated event to discuss the island’s economic model, bringing a wealth of different industry perspectives.

“We selected the theme of driving change through transformation due to its fundamental importance in today’s ever-changing world,” says Deloitte Malta CEO, Marc Alden.

Marc Alden – CEO, Deloitte Malta

Structured over five sessions – including presentations, panel discussions, motivational speeches and fireside chats – the Forum welcomed top guest speakers alongside Deloitte Malta experts to lead discussions and share ideas.

The first session, led by Chief Futurist at Deloitte US, Mike Bechtel, tackled initiative and ingenuity in an age of machines. His talk, Human After All, debuted for the Malta business community at the event.

With his unique and visionary approach, Bechtel framed the future of tech as a progressive evolution of humanity. “Mike highlighted that there was no replacement to human ingenuity and endeavour, so we should not fear AI,” explains Alden. “He used children’s building blocks as an example: before you can build, you need to sort the bricks. AI does this for you, leaving you free to create. AI elevates the role of the human in the process.”

Bechtel also emphasised that AI as we know it is what technology cannot yet do, Alden continues. “Once it works, then it’s just technology. Humans remain the fuel that gives value to AI, not the reverse. The future will reward the human creativity that unlocks and deploys the power of technologies.”

Next, a panel discussion considered Malta’s economic model, moderated by Deloitte Malta Economics and Policy Leader Michael Zarb and featuring Halmann Vella Group CEO Kevin J Rapinett, Consultant Raphael Aloisio, iGEN Chairman Enrico Bradamante and Malta Fiscal Advisory Council Chairperson Moira Catania.

Discussing the factors affecting Malta’s economic growth, the panel also shared the results of a pulse survey conducted by the Economic and Policy Advisory team at Deloitte Malta. Notably, the survey showed that 70 per cent of respondents believed the drawbacks outweigh the benefits of Malta’s current economic growth, with many pointing towards increased pollution, traffic congestion and overdevelopment as the key elements. Only 18 per cent of the polled post-secondary and tertiary students stated they had no intention of leaving Malta following their studies, flagging potential concerns of a prospective ‘brain drain’ in terms of human resources.

Human capital was also a talking point during the Forum’s third session: a presentation from Deloitte Malta’s Sustainability Leader Michael Bianchi, Consulting Senior Manager Andrea Muscat and Business Process Solutions Leader Roseanne Bonello. Doing more with less: Enabling the workforce through technology and outsourcing showcased tech solutions to counter human capital challenges and process automation supporting the finance and compliance function.

Mike Bechtel – Chief Futurist, Deloitte US

Tapping further into Deloitte Malta’s expertise in enterprise growth, the penultimate session was a fireside chat around the challenges and opportunities of internationalisation. Informal conversations between Deloitte Malta International Tax Leader Rachel Zarb Cousin, EBO Limited CEO Gege Gatt, The Malta Chamber of Commerce, Enterprise and Industry Council Member Marisa Xuereb and Hudson Holdings Ltd CEO Chris Muscat saw each share their own insights from their respective internationalisation experiences.

“Two key points emerged,” confirms Alden, while warning against the temptation of quick wins when venturing into overseas markets. “Dealing with different jurisdictions causes complications, as they rarely operate the same. Planning is fundamental to success, as is having a suitable partner to support you through the process. Any internationalisation efforts must be viewed as a long-term plan.”

The Deloitte Annual Forum closed with an inspiring and thought-provoking address by endurance swimmer and ocean advocate Lewis Pugh, introduced by Neil Agius, also an endurance swimmer and founder of the Wave of Change Foundation, of which Deloitte Malta is a proud partner. Pugh shared his experience of swimming across the North Pole – a feat that should be impossible, were it not for melting ice.

Alden echoes Pugh’s note of caution regarding sustainability – and reiterates Deloitte’s commitment to it. “Deloitte’s global focus is on ‘impact that matters’, and the world we leave behind. The Forum was about positive change, which is never more urgent than when mitigating the impact of the climate crisis,” he says, adding that Deloitte has launched WorldClimate, a strategy to drive responsible climate choices and do its part to help the world achieve the goals of the Paris Agreement.

Indeed, as part of a global network of experts that guide clients through all their business needs – from finance to compliance, technology to internationalisation – and via forward-thinking events such as its Annual Forum, Deloitte Malta is poised to help pioneer a sustainable future for the island, in a dynamic world.

To request an invitation to future Deloitte Malta events, visit  www.deloitte.com/mt/connect or e-mail info@deloitte.com.mt.