Post-pandemic, have local companies resumed their efforts at internationalisation?
Following the challenging pandemic years, many were under the impression that, given the increase in use of digitalisation, the demand for travel for international business development purposes, would be muted. But the situation couldn’t have developed in a more different manner. Of course, technology is a valuable tool – however, we are seeing a significant increase in requests to explore international business opportunities. Travelling has resumed and businesses are engaging in international business with a certain sense of urgency. Also, what the pandemic has certainly reinforced is, that the proverbial not-putting-all-the-eggs-in-one-basket stands true – and businesses now want to explore different markets more than ever.
Today we are witnessing new circumstances – Malta-based companies have grown in both turnover and headcount. Given that our local market is somewhat limited and cannot sustain growth or turnover beyond certain thresholds, companies are looking beyond our shores to grow their business. Furthermore, Malta-based businesses have become more confident in their product and service offering and specialisations, and therefore feel they are ready to take the next step and grow internationally.
Why are trade missions important?
We have recently returned from a trade visit to Casablanca Morocco, where we supported 17 Malta-based companies and five government entities to explore commercial opportunities in this jurisdiction. Several Maltese investors are already present in this Maghreb country, but we are of the opinion that there are other commercial opportunities that need to be explored. Amongst them, just to mention an example, is the recent decision by the Moroccan government to introduce English language as a compulsory study area for students.
Earlier this year we organised our third visit to Ghana with a very interesting cohort of Malta-based companies. Again, some of the companies have already invested in the country and are growing their operation while others are showing a great interest in doing business in this Sub-Saharan country.
The scope of the visits is to expose Malta-based companies to new commercial opportunities and to continue building on existing ones. Having said that, trade delegations are one of the many service offerings provided by TradeMalta to companies that are interested in exporting or internationalising their business.
What key elements are critical to a company wanting to expand beyond Malta’s shores?
Companies that run a successful internationalisation strategy share several common traits. The most successful ones establish dedicated teams that run the company’s international growth path. Another important factor is to approach and focus on one market at a time especially for new exporters. This helps companies gain confidence, learn how business is conducted in the target market, calibrate the service offering and so on.
What role does TradeMalta play in helping companies internationalise?
TradeMalta has identified several strategic markets where we believe there are concrete opportunities for Malta-based companies to thrive. With the understanding that Malta cannot have an embassy, consulate, or commercial office in every corner of the world, we adopted a hub and spoke approach. So, for instance, we realised that the UAE is an important hub in the Gulf region. Promoting business opportunities in this market helps us to focus on key markets and provide professional guidance accordingly. Let us not forget that we have the responsibility to take care of Maltese business people when guiding them to do business internationally – so we are careful and promote jurisdictions where we have built the capacity and the resources to help Malta-based companies to grow and support them accordingly.
What are the main aims of your podcast series, International Insights?
The main aim of International Insights is to inform the business community, as well as individuals in general, about the methods adopted by local companies to grow their business beyond the Maltese islands. By showcasing success stories, we encourage others to take the next step. It is an interesting approach to learn about the challenges, the success and failure of these entrepreneurs – and all with a realistic, critical approach - with the aim to inspire other companies to think beyond the local market.
You have collaborated with Times of Malta as your media partner for your series, International Insights, which was also supported by HSBC as strategic partner, and powered by Studio Seven. What added value did this partnership give you?
In today’s world you need to partner with organisations that excel at what they do. As a trade promotion agency, we partnered with Times of Malta – to add value to our narrative and increase our reach. Studio 7 helped us immensely with their professional approach in producing these podcasts. Definitely, HSBC plays a huge role in our success. As TradeMalta’s strategic partner, HSBC has been supporting our initiatives since our inception to the benefit of businesses especially those with an international ambition.
International Insights
Episode 1: Navigating a Crisis
Andrew Mangion, executive chairman and CEO of EC English Language Centres, explains how the company faced the challenges brought about by the coronavirus pandemic, and emerged stronger.
Episode 2: Being Digital
Christina Goggi, digital marketing consultant, and Benji Borg, CEO of 9h Capital, who also co-founded a digital marketing agency, share insights into how a company can successfully embark on its digital journey.
Episode 3: The Struggle for Talent
Dr Franco Valletta, Chief Culture Officer at international hotel group Corinthia and Prof Vince Cassar, organisational psychologist and an academic at the University of Malta, discuss how companies can attract and retain talent.
Episode 4: Off to Africa
An expert take on doing business in Africa by Chris Muscat, CEO of Hudson, which distributes Nike and other top brands in 24 African countries, and Karl Aquilina from Salvo Grima Group, which runs a logistics operation employing 80 people in Rwanda.
Episode 5: Tipping Points
John DeGiorgio, founder and chairman of Shireburn Software Ltd., and Joseph Sultana, co-founder, Ascent Software Ltd have successfully led their companies to international growth, one opportunity at a time, but with key opportunities having a strategic impact on business growth.
Episode 6: Innovation Dilemmas
Matthew Bezzina, who founded mobility company eCabs on the basis of innovation and transformation; and Dr Leonie Baldacchino, the former director of the Edward Debono Institute for Creative Thinking and Innovation, outline the essence of innovation.
Episode 7: The daily practice of global marketing
Sam Borg, the third-generation leader of Bortex, and Matthew Wismayer, who founded Pet Nutrition House, explain what they do, on a daily basis, to develop new prospects into successful marketing relationships.
Episode 8: Lessons from Sport
Pippo Psaila coached the national football team in the 1990s and served as the director of sport for the Malta Olympic Committee; while George Micallef is the lead sport commentator on the island and served as the first head of the national sports school. They outline how both business and sport rely on talent and potential.