The Gozo Business Chamber held its annual general meeting at the auditorium of the Queen Mary University of London Campus in Gozo on January 25.
Daniel Borg, chief executive officer of the Gozo Business Chamber, highlighted the important work of the chamber during the pandemic. He also presented important changes to the statute of the chamber. These changes, approved unanimously, were done after a comprehensive review of the statute with the intent to align it to today’s needs and requirements, and to help the chamber address present and future challenges efficiently and effectively.
The CEO also presented the administrative report which shed light on the work of the chamber during 2020. Important highlights of the report included the chamber’s efforts during the pandemic, initiatives undertaken during 2020, including its work in the presidency of INSULEUR (the Insular Chamber of Commerce and Industry of the European Union), and the Youth 4 Entrepreneurship – Gozo event.
The meeting was also addressed by the chairman of Bank of Valletta, Gordon Cordina. Cordina delivered a presentation and talk entitled ‘A tale of an island and a bank: Through COVID and beyond’. He noted how Gozo’s GDP per capita increased between 2010 and 2020, yet it did not increase at the same rate as that of Malta. He also pointed out that while the public sector in Gozo accounts for circa 25 per cent of the gross value added on the island, new economic sectors are much smaller in Gozo. Yet contrary to other smaller islands in Europe, Gozo is an important contributor to the national economy.
Gozo should develop its vocation as a lifestyle destination
Cordina said that while Gozo is too important for the national economy to be left to its own devices, it is often too small for an administrative critical mass to function efficiently and effectively. He, therefore, considers the role of the newly-established Gozo Regional Development Authority as essential.
The BOV chairman emphasised that Gozo’s future ambition should be to evolve its regional distinctiveness into sustainable economic and social development, also within the context of the impact of the COVID-19. Developing distinctiveness and regentrification should be its medium-term goals, which should lead in the long term to it becoming a role model in regional development. The short term is to be characterised by remediation, consolidation and sustainable growth. He added that Gozo should develop its vocation as a lifestyle destination and should go beyond simply focusing on GDP to actually create GDP in important economic niches such as those related to sustainability. While the present situation is a turning point which could be characterised either by recovery or death, COVID could be the spur which could help restructure the local economies based on sustainable operating models, earlier than planned, he said.
Cordina also discussed the importance of BOV for Gozo and its commitment to the island. He put the bank’s efforts and development within the international context of events which have led to the restructuring of the banking sector.
BOV launched various initiatives to assist customers, and especially SMEs, during the pandemic.
Cordina then outlined the vision for the bank in the coming decades, especially that of becoming a thought leader in the main areas of its business.
The AGM was also addressed by Minister for Gozo Clint Camilleri. He highlighted the initiatives conducted by the government to assist businesses and thanked the chamber and the business community in general for its commitment to Gozo. He highlighted how the chamber and the ministry engaged in effective dialogue to continue to sustain the Gozitan economy.
Joseph Borg, president of the Gozo Business Chamber, commented on the need of a new hospital and the importance of diversifying the Gozitan economy. He highlighted how the chamber is looking towards a sustainable economic model, one in which Gozo would also achieve carbon neutrality before the set goals for the whole country.
The digital economy also holds significant potential for Gozo. Accessibility remained important for Gozo. Borg also hailed the Gozo Regional Development Authority as an important milestone for Gozo and expressed his hope that everyone will work in unison so that this institution can achieve its full potential.