Malta-based exporters are to get some help to mitigate some of the adverse conditions they are facing due to the economic slowdown, through a new scheme launched by the Economy Ministry.

€400,000 has been allocated to the TradeMalta scheme, which seeks to help Malta-based exporters get back on their feet and ease unnecessary burdens.

Around 120 companies stand to benefit, Economy Minister Silvio Schembri said. Businesses will also get help to invest in international digital marketing campaigns, training in digital marketing training and obtain refunds for eligible expenses related to trade exhibitions which were cancelled due to COVID-19.

Business can benefit up to €10,000 with a 50% refund for eligible costs. This measure is retroactive to cover related expenses dating from March 1.

The scheme will allow business owners to apply for refunds on eligible expenses related to trade exhibitions, which were already registered with TradeMalta but were cancelled due to the pandemic.

Many international trade fairs that were scheduled from March onwards were cancelled or postponed resulting in a loss of funds to exhibitors. This measure is retroactive to cover related expenses dating from January 1. Business can benefit from a cash refund on submission of evidence of up to 80% of unrecoverable funds lost due to event cancellation. 

TradeMalta CEO Anton Buttigieg said TradeMalta had put together a list of eligible sectors. These included manufacturing, ICT, education and training and scientific research and development, among others. 

Eligible enterprises may benefit from a refund of up to 50% on online advertising in international markets and related training and up to 80% for cancelled trade fair due to the coronavirus.

All applications in relation to the three initiatives covered by the scheme are available on TradeMalta’s website here.