The majority of businesses in Malta (89%) feel they are better off since joining the European Single Market. This was the result of a Grant Thornton study which the Malta Business Bureau has presented to Government representatives in order to help identify a clear way forward for local businesses.
Simultaneously, 82% of survey respondents say that they are better off due to the Single Market, with exports and imports of services having grown significantly since Malta joined the Single Market.
While almost all Maltese businesses or businesses based in Malta have reaped the success of the Single Market, a fraction of local businesses are still struggling to exploit the Market’s full potential. This, as MBB President Simon De Cesare stated, stems from excessive administrative procedures to legislative barriers when trying to access cross-border markets.
“For example, 96% of businesses indicated that they wish to see simplification in EU services regulation, providing evidence to a perception that has existed among business-representative organizations across Europe,” De Cesare stated. The MBB has also recommended a wider consultation with the local business community to ensure constant evaluation.
While presenting the study to Malta’s Enterprise Minister Chris Cardona, members of the MBB were also hosting a Business Seminar on ‘Doing Business in the EU’. Representatives from the Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association shared their experience and views on doing business in the EU, while discussing a way forward for local businesses.
The creation of the single market has transformed how companies conduct business and set a completely new way how citizens go about their daily lives, such as complete freedom of movement of services and products.