OPR- Monday, 11th June, 2007

Excellencies,

Ladies and Gentlemen,

It is indeed my pleasure to address you representatives of organisations and businessmen at this meeting which aims at paving the way for new areas of cooperation between Cyprus and Malta. 

Our countries share a similar history and culture. The most significant events in the last decades have taken place simultaneously, culminating in membership of the European Union in 2004. This has been an important step for both Malta and Cyprus, with our accession significantly strengthening the Mediterranean dimension of the Union.  

Malta attaches great importance to Euro-Mediterranean cooperation and the Barcelona Process and strongly believes in furthering links and opening additional areas of economic cooperation across the whole Mediterranean basin.  Globalization has brought new perspectives with many opportunities and challenges.  It is in our common interest to strengthen cooperation between all Euro-Mediterranean countries in a way that brings long-term prosperity and welfare to all the countries that border the Mediterranean Sea.

Malta’s geographic position at the southernmost tip of the Mediterranean complements that of Cyprus in the far eastern end of the Mediterranean. Close to Southern Europe with North Africa and the Middle East at our back door, our two countries are the ideal base for commercial and marketing operations of companies from the bordering regions and continents. I am sure that the business delegations here present are aware of the potential that both the Cypriot and Maltese economies offer and can seek ways of exploiting their distinct but unique characteristics that emanate from their strategic locations in the Mediterranean Sea.  

EU Membership has provided the necessary breeding ground for our bilateral trade and investment flows to grow and develop. However, three years after accession to the Union, trade and economic cooperation between Malta and Cyprus can be further developed. In this regard, the visit to Cyprus by the Maltese business delegation is a step in the right direction.  The presentation that follows by an official from the Ministry of Foreign Affairs, which is the Ministry responsible for external trade in Malta, will give you some basic information about the Maltese economy and recent developments in this regard.  This I am sure will give you an opportunity to assess Malta’s business potential and as a likely partner in joint projects. Similarly, the members of the Maltese delegation are here assessing the business environment with the aim of developing economic synergies with Cyprus and to seek increased cooperation in diverse fields for the mutual benefit of our countries.  

In the last couple of years Malta has gone through a period of considerable fiscal consolidation and economic adjustments. Undoubtedly, our membership in the European Union has acted as a catalyst in implementing these structural reforms. Both our countries after having satisfied the Maastricht criteria are now making the necessary preparations to adopt the euro in 2008.  The visit to Malta by a Cypriot delegation two weeks ago in connection with the euro changeover is an example of how Malta and Cyprus can discuss common concerns and share their knowledge to achieve a recognised objective.  

I am happy to say that following the success of Malta’s Fair-pricing Agreements In Retailing (FAIR) initiative, Cyprus will also be implementing this scheme as from next month. The aim of this initiative is to prepare businesses for the euro changeover in a gradual and cost-effective manner. In Malta, over 4,000 establishments are already involved in this agreement initiative for just pricing. 

Another area where Maltese and Cypriot companies are successfully cooperating together is in the redevelopment and operation of the Port and Marina of Larnaca. Viset Malta plc, the cruise operators of the Valletta Harbour, have been invited to form part of one of the bidding consortia, DJK Consortium of Larnaca, to help develop and operate the new cruise terminal and other support facilities in Larnaca. 

I am sure that increased cooperation in other diverse fields including transhipment activities, financial services, health, tourism, education, Information Technology and in the manufacturing sectors such as those of the pharmaceutical and chemical industries can also be explored.  

The business meetings that have been organized provide an excellent opportunity for the business communities of our two countries to strengthen bilateral relationships and seek new frontiers. In an ever increasing competitive environment, there is room for enhancing further our cooperation. I encourage Maltese and Cypriot entrepreneurs to exchange ideas, embark on new business ventures and make use of the comparative advantages our countries have to offer.

I wish you success in your business meetings.