Speaking during a webinar hosted by Bank of Valletta, the Malta Hotels and Restaurants Association, and Deloitte Malta, MHRA President Tony Zahra, said “Strategies are currently in place to revitalise the tourism sector in our country.”

The webinar, which focused on Malta’s tourism, hospitality and travel sectors, sought to discuss what opportunities could be awaiting these industries in the coming years, following an unprecedented overhaul of their business models due to the global health crisis.

Mr Zahra explained that prudency and contingency planning will be key to overcoming the lack of vision imposed upon the sectors over the past year, while also remarking that the time has come to rejuvenate Malta’s economy and its people.

“From here onwards, any economic activity should benefit our people, and we should concentrate on further developing their skills.”

Albert Frendo, Chief Credit Officer at Bank of Valletta, shared that the ideal financing solutions for businesses will be attributable to sustainability and innovation.

“As the situation evolves, the local business community will have to regenerate the overall offering within a wider national strategic plan,” he asserted. “It needs to be cognisant of and adapt to the emerging and evolving trends, acknowledge the need for accelerated investment in innovation, revamp its marketing efforts, whilst ensuring effective product development and the creation of new niches.”

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