Opportunities vs Threats: ‘Build business models that are inherently ESG-driven’

In this series, prominent business figures in Malta shed light on the short-term future of business on the island, by identifying the opportunities and threats that carry the potential to redefine Malta’s industries and markets in the year to come. This feature was first carried in the annual print publication MaltaCEOs, the sister brand to MaltaCEOs.mt.

Gordon Cordina, Executive Director of E-Cubed Consultants and Chair of the BOV Board of Directors, is one of Malta’s leading economists. He sees increased costs and resource constraints as the biggest challenges to the Maltese business sector in 2024, and underlines that one of the biggest threats to Malta’s competitiveness on the global stage is short-termism in our attitudes.

“To counter our own weakness, we’ll need better, more concerted approaches among businesses to tap into opportunities in international market niches, especially in tourism, real estate, finance, and technology.

“We must keep in mind that, although growth will continue at high rates within an EU context, it will inevitably slow as the economy stabilises. We’ll then find that the global challenges of geopolitical stability and financial market turbulence will become even more relevant. For Maltese businesses to survive and thrive, they’ll need to continue to balance demand, internal resources and capacity constraints in the overall economy.

“If Malta wants to stay ahead in 2024, I believe we need to build business models that are inherently ESG-driven – this will increasingly become the key business competitiveness driver. Improving our business environment will give rise to the opportunity of attracting and retaining top companies, but we must be more discerning when selecting business propositions and ensure they better fit Malta’s sustainable development requirements.”

First published as part of a wider feature first carried on MaltaCEOs 2024 print publication, the sister brand to MaltaCEOs.mt.