Opportunities vs Threats: ‘We need a culture shift in our attitude towards ethics’

Next in our series of insights by prominent business figures in Malta which aims to 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.

Paul Mifsud is the CEO/MD at Sparkasse Bank Malta plc. From his perspective, Malta should be focused on trying to relaunch its image on the international stage to reattract opportunities for global business.

“Business growth in 2024 will be challenging – the geopolitical tensions are massive and far-reaching, with the potential of creating yet another economic crisis. Furthermore, inflation has not yet dissipated, and rates remain at levels that make credit expensive – the era of free money is over. I would advise businesses to remain cautious, lean and efficient, and focused on offering true quality and value to their customers.

“That’s not to say that there are no opportunities to be had in 2024. From the financial services aspect, we’ll be closely monitoring the development of MiCA (Markets in Crypto Assets) in Malta. This should be an interesting space for us as our business has always been modelled on identifying niches and developing/innovating services based upon necessity.

“However, looking to 2024 and beyond, we, as a country, need to place more importance on upping standards across the board, as it is through improving our standards that we can distinguish ourselves from competitors. If we want to meaningfully rebrand Malta, we need a culture shift in our attitude towards ethics and stakeholder value – and a concerted effort to protect the environment is critical.”

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