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Advertisers MFSC - Malta Financial Services Centre Maltese-American Chamber of Commerce METCO - Malta External Trade Corporation Ltd.
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American ambassador promotes business-to-business trade
The ambassador has been actively promoting Maltese-American trade. She has worked closely with the Maltese American Chamber of Commerce to connect American entrepreneurs who want to, among other things, use “Malta as a Mediterranean hub.” The recent TWA co-share agreement with Air Malta combined with the airline’s experimental direct flight to New York via Shannon, Ireland, has brought the two countries even closer. During a Maltese-American Chamber of Commerce Executive Committee meeting, the ambassador reiterated her belief that many opportunities exist for stragic partnering, “We are on the threshold of an exciting period when the growth of economic ties between America and Malta can only accelerate.”
Ambassador Proffitt’s Reverse Trade Missions (taking Maltese business entrepreneurs to the United States) have been highly successful. The 1999 mission visited Washington, D.C. and Arizona. This year’s mission went to San Francisco, Los Angeles and Dallas. Fifteen of Malta’s most important companies, including Maltacom, Go Mobile, Melita Cable, Dhalia, Satariano, the Gasan Group and Forestals went on the mission. The results of the 1999 mission have proven fruitful, with the signing of $150 million in memorandums of understanding.
The success of the trade missions is a byproduct of the mutual respect between the United States and Malta. The two countries have “excellent” relations, said Ms. Proffitt. From a political perspective the island’s strategic geographic location in the Mediterranean Sea near both North Africa and Southern Europe, is important for regional security. Proffitt sees Malta as an “honest broker in the region.”
Although the current relationship is a solid one, according to Proffitt, the ties can be made stronger by strengthening the economic alliance and promoting business-to-business relationships. “Business makes friends,” has become the embassy’s unofficial motto.
Although many think that with a population of only 385,000, Malta has limited market opportunities, the reality is much different. Counting the entire Mediterranean region, Malta has access to a market of nearly 250 million people; if you add in North Africa and the surrounding areas, the market can reach more than 400 million.
“Malta has all that Singapore and Ireland have and more,” explained Proffitt “Malta has the potential not just to grow, but to explode. The country can be an export center for the Middle East and the Mediterranean.”
At the top of the list of Malta’s economic and social challenges is membership in the European Union. The ambassador sees membership as providing unique advantages and allowing Malta to take better advantage of the huge European market, thus providing more opportunities for international investors. As a former delegate from the United States to the Organization for Economic Cooperation and Development Conference in Paris entitled “Women Entrepreneurs in Small and Medium Enterprises (SMEs),” the ambassador is well aware of the challenges and opportunities for both women and SMEs. Perhaps this has also influenced her view that membership in the European Union will be a perfect platform for small and medium enterprises. “It will open new doors and provide a new dimension in international trade.”
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Table of Contents Building bridges and embracing the future |
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Ambassador Kathryn Proffitt has managed to do what many ambassadors only dream of doing – she has achieved the respect and admiration of both the private and public sectors in Malta. As a nationally recognized leader in the telecommunications industry and a business entrepreneur well versed in the challenges that face countries as they enter the global Information Age, Ms. Proffitt has proven to be well placed as U.S. Ambassador to Malta as the island faces privatization, globalization and the need to become more advanced technologically.
The opportunities in Malta for American companies are boundless. Among the benefits in Malta are the cost of labor, which is a fraction of Europe’s; a highly skilled and educated workforce; ethical business leaders; and a legal system that is similar to that of the United States. “It is easy to do business in Malta,” summed up the ambassador.