“The situation with COVID-19 is an ever-changing one, making it hard to gauge the impact on the world and local economy, but also presents a real challenge in identifying solutions which address the situation in a manner which is sustainable,” Dr Simon Schembri, Partner, and Dr Philip Mifsud, Senior Associate, from GANADO Advocates assert.
“In rebuilding Malta’s economy without compromising health, Government needs to look towards creating measures which are commensurate with the guidelines issued by the health authorities but also face the economic realities we are exposed to.”
Highlighting that Malta is largely a service-based industry – with the two main contributors to its GDP being tourism and the associated services, and the financial industry in its broadest terms – Dr Schembri and Dr Mifsud state that, in ensuring that the economy can regenerate without compromising public health, the various industries need to work together in a collaborative manner to create an environment which is conducive to maintaining and attracting new business to our shores.
“Within the financial industry, it is crucial that the picture presented reflects reality. Therefore, all the players in the public and private industries need to be uniform in demonstrating that notwithstanding the current measures in place, the advantages that Malta offers can still be availed of,” they explain.
“We are fortunate enough to live in a digital and paperless age, which allows Malta’s private service providers to keep servicing local and international clients in their interaction with various government entities in the manner in which clients are accustomed to.”
Although restrictions have been eased, Dr Schembri and Dr Mifsud assert that in recent weeks, a number of businesses had already started adapting themselves to the new reality, and others will have to follow suit to survive.
“Similarly, within the financial services industry, clients want to ensure that their processes remain seamless and that the business world they are familiar with has not undergone a radical facelift,” they assert.
“Accordingly, it is incumbent on service providers to ensure that they work with government entities to forge new methods of doing business which give comfort and security to clients that they are well accustomed to.” Speaking of their own sector, they state that the legal sector has also been negatively impacted.
“We too had to adapt to the new realities and managed to successfully implement the move to a virtual environment, not only in the way we assist our clients but also in our internal dealings,” say Dr Schembri and Dr Mifsud.
“In truth, the recognition that it is possible to work and communicate effectively while living in a new reality will benefit the legal sphere, by ensuring that needs are met in a timely manner through increased flexibility around working environments.”
This is an extract of an article featured in the June/July edition of the Commercial Courier which can be read by clicking here.