Minister for the Economy, Investment and Small Businesses Silvio Schembri launched the TradeMalta Export Response Scheme, which will assist to mitigate some of the adverse conditions faced by Malta-based exporters.
All sectors worldwide were affected due to the unprecedented pandemic including that of exportation of products and services. The resulting cancellation of international conferences and trade fairs, which were essential platforms for Maltese businesses to carry out their business development came to an abrupt halt.
“We are seeking to help Malta-based exporters to get back on their feet and ease unnecessary burdens. Through this scheme and as part of the plan for the regeneration of the economy launched earlier this month, we are allocating the amount of €400,000. It is being anticipated that 120 companies can benefit from this first-round of measures. Through this scheme, businesses will be assisted to invest in international digital marketing campaigns, invest in digital marketing training as well as obtain refunds for eligible expenses related to trade exhibitions which have been cancelled due to the Coronavirus pandemic”, the minister said.
The export response scheme assists enterprises to invest in digital marketing channels to promote their products and services internationally and train their staff in digital marketing tools through eLearning courses. Businesses can benefit up to €10,000 with a 50% refund for eligible costs. This measure is retroactive to cover related expenses dating from 1 March 2020.
The Export Response Scheme also provides enterprises with assistance to obtain refunds for eligible expenses related to trade exhibitions, which were already registered with TradeMalta but were cancelled due to the Coronavirus pandemic.
Many international trade fairs that were scheduled from March 2020 onwards were cancelled or postponed resulting in loss of funds to exhibitors. This measure is retroactive to cover related expenses dating from 1 January 2020. Business can benefit from a cash refund on submission of evidence of up to 80% of unrecoverable funds lost due to event cancellation.
“This is a very focused and specific scheme aimed at Malta-based exporters. It helps Malta-based exporters recover part of the lost funds due to the cancellations of international events. At the same time, it addresses another important requirement, that is, to increase international visibility via digital channels which have become extremely important during the Covid-19 crisis and are expected to remain so for the foreseeable future”, said Minister Schembri.
Chief Executive Officer for TradeMalta Anton Buttigieg explained that TradeMalta has put together a list of eligible sectors that can benefit from this scheme. This list includes sectors such as manufacturing, ICT, education, and training and scientific research and development amongst others. Eligible enterprises may benefit from a refund of up to 50% on online advertising in international markets and related training and up to 80% for cancelled trade fair due to coronavirus. All applications concerning the three initiatives covered by the scheme are available on TradeMalta’s website www.trademalta.org.
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