The entity is providing financial assistance to companies driven to network and collaborate internationally at B2B events and missions, Senior Manager Carmen Walls explains.
TradeMalta, a public-private partnership established to promote business internationalisation, is encouraging local companies to expand their network, collaborate with foreign companies, and compete in global markets through the International Trade Promotion Incentive Scheme (ITPIS).
“International markets present various commercial opportunities to forward-looking businesses. Enterprises willing to build capacity to compete in international markets tend to be more innovative in their product, the services they offer, as well as in their internal processes,” Carmen Walls, Senior Manager, Business Support at TradeMalta says.
Specifically, the ITPIS supports businesses aiming to internationalise, or those which are already exporting, and wish to promote a product or service in a new or existing markets. To this end, the scheme is divided into two incentives: one to support participation at business-to-business (B2B) international trade events and fairs, and a second to enable trade and business missions.
“Both these incentives assist companies travelling abroad to expand their businesses,” Ms Walls explains. In the first incentive, “an eligible undertaking may be awarded support to facilitate its participation at business-to-business (B2B) international trade events and fairs. Such events are intended to support the international business development function of the eligible undertaking in international market,” she asserts, while going on to outline the details, namely:
a) A B2B international trade event or fair shall be considered as an eligible event in which the applicant is participating as an exhibitor with a managed promotional stand whilst promoting the undertaking’s products and services to other economic operators.
b) The eligibility is applicable to the participation of the undertaking at both real-life and virtual/online B2B international trade events or fairs. Due to the pandemic, TradeMalta also introduced assistance to companies when participating in online trade fairs.
c) Eligible companies may be reimbursed on floorspace, stand construction, design of stand and posters for stand, freight, air fare and a daily allowance.
d) Eligible companies can apply through the TradeMalta portal not less than 3 months prior to first day of event.
e) Application is vetted and an Entitlement Incentive Certificate will be issued showing the amount of assistance granted.
f) Following participation and within a 3-month period, a claim form has to be submitted including all invoices and receipts. Assistance comes in form of a cash grant.
Also falling under Schedule A of the ITPIS, TradeMalta also “handles all the coordination when, as a country, Malta participates with a national pavilion,” Ms Walls confirms. By way of example, she refers to the annual event, Gulfood, a platform for a number of local food and beverage producers held in the UAE in February. In this case, companies exhibiting on the country pavilion representing Malta and promoting their products, also benefit from Schedule A.
The second incentive falling under the ITPIS, known as Schedule B, assists companies participating in real-life or virtual trade missions organised or endorsed by TradeMalta. “Trade missions provide a structured approach to nurture collaboration and business development, providing business operators with the opportunity to develop their internationalisation potential and help entrepreneurs gain knowledge on how to operate in specific markets,” Ms Walls says, explaining the reason behind TradeMalta’s intent on supporting such endeavours.
She adds that following the promotion of an upcoming trade delegation to a particular market, companies based in Malta may express their interest to join. Following an adjudication process, in which the supported companies are confirmed, company profiles of all the participating business attending the event are collected by TradeMalta so that they can aid in securing meetings abroad during the networking sessions. Following participation, the local companies are then reimbursed a percentage of the air fare and daily allowance.
Moreover, over and above the ITPIS, TradeMalta is working with the support of HSBC Bank (Malta) plc, so that companies can access a wide range of internationalisation solutions offered by the Bank via TradeMalta’s portal. Ms Walls concludes that “this strategic partnership, which has been ongoing since TradeMalta’s inception, provides entrepreneurs with a more holistic approach to their internationalisation plans.”
For more information on these incentives and more, please visit the TradeMalta website, www.trademalta.org or send an email to email@example.com
TradeMalta is supported by its strategic partner HSBC Bank Malta plc.