We are delighted to announce the promotion of Dr Joseph M Sammut to Honorary Member of the Parliamentary Assembly of the Mediterranean (‘PAM’), as well as his re-election as the Senior Legal Advisor to PAM, and the appointment on PAM’s Panel on Trade and Investment as of 31st March 2021.
Dr Sammut joins the Panel to further apply his knowledge and expertise to contribute to a wide range of timely and crucial policy areas, including integration across the Euro-Mediterranean and Gulf Regions, efficient use of natural resources, energy security, SMEs development, creation of jobs, sustainable tourism, and investment promotion. He will continue to ensure that the Panel on Trade and Investment follows its path and achieves the outcomes that matter to common goal and economic growth.
Apart from serving on the Panel, the first significant project which Dr Joseph M Sammut will be part of as Honorary Member of PAM is the “Start-Up Market Project” – PAM’s initiative intended to facilitate financial and business relationships between entrepreneurs and investors in the Euro-Mediterranean and Gulf countries.
About PAM Panel on Trade and Investments in the Mediterranean
PAM’s Panel on Trade and Investments was launched in Lisbon, Portugal in 2010.
The main aim of the Panel is to “gather, around the same table, parliamentarians and representatives of the economic and financial sector, in order to assess, promote and support legislative initiatives and measures needed – at the national and regional levels – to contribute to economic progress and sustainable development”.
PAM continuously addresses relevant economic issues and establishes collaborations with like-minded organisations to achieve the common goal.
Recently, PAM has signed a new partnership with the Parliamentary Assembly of the Turkic-Speaking Countries (TURKPA) aimed at economic recovery in the post-COVID-19 world. Continue to press release of the panel virtual meeting.
Start-Up Market Project Overview
“Start-up Market Project” is an initiative born by observing and understanding the issues SMEs are facing in the modern world, especially in light of the current pandemic situation.
SME’s are the core of the domestic economies, making up approximately 99% of businesses in the Euro-Mediterranean and Gulf regions, and subsequently providing up to 90% of employment opportunities to the population of these regions.
Despite the significance of the SMEs for the economy of the regions, they are met with limited possibilities for growth and access to finance. The latest statistics show that only 8% of small business have managed to gain necessary financing and only 33% have bank accounts opened.
The above is determined by the lack of harmonised legislative frameworks, lack of transparency and asymmetries of information available.
The PAM’s initiative coordinated by the Hon. Giulio Centemero, the co-chair of the PAM Panel on Trade and Investment, aims at supporting SMEs by facilitating financial cooperation and building a basis for constructive dialogue between entrepreneurs and investors in the Euro-Mediterranean and Gulf countries.
Start-Up Market Project – Plan in action
Project updates as of 31st March 2021:
- Operational Roundtables are to be implemented as part of the project. The digital platform will open the possibility to conduct the dialogue between start-ups, entrepreneurs, business angels, venture capitalists, innovative agencies, and more.
- PAM Academic Platform to conduct targeted research activities and develop links between investors and entrepreneurs by analysing and exchanging experiences.
- Continuous promotion and development of national legislative frameworks in cooperation with the United Nations Conference on Trade and Development (UNCTAD) and World Trade Organisation (WTO).
Further project developments are to follow in the coming months.