112 companies in Malta with Indian shareholders or beneficial owners

The Malta Business Weekly met Gloria Gangte, High Commissioner of India to mark the 74th India Republic Day

India’s presidency since last December of the G20 (the world’s 19 richest economies plus the EU accounting for 85% of the world production, 75% of world trade and 66% of global population) followed by the start on 1 January of Malta’s two-year non-permanent membership of the UN Security Council are generating extensive high level diplomatic coordination, the High Commissioner of India to Malta since last October, Gloria Gangte, told this paper.

In an exclusive interview, she said that a bilateral meeting of top foreign ministry officials took place in Valletta in mid-January. “As an outgoing non-permanent member of the Security Council India is sharing its insights and experience especially in navigating difficult issues arising there.”

Both nations are giving their highest priority to global climate change issues – with a heads of state or government climate action summit at the United Nations headquarters convened by UN Secretary-General Antonio Guterres shortly after the G20 summit in New Delhi (910 September). The next annual UN climate conference (COP 28) takes place in Dubai in December.

Ensuring global food and fertiliser supplies, as well as a just energy transition away from fossil fuels (oil, gas and coal), are other leading priorities for India’s Prime Minister Narendra Modi. At last November’s UN climate change conference in Egypt, India mobilised support from 80 nations and the EU for a global decision to phase down world production and use of fossil fuels. However, the proposal failed against opposition from fossil fuel producing countries.

Last October and in the presence of the UN Secretary General, Modi launched Mission Life (Lifestyle for Environment) – a worldwide mass movement led by India to push individual and collective action to preserve the environment. “I attended the launch event in Gujarat and now actively encourage Malta to pursue its goals,” the High Commissioner said. “The rector of the University of Malta told me he was happy to promote awareness of the movement: we are looking for other partners and visualizing awareness-building events here.”

The Mission concept also figures in India’s G20 priorities, under the motto of One earth one family one future. In his December first blog, Modi stated that: “India’s G20 presidency will work to promote this universal sense of oneness. This is not just a slogan. It takes into account recent changes in human circumstances, which we have collectively failed to appreciate… the greatest challenges we face – climate change, terrorism and pandemics – can be solved not by fighting each other, but only by acting together. Fortunately, today’s technology also gives us the means to address problems on a humanity-wide scale.”

The concept received strong support from the virtual India-convened Voice of the Global South Summit (12-13 January) involving 120 nations, home to three-fourths of humanity, the High Commissioner indicated.

In his opening speech to that event Modi emphasised that “to re-energise the world, we should together call for a global agenda of Respond, Recognize, Respect and Reform. Respond to the priorities of the Global South by framing an inclusive and balanced international agenda; Recognize that the principle of “Common but Differentiated Responsibilities” applies to all global challenges; Respect sovereignty of all nations, rule of law and peaceful resolution of differences and disputes and Reform international institutions, including the United Nations, to make them more relevant.”

The High Commissioner welcomed Malta’s Ministry of Agriculture strong interest in the UN’s International Year of Millets 2023 originating in an Indiasponsored resolution aimed to increase public awareness on the cereals’ health and agronomic benefits including their ability to adapt to changing cultivation conditions caused by climate change. However, Malta has yet to join the 123nation International Solar Alliance launched in 2018 by India and France and currently managed by India. ISA’s Towards 1000 strategy aims to mobilise $1,000bn worth of investments in solar energy solutions by 2030, delivering clean energy solutions to 1,000 million people. At the 2021 UN climate conference Prime Minister Modi announced that by 2030 half of India’s energy needs would be met by non-fossil energies and net zero emissions of greenhouse gases achieved by 2070.

“I see a great potential for further expanding links between India and Malta,” the High Commissioner stated. “Home to one of the world's largest start-up ecosystems India has now overtaken the United Kingdom as the fifth largest world economy. Our intention is to make India a $5 trillion (€4.6 trillion) economy by 2025. Last year, we received over US$81bn (€74bn) in foreign direct investment while exports topped $400bn (€368bn) in 2021. Our 1.4 billion population is about to exceed China’s. During the Covid emergency India administered more than 2 billion doses of made-in-India vaccines also sharing vaccines and essential medicines throughout the world.”

“Our two nations, former British colonies, have much in common, including use of English, similar legal systems, devotion to the rule of law and democratic principles and membership of the Commonwealth. While India’s Minister of State for External Affairs and Culture, Meenakashi Lekhi, paid an official visit to Malta in August the Minister for Senior Citizens and Active Ageing, Jo Etienne Abela visited India in October. The Minister for Foreign and European Affairs and Trade, Ian Borg intends to travel there in the coming months.”

“Bilateral trade flows are increasing strongly. Malta’s imports from India went from €130m in 2017 to €206m in the first three quarters of 2022, its exports to India in the same period going from €13m to €18m. Malta strongly supports the current negotiations for a EUIndia Free Trade Area.”

“There are now 112 companies in Malta with Indian shareholders or beneficial owners in a broad range of sectors, especially pharmaceuticals. In our recent meeting, the President of the Malta Chamber of Commerce, Enterprise and Industry Marisa Xuereb was very positive about new activities promoting commerce and investment.”

“We are also in touch with the Malta Chamber of SMEs. There is potential in expanding activities in the maritime and financial services sectors needing sustained follow up. While Malta Enterprise has an office in India, InvestIndia does not have one here, but the High Commission’s Second Secretary Aniruddha Das functions as our commercial officer. We are looking at setting up an India-Malta business chamber as a platform for exchange, to review and monitor areas of cooperation in a focused manner. We would like two-way trade and investments to grow more substantially through government-encouraged business-led meetings in the coming months. Meanwhile, educational links are expanding: the University of Malta now has agreements with 10 universities in India.”

“Regarding tourism, there are some 32 million Indians living outside India frequently receiving visits from family members and friends, as well as increasing flows of Indian tourists visiting the EU and other areas. Such people could also visit Malta during their trips but most do not because Malta does not offer electronic visas purchased through the internet. There is also the need to make India better known in Malta through cultural events.”

“There are some 10 to 12,000 Indian residents here – mainly working in the health care, tourism and IT sectors or studying at the university. A Hindu Association formally registered in 2021 with members from India, Nepal and Bangladesh has made a proposal to the authorities to open a temple, which could emerge from the organisation’s completion of a partially-built structure.”