After years of discussions and negotiations between the two sides, the Malta Chamber of Commerce and Enterprise (COCE) and the Malta Federation of Industry (FOI) finally tied the proverbial knot when they signed the merger documents at a ceremony on Saturday morning.
The new employers’ organisation will be known as the Malta Chamber of Commerce, Enterprise and Industry (COCEI) and will be hosted at the current Chamber premises in Valletta.
The merger took place after “an overwhelming majority” of more than 80 per cent of both Chamber and FOI Members approved the merger at extraordinary general meetings held on Wednesday 24 September for FOI, and Thursday 25 September for the Chamber.
Speaking before the signing ceremony, COCE President Tancred Tabone said: “This is a truly historic moment in the long history of business representation in Malta. Indeed it has been a thorough and long process of planning and studying for this merger.
“The merger is the best solution for our members. This is a step forward in leading by example. The successful future of this country with limited resources lies in consolidation,” he said.
“With a combined membership, it will carry more weight with government and stakeholders. The authorities cannot ignore the opinion of such a strong proportion of businesspeople, industrialists and investors – local and foreign alike,” Tabone said.
The merger had “the full backing” of Government, who, Tabone said, was also “committed to retain the combined weight of Chamber and FOI representation in such national boards and entities such as the MCESD”.
Asked why it took so long for the two employers’ organizations to actually merge, FOI President Martin Galea said: “What we’ve tried to do is to take personalities out of the equation. Everyone was saying that it would be in the interest of the merged entity, and we did not want to have the process derailed by personal clashes.
“That’s why we got in Ernest and Young immediately to supervise the process and our lawyers, Mamo TCV to put the deal on a professional level. I think that made the process much easier,” the FOI President insisted.
Tabone explained that in the three month period stipulated by law before the merger is validated, Galea and Tabone will assume joint presidency of the merged entity and the council members of both entities will serve in the merged council.
At the March AGM, an election will be held for the new COCEI council for which all the members of the merged entity will be entitled to vote. “However, the president will be nominated by the FOI and approved by COCE,” Tabone told MaltaToday.
The Chamber of Commerce and Enterprise has historically represented importers and those involved in shipping. Indeed, the charter makes specific mention of these sectors.
On the other hand, the Federation represented the manufacturing industry and had major differences with the Chamber primarily on the issue of import taxes and protectionist practices, which they felt were paramount to create an industrial base in the early years of industrialisation in Malta in the late forties, when the Federation was founded.
