We have been told that it is most worrying that China could acquire a share in our energy corporation. It is worrying, we are told, due to the strategic importance of the sector.
We tend to forget that Malta has plenty of foreign investments in other strategic sectors. Another one wouldn’t change much would it?
Our only airport is run by Austrians.
Gambling has been left to Greek Intralot. Banking is heavily influenced by global HSBC ironically originating from Hong Kong, the tip of the Chinese mainland.
The public transport fiasco has an Anglo-German fingerprint through Arriva.
LPG Gas is controlled by Italians through GASCO.
The Freeport is controlled by a Franco-Turkish alliance for the next 65 years. (CMA-CGM and Yildirim Group)
When its Austria, Greece, Anglo-German interests, Italian investments, Franco -Turkish controls, or global HSBC then its globalisation.
The Chinese interest is part of the same process.
Obviously the details of the memorandum of understanding signed earlier this week are not yet known. Hence a proper discussion would have to wait until such details are known. There will surely be positive and negative impacts. China stands to gain. Whether Malta’s potential gains are adequate is still to be seen as we have only been fed titbits of information.
China obviously stands to gain through establishing a stronger foothold in Malta and within the EU. Whether it will be similarly positive for Malta is still to be seen.
Some Chinese companies are world class. They provide stiff competition to international firms such as Lahmeyer International the one time consultants to the Malta Resources Authority and to Enemalta Corporation. Some of these Chinese companies have reached the same grade in World Bank blacklists !
We have been there before.
It may turn out not to be so difficult to learn to use chopsticks after all !