Issue link: https://maltatoday.uberflip.com/i/1374931
20.5.2021 7 INTERVIEW PAUL COCKS How do you feel leading a company as its CEO at such a particular point in time? It is a challenging period but any crisis brings its own opportunities. e inter- national situation shows us how busi- ness leaders and entrepreneurs have to remain on the alert and resilient to implement changes for growth and in- novation. In this context, I am enthusi- astic of having joined PB Group, where I found a highly motivated and dynamic team focused on results. I am also privi- leged to be backed by a board of experi- enced professionals. What was your first priority since taking up your new position? ese past first few weeks have been dedicated to understanding the Group's values and strategic objectives. e key cornerstone of this project starts with our people and that has been the pri- mary focus. e sustained momentum with which the Group closed last year has increased our operational needs, and consequently we have expanded our employee base by 25% over the first quarter of 2021. Clearly, we cannot grow without professional people backing us and our future expansion will require identifying similarly competent people. Where do you see the company in the next five years? Whereas today's economic volatility makes forecasting difficult, our strength has always been our resilience to react swiftly to the changing markets. To- day, the Group has reached maturity to move on to the next stage of growth with ambitious plans, such as our up- coming investment in an oil and gas knowledge hub to consolidate industry services, while making further use of our Malta base to give impetus to our key African markets. e Group will continue developing and investing in its people and services while expanding its market share in se- lect territories. We also plan to expand our existing portfolio of products and services, with the addition of refurbish- ment, engineering and fabrication ser- vices whilst growing our HVAC services and ancillary services. Our market focus remains Africa, where growth potential is at its highest and although we are already present in a dozen very active African markets, we plan on covering more territories. In parallel, we anticipate development of the other sectors of our group, namely further expansion of our logistics com- pany and of our luxury properties con- cept. How do you look at the current regional industry? Recently, we have witnessed several international mergers, acquisitions and divestments of key industry operators, equipment manufacturers and service providers. ese changes are not unu- sual in our industry, but there has been an increasing trend in that direction. For an industry that is traditionally af- fected primarily by the price of oil, these changes may cause systemic issues. e Mediterranean market is set to increase through growing coastal pop- ulation, directly increasing demands on energy and infrastructure and gen- erating more opportunities for job cre- ation. Key among these elements is the expected investment into Libya's oil and gas infrastructure. Although a shift in interest in nearshore and offshore op- erations in the Mediterranean exists, the geopolitical tensions raised last year in the Eastern Mediterranean remain a cause for concern. What role could Malta have within this context? Malta should play an active role with- out shying away or underestimating its own potential in the industry. ere are a handful of local players in this field, who could be brought together to form an industry built on knowledge and experience, with the potential to con- tribute more value to the economy. Fur- thermore, one would welcome support from the authorities to federate joint action, ensuring high standards of regu- lation for the oil and gas industry which is set to evolve and grow. Bottom line, our location remains relevant and there is scope for more investment in a sector where Malta can provide a strong pull factor for industry players. How challenging is it for a company in your industry to think global? One limiting factor for global action from Malta, pandemic aside, has been the limited availability of decent direct travel routes, short of taking tiresome connecting flights. We appreciate that a small country like ours cannot have all the links to the world, but this real- ity holds particularly true for Algeria, Egypt and Tunisia, ironically our clos- est markets. Although we have our lo- cal country managers, we still need that movement of people, in and out from our various offices and clients. We suf- fer this same situation in Congo and Uganda where we still need to be pres- ent and interact directly, beyond virtual meetings. What attributes have led to the successful internationalisation of the group? Openness to cultures, communica- tion, and commitment to one's objec- tives are a must for internationalisation. PB's success was possible by bringing diverse multicultural teams to work to- gether and identifying the right people to work with. When we invest in terri- tories, we understand the value of going local, with local knowledge, local con- tacts, requiring one to work within the local framework of business, time man- agement, and so on. One common failing by companies trying to enter international markets is the limited understanding and appreci- ation of what it entails. Entering a new country is always a risk but in these ter- ritories, it is essential to think long term by investing, otherwise growth poten- tial will be stunted. is industry involves infrastructural investments, careful planning and deci- sion-making. At PB Group we know the time it takes to develop a new territo- ry and our presence in these territories is the fruit of long-term development, investment in time and resources over many years. We are there for the long term and we will pursue in that direc- tion. Malta with an important role to play in oil and gas industry When it comes to oil and gas, the immediate Mediterranean market is set to experience increasing demands on energy and infrastructure, generating more opportunities for job creation. David Raphaël Busuttil, PB Group's new Chief Executive Officer tells BusinessToday why Malta should not shy away and underestimate its own potential in the industry