The events that we have witnessed over the past couple of years were certainly unexpected and unprecedented. Economies around the globe had barely started recovering from the pandemic that crisis mode struck again with the Russian invasion of neighbouring Ukraine. The war and associated sanctions on the aggressor further accelerated already-existent supply-side challenges and inflationary pressures.

The existence of these ongoing crises has not deterred international institutions, including the European Union and the OECD, from continuing to push forward important reform agendas, particularly in terms of tax, digitalisation and in addressing the fight against climate change.Malta is clearly not immune to these changes and has its own challenges. While Malta retains a strong foundation, aggressive digital based competition from other markets, the grey-listing and the challenges faced by those looking to set up businesses in Malta as well as those operating locally all underpin the need for a strong Financial Services strategy for Malta. Add the fact that, firms continue to struggle to recruit and retain the necessary human talent to achieve their present and future objectives and you have a truly perfect storm.All this will continue to impact the competitiveness of our small island state, which is significantly exposed to what is happening around us.In its 2023 Biennial Conference, the Malta Institute of Accountants will be seeking to address these realities in a proactive way, in the steadfast belief that the response of accountancy professionals is crucial to contribute towards shaping Malta's future.This year’s event, being held on the 31 May 2023 in collaboration with the Malta Financial Services Advisory Council (MFSAC), will provide participants with a unique opportunity to receive first-hand insight on their newly developed financial services strategy. The strategy, which was created through the active involvement of over 100 financial services professionals, looks at existent bottlenecks within the industry but also highlights new spaces where firms can seek new avenues for growth.Accountancy and auditing professionals are critical enablers in the required transformation. As trusted advisors within or for the firms they work for, knowledge of the key challenges facing the nation, how these are being addressed and the expected impact on businesses, will provide unique insight and awareness to enable them to strengthen and facilitate their role within their organisations in the years ahead.