Key challenges in relation to Malta’s economic vision for the next 10 years discussed with the private sector

Minister Silvio Schembri at a consultation meeting on the economic vision ‘A Future-Proof Malta’ 2021-2031

The national consultation process on Malta’s Economic Vision 2021-2031 continued with a discussion with leaders from various private sectors of the Maltese economy, coming from the manufacturing, gaming, digital sector, financial, telecommunications, property and other industries. 

Minister Schembri remarked that the government is driven by innovative, outcome-oriented solutions to position the country as a flourishing ‘digital island of the future’ and amongst the best global economies with national competitiveness as its core value. He said that such will be achieved through harnessing a quality-seeking mentality, high-value driven industries, a strong infrastructure, technological prowess and robust government policies aimed at fostering creativity, courage, and compassion.

Throughout their interventions, many expressed positive reactions to the economic vision 2021-2031 for national consultation and said that they consider it as a crucial milestone for the building of a long-term holistic future for our country. They provided specific insights and recommendations on key strategic issues that they face, together with further sharing of innovative ideas that Malta should consider in the coming decade and its impact on the local corporate sector. They said that they look forward to collaborating with the government in its implementation and diffusion amongst the private sector.

In this regard, Minister Schembri welcomed the interest from business leaders to contribute their thoughts, as the government’s mission is to bring together the country’s best ideas, for an economic vision that will lead to a better quality of life. He noted how for the business sector such a document provides opportunities to plan for investment in new economic niche markets.

In his own words: “The success indicator of Vision 2031 will depend on us all, our collaborative effort to create an economic future that is by everyone for everyone. You can help us to implement in the best way, the economic vision of our country”.

Throughout the Minister’s presentation, practical policy guidelines were provided with reference to each pillar. In relation to sustainable economic growth, Minister Schembri said that the aim is to safeguard the retention of current growth industries while cultivating new niches. When it comes to high-quality infrastructure, and investment, commitment remains towards the creation of a vibrant investment environment for domestic and foreign entrepreneurs to become a thriving regional hub for start-ups. 

The Minister for the Economy referred to the importance of skills-matching with the current needs of the jobs market, with the latter providing high-quality and well-paid careers. Furthermore, the Minister noted that economic growth has to be aligned with the protection of the environment, governance, and accountability.

This public consultation process is being led by the Ministry of Economy and Industry together with MIMCOL, and will continue with other ministries, government entities, civil society, non-governmental organisations, and the general public.

Anyone wishing to submit comments can visit https://economicvision.mimcol.com.mt/ or email vision@mimcol.com till the 31st July 2021.