‘Malta’s economic success is due to the stability offered by government’ – PM

Last Updated on Tuesday, 18 October, 2022 at 11:53 am by Andre Camilleri

Malta’s economic success is due to the stability offered by the government, Prime Minister Robert Abela said today.

In his speech at the opening of the Malta Future Realised Conference, where the results of the EY survey on Malta’s Foreign Direct Investment attractiveness were shown, Abela said that Malta’s economic success comes from the stability offered by government to build new prosperity for businesses and families.

Abela said that a study like the one EY conducted is important for a government to draw up policies which continue to spur economic growth.

He pointed out that over a period of 12 months, foreign direct investment related to science, remote gaming, communication, and others, increased by almost a quarter billion euros.

“For the first time, foreign assets in the digital sector have reached one billion euros”, Abela said, reaffirming the government’s commitment to digitize the Maltese economy.

He said that the Covid-19 pandemic has proved the need for digitization to have a more neutral economy in terms of carbon emissions. Abela said that the energy crisis currently hitting Europe shows the importance to be sustainable and for Malta be able to support its own supply of energy.

Abela said that government is restoring stability by subsidizing energy prices to avoid putting the burden on businesses and families.

The PM said that he wants to see a future for Malta, which is built on solid foundations informed by social values, but also to nurture, reform and protect the environmental and sustainability aspects.

Opposition Leader Bernard Grech also spoke at the conference, thanking EY for the consistent contribution in measuring Malta’s attractiveness, describing is as an imperative rhetoric.

He said that Malta has significant challenges, and through an all-inclusive and positive attitude, the challenges can be overcome.

Grech said that Malta must enhance and update the country’s tax regime as it is the top unique selling proposition. He said that Malta must invest and create new unique selling propositions.

“We are all relieved that Malta is off the FATF grey list, but the EY survey still shows that the numbers are not at the same level as before. We must take a business development approach to restore credibility which was built over 30 years,” Grech said.

Grech stressed that quality of life has become a significant issue for investors, having recently worsened. The PN recommends that metrics applied to measuring the quality of life would include indices, such as the health index, cost of living index, traffic commute index, among others.

He said that youth want to leave Malta and relocate overseas, and while there must be pride of investment going towards youth, Grech said that youths are losing faith in their own country.

“Maltese people are resilient and politics of inclusion is a proven formula which delivers significant economic growth and transformation, meaning we must all work together in best interest of our country,” Grech said.

He urged government to be a catalyst to discuss and create solutions. He said that higher education must be transformed into a model which is industry driven.

“Malta needs healing, and we must acknowledge that not everything is right. We must eradicate the populist trap. Healing must start fast,” Grech said.

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