Innovation is the future of the Maltese economy - Minister Cardona

The economy is not a static concept, but evolves like technology, Economy Minister Chris Cardona said while delivering an address at the 7th Follow the Entrepreneur Investor Summit.

The summit is organised by Ariande Capital. As one of the event’s main sponsors, MIMCOL, one of the main entities which fall under the Ministry for the Economy, Investment and Small Businesses, was crucial in bringing the summit to Malta for the first time. The conference has been previously held in the UK.

In his opening speech on the second day of the summit, Minister Cardona said that innovation has seemingly revolutionised non-digital industries, whilst huge innovations can create economies for themselves, like the Internet of Things and electric cars are starting to create their own markets.

The minister outlined two priorities for the future of enterprises, including diversification to secure the prosperity of their own companies in a landscape defined by lower growth, geopolitical uncertainty, and rapid change in technology. Malta’s economic turnaround is in no small part due to the government’s adoption of such an economic diversification strategy.

Enterprises must look outward and support a new agenda of opportunities. There is an opportunity in nearly all sectors of the economy by leveraging technology, and empowering and educating the workforce.

The Maltese government is committed to giving freedom to entrepreneurs, slashing complex regulation, as well as aiding start-ups with seed money schemes and catered incentives. The government is also working to place Malta as the new destination for start-ups in the Mediterranean by setting up a campus for start-ups. This campus will be a centre for developing business ideas and a place for the incubation for new local and international businesses.

“I implore you all to look outward and forward. We all have a role to play in nurturing the necessary entrepreneurship ecosystem, and in building towards a prosperous innovation-driven society,” Cardona said.