The Fam­ily Busi­ness Act gives recog­ni­tion to hard work­ing fam­i­lies – Min­is­ter Car­dona

The Malta Business Weekly - - NEWS -

The Min­is­ter for the Econ­omy, In­vest­ment and Small Busi­ness Dr Chris Car­dona has launched the Fam­ily Busi­ness Act white pa­per and pub­lic con­sul­ta­tion.

“Fam­ily busi­nesses needed recog­ni­tion for the im­por­tant role they play in the econ­omy. But they also needed help to sur­vive,” said Min­is­ter Car­dona.

Dr Car­dona said that gov­ern­ment recog­nises that fam­ily busi­nesses should not just sit on the side­lines of the Mal­tese econ­omy and that they are in fact every­thing to the Mal­tese econ­omy. Min­is­ter Car­dona em­pha­sized that this act will be giv­ing recog­ni­tion to the more than 70% of Mal­tese busi­nesses which are run or con­trolled by fam­i­lies. He also noted how the emo­tional as­pect of fam­ily busi­nesses has been recog­nised and fac­tored into the draft act.

Min­is­ter Car­dona stated that this leg­is­la­tion is not only of sig­nif­i­cance in re­ward­ing and sup­port­ing hard-work­ing fam­i­lies, but is also of sig­nif­i­cance in pol­icy-mak­ing for fam­ily busi­nesses world­wide.

“This is 21st cen­tury leg­is­la­tion. And it is hap­pen­ing here in Malta. I am sure other coun­tries in the Euro­pean Union will be watch­ing us closely and de­cid­ing, based on our ex­pe­ri­ence, if they want to go down this route, too. Please seize the op­por­tu­ni­ties this leg­is­la­tion brings. And I hope you will share with me a lit­tle Mal­tese pride, as we take the lead in Europe on this,” con­cluded Min­is­ter Car­dona.

Those present at the launch were also ad­dressed by Pro­fes­sor Paolo Morosetti, a vis­it­ing pro­fes­sor from the SDA Boc­coni School of Man­age­ment, Mi­lan.

“To­day is a very ex­cit­ing day. To­day we are mak­ing his­tory… My un­der­stand­ing is that the Fam­ily Busi­ness Act makes a sub­stan­tial step ahead in con­nect­ing the world of schol­ars and the one of pol­icy mak­ers. Above all in Europe,” stated Pro­fes­sor Morosetti.

Pro­fes­sor Morosetti ac­knowl­edged that, two years in the mak­ing, the pro­posed leg­is­la­tion is the first of its kind cater- ing for the needs of fam­ily busi­nesses in Europe.

This act is not only sup­port­ing and pro­tect­ing fam­ily busi­nesses, but also fill­ing the void and work­ing in line with the Euro­pean pol­icy on the im­por­tance of fam­ily busi­nesses.

The Euro­pean Com­mis­sion has also re­cently ap­pealed for the need of ad­dress­ing the im­pact on fam­ily busi­nesses in or­der to iden­tify prob­lems and bar­ri­ers of growth.

Dur­ing his pre­sen­ta­tion, Prof. Morosetti praised the con­tent of the act and en­cour­aged its fur­ther sup­port through pub­lic con­sul­ta­tion. He con­cluded by shar­ing in the pride ex­pressed ear­lier by the Min­is­ter and stat- ed: “I might not be Mal­tese, but I am Euro­pean, and I am very proud of this act.”

Dr Nadine Lia, le­gal ad­vi­sor for the Min­istry, out­lined how in the process of de­vel­op­ing the leg­is­la­tion, the white pa­per pre­sented had the sup­port of the steer­ing com­mit­tee, the At­tor­ney Gen­eral of­fice, the EU Com­mis­sion, as well as a num­ber of fam­ily busi­nesses. There­fore, at this ad­vanced stage, the fi­nal sup­port from the pub­lic will en­sure its im­mi­nent tabling in Par­lia­ment.

The white pa­per can be ac­cessed on­line through the Min­is­ter for the Econ­omy, In­vest­ment and Small Busi­ness web­site: www.econ­omy.gov.mt

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.