Mediterranean regional stability and prosperity and the role of the economy

More regional integration in these turbulent times of rampant technological advancements, increasing political polarisation and widespread fragile economic recovery in the EU zone require more regional integration in the Mediterranean area.

This was the sentiment conveyed by the Minister for the Economy, Investment and Small Businesses Chris Cardona during a roundtable discussion hosted by the General Workers Union entitled Workshop Med-Blue Economy.

The roundtable discussion was part of a three-day conference held in the context of the activities advanced by stakeholders, especially the GWU, the Maltese-Italian Chamber of Commerce and the Italian Confederation of Economic Development, to promote economic growth and internationalisation in the Mediterranean area.

An updated picture of the development strategies put in place by the Maltese government, with particular reference to the blue economy, was given by Minister Cardona.

“Undoubtedly, the countries in the Mediterranean region have done a lot to stabilise their economic environment and courageous reforms are underway to improve the ease of doing business. This and the efforts of the people of the region have to be commended. However, what we will be all judged upon is on our ability to bring out the fruits of these efforts and offer a brighter future to our youth. It means creating shared wealth, sufficient quality jobs and good public service. There is an urgency to deliver and, for this, there needs to be massive wealth creation, and only an empowered private sector with a clear regulatory framework can achieve this. A flourishing economy across the Mediterranean is key to reach our shared objectives of stability and prosperity.”

An intervention by MEP Andrea Cozzolino, vice-president for the European Commission on regional development, also described the EU’s different institutions’ commitment to make the areas south and north of the Mediterranean Sea an area of peace and prosperity and work on banning single-use plastics in efforts to safeguard and improve the region’s environment.

Other topics touched on during the roundtable included the Mediterranean macro-region as a model of interchange for sustainable and replicable growth, taxation and labour standards applicable in special economic areas, blockchain as a simplification tool for the movement of goods and people, the necessity of the protection of the environment and the economic impact of mobility.