Time to prioritise competitiveness

It is now evidently the time for government to prioritise Malta’s competitiveness when compared with other competing countries. In light of the World Economic Forum revising Malta’s competitiveness index downwards by two places, the Malta Chamber is compelled to once again call on government to take all actions possible to enhance the country’s attractiveness to investors.

The Chamber has been consistently vociferous about the latest shortcomings exposed by the World Economic Forum namely the soundness of institutions, skills, market structure and financial systems, in its cause to champion competitiveness.

Competitiveness was once again top of the list of the Chamber’s pre-Budget proposals for 2020, as has been for many years.

Malta cannot afford to erode its inherent competitive advantage ingredients further and delay addressing these fundamental aspects of competitiveness, in the interest of preserving its current success. International institutions and investors are watching, measuring and sending warning signals of their own.

The Chamber calls on government to take the opportunity of the Budget to ensure that key institutions on the island are adequately equipped and headed by the right professional people to guide the country towards better competitiveness ranking required by our economic ambitions as a global player in the old and new economy.

All parties must work collectively to preserve the foundations of recent economic success and regain lost ground experienced in recent months.