Regenerating our economy

Time and time again, our economy has encountered several momentous challenges. Nevertheless, our nation’s ability to be agile, flexible and resilient has ensured that our economy has invariably withstood the test of time and allowed us to be innovative, ultimately positioning our country at the forefront in endorsing new emergent industries.

The 8th of June 2020 will turn the page on recent events and start an unprecedented economic chapter for our country. It will be a defining chapter which will serve as the consummate prototype for future governments to follow. It is indeed a historic date for our country, which is now ready to bravely face a new future post-COVID. A little over a century ago, our forefathers shed their blood in their fight to reclaim their destiny and identity, an identity which distinguishes us from the rest of our Mediterranean peers. Rising from the ashes of adversity seems to be our forte as a nation.

Fast forward to recent circumstances and while our size may signal vulnerability, our determination and past economic decisions have placed us as visionaries in how a small state like ours should act in times of adversity. This is a crucial point, which will definitely serve us in the future. Commendations from various institutions and agencies, lauding our economic foresight, promoted our forward-looking mind-set resulting in attracting big players, businesses, and investments to our shores, which in return created new jobs and careers. Now, amid such extraordinary circumstances, Malta will yet again showcase its strength and impetus in stimulating its economy and the generation of economic activity.

The much-awaited multi-million plan to boost our economy which will be announced tomorrow is aimed at incentivising industries to invest. In 2013, as an administration we inherited a stagnant economy, which we managed to turn in a short span of time, successfully reversing deficit into surplus, resulting in the distribution of wealth and the generating of significant economic activity. In much the same manner, during the recent challenge of the coronavirus pandemic, we were among the first to mobilise a conjoint effort and take concrete actions which bore results, effectively safeguarding jobs and businesses. This plan to regenerate our economy is an enhanced continuation of this and shall cater for each and every sector that is a contributor to our economy, while simultaneously galvanising and laying the foundations for a post-COVID economic scenario.

While impeding the fallout from the pandemic was our priority in the past few weeks, we have recognised that for our economy to remain buoyant, a number of both short and longterm measures are now required to instil that all important feelgood factor. It is therefore with great satisfaction that I can state that tomorrow’s economic regeneration plan will inject a significantly larger investment than that of recent weeks. Whereas the Government has provided considerable liquidity to firms by postponing tax payments, it is now important to introduce a number of direct cash injections to boost business confidence, hence our short-term measures will provide immediate stimulation in various sectors.

But catering for the here and now is not enough for an economy to remain vibrant and prolific. Therefore, the implementation of long-term measures which seek to attract and bolster investment which will make our economy more innovative driven, remain key to our success. We must also remain vigilant of the pitfalls emanating from this new ‘normal’.

It is also good to note, that despite the adverse events of recent weeks, a number of Maltese firms have already found new production investment niches.

These are excellent examples of how we can, with adequate and unstinting support, create a new generation of economic success stories way beyond what has to date been deemed as the ‘traditional’ way of doing things, therefore, onwards and upwards remains the roadmap to an even more prosperous future.

The success of this administration knows its foundations in the trust it has been endowed with by the public, a trust which has seen our country not only flourish through prosperity, but also conquer through adversities. Tomorrow’s budget will once again reaffirm this Government’s hallmark, that of leaving no one behind, that of solidarity with its people, a defining characteristic which is the cornerstone of this new chapter. Together we will once again make the annals of history, preserving not only what we have gained thus far, but resurrecting a solid, fruitful economy for the benefit of all our future generations.