Gaining economic momentum

Long before arriving at this crucial point, as a government we have set the wheels in motion, seeking to ensure that the prosperity we have generated in our country in the recent past is not decimated by the corrosive circumstances of the past few weeks.

We have, since the very beginning, laid robust foundations for a plan which, when the time comes, should boost public spending, which is ultimately the intrinsic core of economic activity and effectively jumpstart the economy to its customary levels. Now, that time has come.

This past week which I must say was a remarkably busy week indeed, we have set the ball rolling for the voucher payment system. This measure will translate into an injection of €45 million to boost economic activity for all our businesses big and small, which have seen their business activity drastically reduced and have inadvertently lost substantial revenues. In its very essence the voucher scheme is also intended to encourage families to make the best of our summer months.

We have just this week put up the necessary processes in place for businesses through the launch of the voucher payment system. I believe that a system wherein payments are stalled for any reason, especially during this time, would quite defeat the purpose of all the best-laid plans. Therefore, we have done our utmost to ensure

I am immensely grateful that together, through strong collaborations and sacrifices, we have managed to achieve such a milestone, which is only the first step on our journey towards a new normality; a journey which not only should see the number of tourists increase to sustainable levels but shall also attract valuable new investment to complement our robust aviation industry.

payments to businesses are made in as timely and as efficient a manner as possible.

As the saying goes, ‘the week that was’; we have also witnessed the re-opening of the Malta International Airport for commercial flights, this essential hub for most of our country’s tourism, come slowly to life. An economic sector, which inarguably affects not only various other sectors but is the lifeline for thousands of Maltese families and their quality of life.

I am immensely grateful that together, through strong collaborations and sacrifices, we have managed to achieve such a milestone, which is only the first step on our journey towards a new normality; a journey which not only should see the number of tourists increase to sustainable levels but shall also attract valuable new investment to complement our robust aviation industry.

Coincidentally, aviation seemed to be the theme of the week, as SR Technics, the aviation giant based in Malta, celebrated the lifting and positioning of the roof structure for the new SR Aircraft Hangars project; part of the company’s €40 million investment plan. An outstanding feat of engineering, utilising some 1,200 tonnes of steel. An aesthetical marvel, this brand new, made in Malta project spread on some 20,000 square metres houses a modern multi-bay hangar facility, which also caters for wide body aircraft, a first in Malta. More importantly, this project will also create some 550 quality jobs for our younger generation.

Such projects clearly indicate the momentum at which our local aviation cluster is developing, and to this end, as a government we published a new cell companies’ act, which will serve to attract even more aviation business. The broadening of the law is intended to accommodate cell companies in the shipping and aviation industries, yielding diverse opportunities within these sectors amongst investors, charterers and financiers within the industries.

I genuinely believe that looking to the future, this is the way forward. We must ensure that the process of recovery is accelerated throughout all sectors while strongly maintaining our reputation within our key industries. In a nutshell, it is now onwards and upwards for the continuing of Malta’s success story and the lasting, evergrowing prosperity of all the people.