Government to launch consultation document aimed to boost financial services sector
Prime Minister Joseph Muscat said on Tuesday that Cabinet has approved a consultation document aimed at taking the Financial Services sector “to the next level.”
Dr Muscat, who was attending a meeting with the Chamber of Commerce Council, said the document will be launched soon.
Dr Muscat also spoke of investment in Maltese infrastructure, stating that the Kappara project is the first step, mentioning the seven-year-plan to resurface and remodel all roads.
“Infrastructure does not only refer to roads, but also the investment we need to make in our waste management strategy which will be one of the crucial infrastructure policies.”
He said that this is a time of reflection on the opportunities created in the past legislature and how to better execute them in the next few years.
“This government advocated for a pro-business attitude which supported new ideas and entrepreneurship,” he said. “We incentivised women to enter the workforce, which contributed to Malta having one of the strongest European economies.”
He said that government is seeking to address skills shortages through the educational system, while also reducing energy tariffs for business.
Dr Muscat said that government needs to go further. “The starting point is with our own workforce. One of our top pledges revolves around public holidays falling on a weekend. We acknowledge it is a controversial issue for the chamber and we look forward to the consultations led by Minister Helena Dalli. We believe we can come up with feasible solutions to promote optimism and support to workers, to achieve a positive work-life balance which would be good for business.”
The Prime Minister said that “Government cannot ignore Brexit effect on the economy, but also the opportunities from it. As we already announced we will put forward the formation of a Brexit taskforce made up of individuals from the private sector, together with government entities to focus on proactive approach to Brexit."
In closing, he mentioned Air Malta, describing it as one of the bigger challenges, but is also another opportunity. Government set out on an ambitious business and growth strategy, building on strengths like good service and punctuality.
“There is space for a Malta based national carrier, helping passengers connect between Europe and the African continent. We are pleased Air Malta will increase frequency to the regions key air- ports. An example would be the reintroduction of the Frankfurt route. Air Malta will introduce new routes while increasing fleet as part of the new commercial strategy. In the coming months the airline will negotiate the collective agreements, over and above the impending issue of having a strategic partner to which we are totally committed.”
President of the Chamber of Commerce Council Frank Farrugia said that in the meeting, a number of topics would be discussed, including issues of competitiveness related to banking, continued abuse in free movement of goods and investment in research and technology.
Other sectoral issues, he said, include the loading and unloading difficulties faced by vehicles, visas for tourists and language students, and the effects of Brexit. (Mr Farrugia’s speech is carried on pg 12)