An economy for the future

The past few months have penned an unprecedented chapter in our history. A period which despite the many challenges it has presented, has seen the inception and development of innovative ideas and distinct modus operandi; a leap from the traditional.

This chapter also presented the right opportunity to discuss, strategize and lead on a vision for our economy; a futuristic economy, which retains its resilience and fastmoving advantage to cater for new sectors. It is also timely to capitalise on such circumstances and seek the opportune moment to set the tone of where we want to go.

The time was ripe for the government to present the economic strategy based on five main pillars as presented by Prime Minister Robert Abela earlier this week; good governance, an economic growth that enhances our lifestyle, education to sustain the long-term strength of our economy, better our infrastructure and focus on the goal of becoming carbon neutral until 2050. During this historic cabinet meeting which took place at the Malta Chamber of Commerce, it was of utmost satisfaction to witness that despite this being such an ambitious strategy, both sides were speaking the same language, both agreeing that this vital, next leap forward is necessary to usher our economy into the future.

The past few months have come at a heavy price for economies across the world with experts warning of a global recession, now imminent, with some economies are shrinking at a rapid rate. Fortunately, in the case of Malta we have managed to maintain the situation under control. Reports from worldrenowned financial institutions have remarked that Malta’s economy will be the least impacted and the first to recover.

Therefore, we have recognised the need, early on, that to maintain success and for our country to continuously reap the fruit of our vision, we have to keep moving forward relentlessly, changing and adapting to ensure that the much sought out balance between the actual wellbeing of our citizens and economic progress is ensured.

It is now a given that for our country to continue thriving we need to embark on a holistic ecosystem which ensures its continuous growth and endurance. These five main pillars solidly cater for this futuristic vision. Undoubtedly good governance is our main point of departure. Malta already has the basis and paved the way for this, as we have seen in recent weeks with the introduction of new laws, including those based on the recommendations of the Venice Commission. It is also encouraging to note entities which have implemented their own measures in the best interest of the Maltese jurisdiction.

Education is key for a knowledge-based society to cater for today’s needs of the industry and future ones, with particular emphasis on AI and blockchain amongst others. During my tenure as a junior minister I strove to launch these revolutionary sectors in the best interest of the economy. It is now imperative that we modernise our country’s educational infrastructure, in particular areas as part of the so-called fourth industrial revolution.

The need to enhance quality in economic growth is of prime importance in order to continue with our drive to attract big players and investors which ultimately result in creation of new jobs. By pursuing with our stance in continuing attracting new investment into our shores, we are in return ensuring that the social aspect is central to all our endeavours and that all wealth generated is distributed justly amongst all strata of society.

The next principle is the improvement of Malta’s infrastructure, including a massive €400 million investment, which will breathe a new lease of life in, underutilised, existing industrial areas. This will firmly bolster the country’s productivity, while attracting new and further investment which will ultimately retain the economic momentum of recent years. This investment will serve as a valuable springboard for new start-ups by providing ideal locations from where to operate as well as assist traditional industries to upgrade and modernise their operation.

The last principle is that by 2050 Malta will be free from carbon pollution, with intermediate targets reached every ten years. To achieve this ambitious goal, we need to source the best expertise we have on these islands and launch a model that caters far beyond the current legislature. Therefore, with foresight we need to delve into the adoption of a more circular economy and as islanders explore further the merits of a blue economy.

For this plan to come to fruition we all need to pull together and take a more proactive stance towards the achievements of these ambitious goals. As a ministry, we shall continue collaborating with all relevant stakeholders and striving towards more economic development, not only for the sake of the economy itself but more importantly how this will enable further valuable investment in our public services, which to name the first that come to mind, include a robust healthcare service and an enviable education system. This is ultimately the reason why a visionary economic strategy in place is crucial to our nation’s wellbeing, it is only through a more proactive Malta can we guarantee a better quality of life for our country and all of its citizens.

“The need to enhance quality in economic growth is of prime importance in order to continue with our drive to attract big players and investors which ultimately result in creation of new jobs.”