Chamber News

Creative sector integral to design of new economy 

15th September 2020

Recent statistics have identified the arts industry as one of the sectors that was most hit by the current economic crisis

‘The creative sector is integral to the design of a new economy for a modern Malta’ said The Malta Chamber President Perit David Xuereb, as he was speaking during a press conference organised by the Malta Entertainment Industry and Arts Association (MEIA) earlier today.

Perit Xuereb said that the re-engineering of business models which will need to take place in the near future to guarantee a sustainable and resilient economy require the talent of the creative sector to be at its core.

Addressing the online press conference, the President of the MEIA Mr Howard Keith Debono noted how the organisation was given birth a month and a half ago.

“During this period, the Executive members of this association worked around the clock to meet with all stakeholders in the industry. Recent statistics released by Standard and Poor’s have identified the arts industry as one of the sectors that was most hit by the current economic crisis” said Mr Debono.

Hence, MEIA proposed a set of ten points that would help the creative industry.

1. Industry to be listed under Annex A. MEIA also proposed that the wage supplement issued by Government should be extended until this sector is fully operational.
2. A ‘cancellation subsidy’.
3. Investment in entertainment venues in order to be ready for re-opening when the time is right.
4. The implementation of a guarantee/facility that is aimed to incentivise the private sector to start planning events for the coming months, keeping their minds at rest should a covid pandemic related cancellation happen.
5. The digitalisation of the industry.
6. The financing of new projects from professional individuals and entities.
7. A fund that would enable the buying of arts.
8. The reduction of taxes for companies that want to invest in our industry.
9. The reduction of tax rates for artists and musicians.
10.A scheme that injects funds directly into our cultural sector.

MEIA’s Vice-President Toni Attard explained how the situation needed an urgent direction. In light of this, MEIA proposed the following four points:

1. Help to all stake-holders and people in the industry.
2. Implementation of strategies that reflect the current needs of different sectors in the industry.
3. The creation of incentives that aim at the creation of a long term plan.
4. The promotion of local talent.

Follow the press conference again here.

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Creative sector integral to design of new economy