Chamber News

Re-thinking the way forward 

8th October 2020

The upcoming budget cannot focus on conservation, but should rather focus on formation

During the television programme NET LIVE, The Malta Chamber President, Perit David Xuereb, discussed a number of recommendations that were put forward with regards to the upcoming budget.

“The upcoming budget cannot focus on conservation but should rather focus on formation. The next step is to ensure that optimal measures are put into place in order to move into the right direction and start the implementation process. Apart from helping Malta’s economy by supporting businesses and the quality of life, this new budget should promote the conservation of all the positive elements while working towards penetrating areas that can lead to superior effectiveness” Perit Xuereb noted.

The Malta Chamber President emphasised the need to utilise the nation’s financial resources in the best way possible. “It is useless to waste funds on just the short-term without looking ahead. These resources should be invested in re-enforcing the economy through profound research and policy-making. Hence, this budget should also address elements such as AI, digitisation, quantum physics and 5G and look far beyond the horizon” said The Chamber President.

A holistic approach is needed to safeguard multiple sectors through the extension of the wage supplement scheme. The President concluded by saying that The Chamber understands the importance of such a scheme and recommends that such a supplement is linked to realities and businesses which are actively working towards sustaining their workforce and the future of their business.

President Xuereb also spoke about the work that The Malta Chamber had been doing before Covid-19, noting how back in January, the Chamber presented its Economic Vision for the next five years. The document focused on two main criteria; the adoption of digitisation and the focus on long-term sustainable goals.

Xuereb said that although Covid-19 introduced a number of challenges, both locally as well as internationally, the pandemic also provided an opportunity to re-think the way forward.

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Re-thinking the way forward