Reginald Fava, former President of the Malta Chamber said that Malta’s EU membership, which was strongly promoted by the Chamber of Commerce, had resulted in very positive results for the nation's economy, opening up new frontiers and business opportunities previously unforeseen.
However, the downside of this growth was increasing wage inflation and cost of living, he told the Parliament for Enterprises, an event organised by the Malta Chamber.
“This has given rise to among other things, an extraordinary rate of growth in rental costs, which poses a great challenge to us employers and to the economy in general. To this end, our Chamber researched the local situation and submitted its view on the White Paper on Rent Reform.”
Mr Fava said that among other measures, the Chamber had proposed the implementation of the reforms proposed by the Malta Chamber and other bodies in 2018 related to pre-June 1995 leased residential properties.
“We also proposed a re-assessment of the Individual Investor Programme’s property investment eligibility criteria; a thorough audit of all private and public vacant property followed by efforts and incentives to place these resources to good use, the creation of a regulatory function within the Housing Authority and a clear and directional role for the Planning Authority in ensuring supply of affordable permanent housing that addresses the needs of today and those planned for the future.”
“I am confident that with the introduction of targeted measures, Malta’s economic growth can continue its upward trend without continuing to harm businesses and workers alike with undue cost pressures.”