“Keeping up with rapid transformations has become a challenge” said Frank V. Farrugia President of the Malta Chamber of Commerce, Enterprise and Industry on Wednesday. “Challenges that Malta can safely and proudly say it welcomes with open arms”
Mr Farrugia was addressing the EY Malta’s Annual Attractiveness Event which was held on 24th October. The theme of conference was ‘How can you keep pace with the transformative age?’, and proved to be a relevant one, considering the fast-paced changes taking place in all directions.
“We often used to joke about trends and technology being well past their expiry date by the time they reached our shores. But this is no longer the case. Our adoption of the rapid advances in technology have allowed us to overcome our geographic insularity, so much so that we are now the global pioneers in areas that look to be the present and future drivers of more and more transformation” Mr Farrugia said.
Referring to Malta’s pioneering legislation in the field of blockchain, Mr Farrugia commended the establishment of the Malta Digital Innovation Authority and plans to design a legislative framework in the field of Artificial Intelligence as opportunities presented by the transformative age and seized by Malta.
“The business community understands that change is inevitable as Malta strives to maintain an attractive climate. However, the necessary transformations must occur in a manner that is respectful of society’s present and future well-being in all its aspects” he said.
Mr Farrugia noted how during this year’s budget consultation process, the Chamber acknowledged the fact that although Malta is currently experiencing rapid transformation characterised by a buoyant economy, it is high-time to capitalise on the present economic resilience by investing in further development.
“Going forward we must continuously question if our conditions are still right” Mr Farrugia warned. “In the present scenario, it may be relevant to ask whether the current rates of growth are sustainable with the same output and level of skills emerging from our educational institutions; the constant rise in the overall cost of labour; the prevailing rates of rent inflation; the rising operating costs; the continued rate of construction activity taking place; the current infrastructural network; the present internal transport and logistics structure; and the prevailing perceptions about Malta abroad” the Chamber President concluded.