Recently, the Malta Chamber launched a new Economic Vision for Malta for the years 2020-2025 with the aim to once again provide Government with a business plan conducive to sustainable economic growth.
“Through its business-leader members, the Malta Chamber is proactively being a force for change as it is once again proposing an economic blue-print to Government to sustain and assure a sustainable and competitiveness-based economy for the future” said the Malta Chamber President Perit David Xuereb, at the documents launch.
In this article, maltachamber.org.mt, provides, in a nutshell, the highlights of the vision itself and the principles that underpin this plan for growth.
This Economic Vision is underpinned by a number of strategic principles, namely:
- Innovation & Technology
- Global Reach
- Human Capital
- Social Cohesion
Through this document, the Malta Chamber is taking a revolutionary approach and is proposing a two-pronged vision. Moving away from focusing only on the economy, the Chamber is giving a great deal of importance to sustainable economic development and hence quality of life.
The 59 recommendations put forward in the document reflect this vision. Both elements are based on the presence of underlying national economic determinants. In fact, the document in question identifies four such determinants in its first classification of recommendations, these being:
- Long-term Macro-economic Stability, which includes an emphasis on a national discussion resulting in a bipartisan agreement on the reforms required in pensions, health, and long-term care.
- Digitalisation, for which the Chamber recommends that a Prime Minister-led task force, should be set up to lead the design and implementation of the fundamental elements that allow the country to be a ‘winner’ in the 5G-based NDE.
- Governance, Government and Judiciary, reaffirming the Chamber’s belief in the three main pillars of good governance: Accountability, Transparency and the Rule of Law.
- Infrastructure Bottlenecks, on which the Chamber states that addressing such issues would in turn reduce costs of businesses and increase competitiveness.
Smart Economic Growth
Another fundamental category which was tackled in the Economic Vision is achieving Smart Economic Growth, for which the Vision pinpoints four core thrusts that should be addressed, particularly:
- Smart Innovation Economy, recommending that economic-based innovation should include value-added manufacturing; digitalisation; smart-city technologies; marine and aquaculture technologies; aviation and aerospace technologies; and, health and biotechnology, amongst other proposals.
- Supporting the Competitive Make-up of Business, for example through the suggestion that the Government reduces the cost of energy for non-household consumers. By doing so, it will render business more internationally competitive and reduce inflationary wage prices resulting from price transferring of energy costs from the retail and distribution sector onto the domestic economy.
- Developing a Highly Skilled, Highly Productive Workforce, which is another important issue for the Chamber.
- Strengthening the Structural Framework of the Economy, through the creation of a new economic sector, as well as a transition towards the circular economy.
Sustainable Economic Development
The last group of recommendations which the Vision focuses on, relate to Securing Sustainable Economic Development. The three main points addressed in the recommendations found in this section are:
- Inclusive Economy, on which the Chamber states that Malta should seek and embrace foreign talent, and not fear it, as seen in high-performing economies such as the UK, Germany, Australia and the US.
- Planned, Safe, and Resilient Built Environment, reflecting once again the general perception upheld by many Chamber members that the construction industry needs serious and urgent uplifting to quality standards in a regulated industry-climate.
- Resource Efficiency and Low-Carbon Economy, tackling the issues which arise when considering Malta’s size and dense urbanisation, including the pervasiveness resulting from the concentration of pollutants from land vehicles and sea traffic.
Attention! Crossroads ahead!
The Chamber recognises that Malta, at this juncture, is at a cross roads. The decisions that are taken during the term of this Vision are ones that will define Malta’s future over the coming twenty years. It is for this purpose, that the Chamber presents a Vision that has a shorter timeframe.
In contributing its Economic Vision to the country, the Chamber shall be following the uptake of its recommendations by identifying a number of indicators that will tangibly assist in the measurement of progress throughout the time period covered by the Vision. In so doing, it pledges its full support to Government and national stakeholders in meeting business’s expectations for Malta’s economic and social advancement in the immediate years ahead.
To read the full document please follow this link: The Malta Chamber of Commerce Economic Vision 2020-2025