Dr Portelli also spoke about skills, labour market, economies of scale and the importance of having a unique selling proposition
During this year’s Malta Future Realised Conference, organised by EY Malta, Dr Marthese Portelli, The Malta Chamber CEO, participated in a panel discussion and highlighted 5 key national priorities:
– Malta’s Attractiveness
– USP Differentiation
– Labour Market
– Economies of Scale
EY’s Attractiveness Survey stated that 71% find Malta attractive based on our corporate taxation regime. Although we do not have a precise timeline when and if it will be introduced, we should assume it will happen and we need to start investing in sectors which render real substance to our economy.
We need to differentiate ourselves by having a Unique Selling Proposition. We can remain attractive for FDIs, not just in terms of tax, but in order to do this we must ensure that important factors such as the availability of talent, transport, connectivity and our urban and natural environment are given the attention needed.
TIGHT LABOUR MARKET
We must address the issue of our tight labour market to attract the right foreign talent and retain them. This can be achieved by improving our the Key Employment Initiative and improving the process of family relocation to render Malta attractive for work.
Skills remain a key enabler for growth. We should be looking beyond academic qualifications and formal education. We need to invest in soft skills – aptitude and attitude.
ECONOMIES OF SCALE
Malta remains a micro island state and this puts us at a disadvantage with other countries that have large economies of scale. Because of our size, it is difficult to attain critical mass needed in most sectors in order to be able to be competitive. This needs to be taken in consideration whatever the future outcome on harmonised corporate tax will be.
The panel, which was moderated by Rachel Attard, Head of Media and Communication Strategy at The Malta Chamber, discussed how Malta’s can maintain its FDI Attractiveness in a Changing World (Taxation, Value-Chain Disruption).