Press Release by the Ministry for the Economy and Industry, the Ministry for Equality, Research and Innovation, the Ministry for Energy, Enterprise and Sustainable Development and the Ministry for Social Justice and Solidarity, the Family and Children’s Rights
Reference Number: PR211331
An economic vision that seeks the enhancement of workers’ wages and investments in technology as part of the balance between sustainable growth and a better quality of life in the coming 10 years.
Economic growth has to be sustainable in order to protect traditional industry, attract new niche markets and ensure a high quality of life for Maltese and Gozitan families. This was the message of the Minister for the Economy and Industry, Silvio Schembri during one of a series of public consultation seminars discussing one of the five pillars described in Malta’s Economic Vision 2021-2031.
The session organised by MIMCOL addressed the first pillar: sustainable economic growth leading to an improved quality of life until 2031 with the participation of the Minister for Equality, Research and Innovation, Owen Bonnici the Minister for Energy, Enterprise and Sustainable Development, Miriam Dalli and the Minister for Social Justice and Solidarity, the Family and Children’s Rights, Michael Falzon. There were also various other participants from Governmental and private entities as well as Non-Governmental Organisations.
“The economy we want to renew is one which utilises to the fullest its own resources, which grant us a competitive edge such as climate, human resources and industries established in this country. This shall lead to further improvement of workers’ wages and investments in technology as part of the balance between sustainable development and quality of life for the coming 10 years” stated Minister Schembri. He mentioned the document solidly proposes the maximum use of the diving sector, the exploration of the new niche of marine biotechnology, which sector is estimated to be worth over 5 billion dollars a year. He also said that Government is seeking to utilise the medical sector in Malta which is considered one of the highest calibre by the European Union, to attract medical tourism including the cosmetic products sector.
The Minister said he was determined to change the possible negative perception such as Malta’s small size into opportunities by expanding further into research with foreign companies in the digital sector, as well as in sustainable technology. In this way our country shall be a research location for sectors such as autonomous driving, as it is in Cyprus and Greece. He also said he is seeking to use advanced services in the financial sector among others, so that our country is at the forefront of the satellite registration sector and we shall also seek to make Malta and international centre for arbitration.
“This doesn’t mean that we should forget our traditional niches, however we need to be proactive enough so that where further investment is required such as in the area of advanced manufacturing, we ensure that resources both in technology as well as in skills are fostered” concluded Minister Schembri.
The Minister for Social Justice and Solidarity, the Family and Children’s Rights, Michael Falzon said that this is one Government which holistically views the best interests of the family and businesses. He mentioned how many social goals of the past eight years were achieved, particularly where poverty reduction and social exclusion are concerned. He spoke about the considerable increase in social benefits, so much so that throughout 2020 the record sum of over one billion euro was paid in social benefits. “This greatly encourages me to build the socio-economic vision for the coming years, so as to build a resilient economy that supports people and assists everyone, to enjoy a better quality of life,” concluded Minister Falzon.
Miriam Dalli the Minister for Energy, Enterprise and Sustainable Development said that we must continue working towards a stronger economy, to take into account environmental sustainability and every one’s quality of life. “We are doing this through a number of incentives and various schemes through which we would not only currently assisting our companies but also to support them in future. We are working to help companies make the digital shift and be sustainable. In this way we want to ensure recovery, a better quality of life and jobs of quality” said Minister Dalli.
Owen Bonnici, the Minister for Equality, Research and Innovation said that the post-pandemic national strategy is the effort of a united Government which offers a vision built on 149 initiatives for tomorrow’s Malta in a changed world due to the pandemic. Minister Bonnici explained that the Economic Vision goes into more detail on how our country shall reach its economic goals in the next generation. He said that our country has three opportunities to win in the coming years, namely: to strengthen the skills of today and tomorrow’s workforce, to overcome environmental challenges in particular those related to a zero carbon economy and finally to build a robust innovation ecosystem in our country. With regards to the latter point, he said he firmly believes in the abilities of Maltese researchers and in our country as a place where research and innovation come to life.
The document of economic vision emphasises that for Malta to become future-proof in the sector of sustainable economic growth towards a better quality of life until 2031, various measures have to be implemented, among which:
- A new way to define how measures are deemed successful
- Support and assistance to investment as the main economic driver
- Protection and improvement of competitivity
- Improved productivity through digital channels
- Reinforcement of economic sectors and development of new niches
All those who are interested in participating in the national consultation process can do so through https://economicvision.mimcol.com.mt/ to submit your comments.
The consultation process shall remain open until the 31st of July 2021.