With the world at a stand-still for the past year and a half, many are eager to start discussing more longer-term plans and strategies. Something which would definitely give confidence to both investors and locals alike is that the aim of Malta is to become a “centre of excellence” as part of its vision for the coming ten years.
A few days ago, during an event, the Prime Minister of Malta highlighted that unemployment and the GDP have reverted to pre-pandemic levels, emphasising on the sustainability of the country. He also highlighted the trust between government and businesses which led to not only the safeguarding of jobs, but the creation of around five thousand new enterprises in 2020.
The economic vision for Malta for the coming ten years aimed at making it a “future-proof country” includes:
- Sustainable Economic Growth
- Infrastructure and Investment
- Education and Employment
- Governance and Rule of Law
As part of the project to achieve the newly established goals, the Prime Minister emphasised that a radical transformation is required for the educational and training system. A culture whereby learning is a constant is of paramount importance. Digital technology was also earmarked as a key development. With respect to infrastructure, the government is working on an investment of five hundred million Euro.
The environment was pinpointed as the most important. Climate change represents one of humanity’s greatest challenges, larger than that of COVID-19. The government has a target of becoming carbon neutral within just a single generation. In most cases, the economy and environment are perceived to be on opposing stands. According to the Prime Minister this should no longer be the case. One example cited is the fact that the objective of becoming carbon neutral presents economic possibilities for several fields.
In terms of economic growth, the country will focus on safeguarding current industries whilst also creating a culture of aptitude for innovation. This will enable Malta to reap the rewards of new niches. This is accompanied by the ambition of making Malta an ideal jurisdiction for global talent, through the creation of high-quality jobs that pay good money. Ensuring the promotion of good governance across key institutions also remains of high priority to affirm the trust of other countries and investors.