19 expansion projects to start this year, an injection of €200 million into our economy resulting in the creation of 800 new jobs: ‘Our economy is about to enter an interesting phase shifting the emphasis on the quality of growth’ – Minister for the Economy, Investment and Small Business Silvio Schembri
19 expansion projects will start this year which will lead to the creation of 800 new jobs and an injection of €200 million into our economy.
This was announced by Minister for Economy, Investment and Small Business Silvio Schembri when addressing a press conference during which Minister Schembri gave a detailed presentation on current economic results and the way forward, in view of the 5 economic reports published in January and February, by DBRS Morning Star, International Monetary Fund, Fitch, Moody’s and the European Commission.
‘These expansion projects, pertaining to key companies operating from Malta are a show of confidence and sustainability of our economy. The expansion projects are related to pharmaceuticals, software and cloud computing, video and game development, and aviation’, said Minister Schembri.
Minister Schembri added that moreover, local companies will continue expanding with the completion of 102 projects.
‘These investments will translate into the creation of quality jobs and better standard of living. Most importantly, companies which have been operating in Malta for years shall continue to operate for a great number of years, meaning that what we’re experiencing is sustainable growth with a long-term effect,’ explained Minister Schembri.
The economic assessment reports stated that Malta experienced a growth of 7% between 2013 and 2019, a stark contrast with the 2.1% experienced between 2004-2012 under the previous administration. Furthermore, a reference was made to the decrease in inflation rate to 1.5% in 2019 which is expected to remain at this level in 2020 and 2021; a rate which is half than that registered in March of 2013 which was showing that the cost of living was increasing in a scenario where the economy was declining resulting in a negative effect on our families. Minister Schembri underlined that these results were not one-time successes but the result of sound economic policy over a number of years.
In reference to the conclusions by the 5 reports published in January and February, Minister Schembri remarked that all reports concluded that Malta’s economy will further experience fast economic growth, Government finances will remain in surplus despite weakening international conditions and continuity in macroeconomics policy is key in order to achieve social inclusivity. These reports also reiterate that Malta must continue investing more in its infrastructure, be it physical, institutional, human capital and business climate and lastly that the administration led by Prime Minister Robert Abela can successfully bring about these achievements.
‘In view of these satisfying results, the next step and crucial way forward is to continue diversifying our economic strategy through the growth of new economic niches and address better and effectively sectors which for years have served as the backbone of our economy,’ said Minister Schembri.
Minister Schembri added that the main priority is that the approved projects hit the ground running, by means of diminishing unnecessary bureaucratic procedures. One of the priorities the Ministry will look into is one of Malta Enterprise’s major projects, that is, ‘Ease of Doing Business’; in this regard work has already started on the drafting of legislation and measures to make it easier to do business in Malta.
‘Our ultimate goal is that this economic growth deciphers into a society which is just, open, innovative and inclusive, able to achieve strong progress in a sustainable way and one which enables us to enhance our focus on improving the quality of life and where effort and merit are rewarded justly. Evidently, our economy is about to enter an interesting phase, from one of rapid economic growth to one that puts emphasis on the quality of growth. A natural step forward is to look at Malta as an advanced country that can attract a high value investment recurring in the creation of knowledge-based careers, specializing in sectors that generate good revenue and new careers within new industries,’ said Minister Schembri.