The country’s future was linked to an economic and social plan that, sustainable over a six- to seven-year period, would place Malta among the leading EU countries, Dr Alfred Sant said yesterday.

He said the people wanted a strategy that suited Malta’s present circumstances, adding that the one adopted by the government was not giving results.

Dr Sant was speaking during a meeting with officials from the Chamber of Commerce and Enterprise yesterday afternoon.

He said the rate of taxation was on the increase while the cost of living was among the highest in the European Union. On the other hand, the level of investment in the country was still low and performance indicators in certain sectors was worrying.

Dr Sant said bureaucracy was stifling investment and he insisted that the country needed a plan to move ahead.

Making reference to the party’s draft plans for various sectors, Dr Sant said the tourism industry needed a major boost. He said local industry needed a breathe of fresh air and new niche markets that could be targeted to attract investment.

Dr Sant said the financial services sector was not being helped, and the public body that was supposed to promote this sector had now become the regulatory body.

With regard to economic growth, he said, those countries that had joined the EU had a growth rate that was three to four times that of Malta. He questioned whether the 2.5 per cent growth rate achieved last year was correct and, even if it was, Malta still needed a minimum growth rate of four per cent a year.

In a statement, the MLP said the chamber president Victor Galea said the chamber was concerned about the rising cost of living and that this was affected by a number of factors, not only businesses.