The General Retailers and Traders Association (GRTU) has lauded the introduction of a new scheme by government following its launch yesterday, the scheme of which will encourage businessmen to invest in new shops in Valletta.

Announcing the scheme, Fair Competition and Consumers Minister Jason Azzopardi said the the scheme is open for entrepreneurs who are renting out their shops from the government.

Until now, contracts are renewed every six months, which makes it very hard for the shop owners to invest. But now the scheme is extended to cover 45 years – and renewed every 15 years in the interim – to provide for a long-term agreement to enable the shop owners to have more security in their business.

The scheme will be open for applications for one year between 1 December this year and 1 December 2013 and shop owners will now also be allowed to sub-let the shops they lease from the government.

The Chamber for Small- and Medium-Sized Enterprises (SMEs) said that this scheme “will help eradicate the problems Valletta shop operators were experiencing for years”, describing government’s move as “a step in the right direction.

“As things stood, Valletta shop operators were left in the dark over the future of their businesses but now, through the introduction of this scheme, they can plan for the long-term,” the Chamber’s statement read.