The President’s Trust and the Economy Ministry have signed a memorandum of understanding that aims to bring the two entities together in promoting and strengthening cooperation in the enterprise sector. The MoU, which will become legally valid when the Social Enterprise Act comes into force, aims to lead to economic growth among the vulnerable and persons with disabilities.

President Marie Louise Coleiro Preca said the new law will be giving free accessibility to anyone wanting to enter the business sector. Thanks to the MoU, she said, youths will be given the opportunity to move forward in life.

Economy Minister Chris Cardona said social enterprises are important contributors to the country’s social and economic development. Social enterprises have helped us reconsider the way we address deep rooted social problems, like poverty, social exclusion and unemployment. Despite the fact that many existing organisations already have the necessary characteristics of a social enterprise, there is no legal structure permitting them to identify themselves within a regulatory framework.

Dr Cardona noted that the government has just launched a public consultation process with the aim of listening to the proposals of concerned parties  in order to be able to take an informed decision that reflects the wishes and interests of businesses, industry and the public on the proposed legislation. Proposals have to be submitted by 26 July.