In the run-up to the annual Budget, the Malta Chamber has proposed to Government a complete pre-budget document following an internal consultation process with its members coming from all sectors of the Maltese Economy.
In total the Malta Chamber made 30 key recommendations which include well over 60 practical measures for inclusion in the Budget document for 2019. Now that the country has achieved unprecedented growth rates, full employment, consecutive fiscal surpluses and relative price stability, the Chamber reiterates its call on Government to capitalise on the present situation to invest in the necessary infrastructure and safeguard future sustainability.
The context in which the Budget for next year is being designed, is that of a dynamic business environment characterised by numerous internal and external challenges. For this reason, the Chamber calls for further competitive enhancing measures with a view to protect the recent economic achievements and ensure further sustainable growth.
Following are the main recommendations the Malta Chamber made to Government ahead of the Budget 2019.
The Budget exercise should be addressed from a multi-annual perspective, in order to ensure continuity and long-term planning; Government should carry out a carrying capacity analysis (including economic, social and environmental impact assessments) of the country by an independent entity with involvement of the country’s main stakeholders in the social and economic sphere; The National Development and Social Fund established through the Individual Investor· Programme (I.I.P.) should finance a holistic transport strategy to shift towards a sustainable and effective multi-modal transportation system; Strengthening Identity Malta with more resources to enable better streamlined procedures for recruiting third-country national employees and embarking on an international marketing campaign show-casing employment opportunities and quality of life in Malta; Extending all types of work-based learning across all the post-secondary and tertiary level educational institutes and; Establishing a new national competitiveness agency to ensure that the economy is not hampered by new and excessive regulations, measures and taxes which negatively impact competitiveness.
Given how quality was a fundamental element in its Economic Vision for Malta 2014 – 2020, the Malta Chamber is pleased to note that Government is basing its Budget for 2019 on this central pillar of utmost importance. It is only through a renewed vision for quality that the country can make the next leap of value for all.