Prime Minister Joseph Muscat has received an award for excellence by the Indian-European Business Forum in recognition for Malta’s economic results and his work to improve relations between Malta, India, Europe and the United Kingdom. The award was presented during a ceremony held at the House of Lords in London.

In his speech, Muscat said Malta managed to achieve a budget surplus in spite of a reduction in taxes and a rise in pensions and children’s allowance. Malta had also reduced its debt from a staggering 72% of gross domestic product to 43% in less than seven years.

Malta is experiencing near full employment, the PM said, and after investment in the blockchain sector, the next step forward will be a focus on artificial intelligence.