Speaking in parliament, Mr Vassallo thanked both sides of the House of Representatives since the aim of promoting awareness on how to move the small- and medium-sized enterprise sector forward had been reached.
SMEs and the self-employed are vital for job creation and economic growth, but they must not be made to bear the brunt of the economy, he said. A collective effort from both the government and the Opposition is needed for the weight to be lifted off the SME market.
Work on the implementation of the entrepreneurial policy is just beginning, continued Mr Vassallo. Although this is just the start, there is vision and a strategy for this to be successful.
The reduction of bureaucracy is on its way, even though it is a struggle because it is people themselves who generate red tape, Mr Vassallo said.
Labour MP Leo Brincat said there is a great need for a benchmarking system to strengthen SMEs, promote competition and make the market sustainable.
Mr Brincat said a national plan for job creation, especially within the sector of SMEs, would help this sector move forward.
In response, Competitiveness and Communications Minister Censu Galea said the government works hard to enhance the SME sector and open all doors available to it. It is then up to the SMEs themselves to grab every opportunity and turn it into something worthwhile.
Mr Galea gave a definition of the self-employed and said these are the people who make a living off their own elbow grease. It is their personal effort, hard work and initiative that equal their success, he said.
Mr Galea explained that the SME success rate cannot be measured the same way in every sector because success takes different forms.
He said that if the European charter on the self-employed is implemented it can guarantee that this group of people will continue moving forward in the economy – the economy whose foundations are built on such SMEs.
The implementation of this charter must be more effective to achieve the synergy needed within the SME sector.
Labour MP Anglu Farrugia agreed with Mr Galea that SMEs are the foundation of the economy, but said that if the sector is to move forward, excess bureaucracy must be eliminated.
The SMEs have no protection, said Dr Farrugia. He suggested an agreement be made so banks can help an almost bankrupt company get back on its feet instead of burying it further.
Mr Brincat also addressed issues concerning the European Union. He said the union needs economic restructuring to reach the goals set by the Lisbon agenda. To contribute to these goals, Malta should make an annual report to see how it measures up with the aims of the agenda and whether it is carrying its weight.