The Malta Chamber of Commerce and Enterprise has submitted its budget 2007 proposals and suggestions to Prime Minister Lawrence Gonzi.

Commenting on the proposals, chamber president Victor A. Galea said that the chamber anticipates the forthcoming budget to be formulated on the basis of the current economic scenario and outlook for the future.

“It is crucial that the budget addresses the impending reforms in the country – not least Malta’s preparations to join Europe’s Economic and Monetary Union,” he said. “Consequently, the chamber is not preparing for the 2007 budget in isolation, but rather as an integral part of Malta’s Convergence Programme.”

The president referred to the chamber’s broad objectives for the 2007 budget, which include that of restoring sustainability in public finances to enable lower tax burdens, ensuring sound economic fundamentals with respect to the remaining Maastricht criteria to allow for Malta’s euro adoption according to planned time-frames, stimulating the economic momentum through fostering entrepreneurship, investment and export-led growth and continuously enhancing our national competitiveness, as well as ensuring that the country is well prepared in terms of excellence in human capital and innovation to enable a smooth transition towards a knowledge-based economy.

“The chamber has made various proposals on a varying range of economic and social topics, such as tax reform, tourism, financial services, better regulation and incentive to business, education and training, innovation and venture capital funding, and the much needed reforms in the public sector, ports and rent laws,” Mr Galea concluded.