Achieving targets is the ultimate satisfaction for all of us in all areas and in all aspects: every businessperson sets goals for his or her investment, every student targets to succeed in his or her studies and every family tries to improve their lifestyle. Stability and vision are the right ingredients for these goals to be reached. Assuring these factors will guarantee further prosperity for our society.
Every country has to have a leadership that inspires such vision to instil the much-needed stability to guarantee economic growth. Since joining the European Union, Malta has attracted foreign investment from all over the globe, guaranteeing affluence for the Maltese people.
The results are now tangible and the success stories that resulted last year are just a part of the accomplishment we will be reaping in this year and the future.
Economic growth and innovative investment
The stability encouraged investors to invest on our islands. The attractions of foreign investors and incentives for local investors have created 6,100 new jobs last year. Foreign investment has reached a record high of Lm500 million and at the same time, the 10 per cent deficit inherited from Dr Alfred Sant’s government in 1998 has been not only controlled, but reduced to 2.8 per cent of the GDP.
Companies such as De La Rue, which in 1997 were reducing their operations in Malta due to the freezing of Malta’s application to the EU, last year increased their investment on the island by opening a new factory that produces electronic passports, a first in the world. De La Rue chose Malta from among the 31 countries where they carry operations for the capabilities of Maltese workers and this guaranteed Lm2 million investment and around 100 new jobs.
The same could be said on the opening of the HSBC call centre here in Malta. The international bank chose our island from 80 interested countries.
Everybody is a valuable player
The Maltese investor and the contribution that women can give to our economy are important for the Maltese government. By taking measures and creating incentives, both sectors will start benefiting further this year.
Self-employed persons who employ their spouse, husband or wife, will pay less taxes since it will be considered as part of business expenses.
Families that host foreign students will be able to pay National Insurance. This will allow the NI-payers to receive pensions. Women who go to work after five years will save Lm700. They will not pay income tax on their first year of employment.
Together with the above-mentioned incentives, income tax was reduced further, leaving an extra Lm3 to Lm5 a week in Maltese workers’ pockets. Parents making use of childcare centres will also benefit from the income tax; this reduction will not be considered as a fringe benefit.
The Education Ministry together with the Family and Social Solidarity Ministry reached an agreement and soon we will have available childcare centres in three localities in Malta. These childcare centres will be hosted in local primary schools.
Education is an investment
in our success
Foreign investment cannot be guaranteed without the provision of proficient workers. The Nationalist Party believes in our children and deems that investment in our offspring is a guarantee for our future. Lm1,400 per year per child are being invested by the government to provide the best education. This is also complemented with structural projects such as the building of new schools, such as San Benedittu College in Kirkop and the new college in Qormi, and enlargement projects, such as Marsascala and Luqa schools.
Investment in education is also enhanced by European Union funding; a case in point is the building of the Institute for Tourism Studies that will soon open in Gozo.
Thanks to a successful education system, we are guaranteeing proficient workers who are attracting foreign investors. A good example is the Lufthansa Technic which is expanding its venture and employing a further 550 workers.
This investment comes together with further investments and improvements such as the building of new roads; restoration projects all over Malta; a new decompression chamber in Gozo; improvement and further assistance for the agricultural sector, fisheries and small and medium enterprises.
In less then 10 years, the Nationalist government changed Malta from an economic disaster to an investment magnet, changing the quality and quantity of foreign investment from a minimal investment of Lm19 million in Alfred Sant’s days to the Lm500 million foreign investment made last year.
We must work together to promote and project our future. Everybody must contribute in this venture, the venture of our success to guarantee further investment thanks to a successful educational system with the contribution of everybody – men and women. Everybody has a role to play in our country’s success.
David Casa is a Nationalist MEP
[email protected]
www.davidcasa.eu