The European Council of Financial and Economic Affairs, on Tuesday 10 July, gave the green light to Malta and Cyprus to join the Eurozone. Another certificate that proves that the government strategy is proving successful and that our country’s economy is developing in a credible and sustainable manner.
Our country is resulting in a success after another. Malta is attracting quality investment and our economy is growing. This is the result of a sound plan for our nation and the work of a diligent administration that is leading us towards a success after another in our European adventure.
Receiving praise for the hard work from all EU institutions is no joke. Managing to reach all the Maastricht criteria in three years and attracting large-quality investment confirms that our economy is growing.
These results are proof of Prime Minister Lawrence Gonzi’s effective leadership that guided our country to be among the first three countries, since the 2004 enlargement, to join the euro club.
What does the euro mean for Malta?
The benefits affects all sectors of our society. The euro makes life much easier when we travel, import, export and eliminates costs and present risk factors that exist in the commercial and tourism sectors when there is exchange of currency.
The adaptation of the euro also means more jobs; leaders of trade unions and other constitute bodies confirmed this.
The euro will continue boosting our economy and this will further attract high-quality investments not only from the EU but also world-wide, since it is a world currency.
Our country’s economic growth was certified by another two international credit agencies. Moody’s and Standard and Poor’s have certified our economic success and increased our rating.
According to Standard and Poor’s, Malta has the third highest GDP per capita among the 2004 EU entrants. This once again proves that the government’s economic strategy is working. These results will bring further quality investment towards our shores.
This would result in further economic growth for our country. A good example of this is the expansion of Lufthansa Teknik operations on our island. A report by Malta Enterprise, evaluated that the project will leave EUR367 million in our treasury. Apart the financial income, one must also consider that the German company will increase its staff to 550 and must keep these numbers for at least 15 years.
The high level of our educational system is attracting quality investments since it is supplying a capable and professional workforce for future challenges in the various industrial sectors.
This is also thanks to European Union accession. Our accession to the EU is a guarantee of high quality in the services provided. Our standards together with our geographic position are presenting opportunities that could make our country a centre of excellence in various fields.
Let us not forget that all these opportunities could have been lost if the sceptics had their way. Alfred Sant used to tell us that we would be doomed if we ever became a member state. Well that was not the case.
The results accomplished through our hard work are providing further momentum to carry on so that further results could be assured. These results could only be guaranteed with political stability, realistic vision and by encouraging our people and investors to believe in our potential.
It was no easy task to control the deficit and also invest and compete on the foreign sphere. Together, every Maltese and Gozitan must be proud that we succeeded in achieving another European goal. This government faced many obstacles to control the discrepancy in our finances. The path to this success was not a plain sailing one but thanks to our determination, we managed to accomplish the required results.
With the Nationalist Party in government, our country is on the right track and may become a centre for reference in sectors such as ICT, tourism, pharmaceuticals and financial services. This is the reality, dear readers. Our workforce is experiencing a transformation in job quality.
Our vision is to see every person on the island living a better life. Investments made by the Maltese government have raised our standard of living, strengthened the economy and did not raise the income tax, a contrast when considering that Alfred Sant’s managed to introduce 15 new taxes in 18 months. The improvement in our economy allowed us to increase the investment in sectors such as the environment and education, areas whose improvement affects positively all sectors of our society.
Everybody can see the benefits of our accession in the EU. Together we can become the success story Prime Minister Lawrence Gonzi envisions. With the Nationalist Party policy for economic growth and our participation in EU affairs, we have a guarantee of being successful in a globalised world.
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