Work and job creation have underlined some of the most significant decisions undertaken by this administration throughout this legislature. For the last four-and-a-half years, this government has consistently committed itself not only to supporting the country’s existing structures but also to continuing to reinforce a whole bulwark of initiatives that foster inward, direct investment and individual private investment. These initiatives have mainly come in the form of all types of vocational training, be it technical or academic, always with a keen eye on generating jobs especially where the market dictates.
This country is investing millions annually to sustain a wide spectrum of projects including the building of new schools, the setting up of ever more leading-edge training courses with their attendant infrastructural needs and sustaining job-seekers through manifold ETC initiatives. Primary among the government’s objectives is job creation with an enhanced value added. We have long realised, and rightly so, that only specialised and increasingly technical skills will attract proper investment and in turn generate higher-paid jobs.
Frankly, these remain treacherous financial and economic times. The financial crisis followed by the eurozone debacle has scythed hundreds of thousands of jobs across the European continent. Waning prospects, diffident investors and an ever-pressing globalised employment market have ravaged a number of given truths about the mechanics of job creation. In a scramble to remain afloat many businesses, be they manufacturing or otherwise, have embarked on savage cost-cutting (redundancies!). This in turn slows down an economy and stymies job creation. Few countries have managed to either avoid or somehow mitigate this slow burning recession that threatens to destabilise the entire world economy and Malta has had its fair share of these challenging times.
Malta’s economy remains an open one, almost entirely dependant on commerce, especially of the external kind. Throughout 2009 and 2010, this administration had to contend with the real and present danger of massive job losses, especially in the manufacturing sector. No one can deny that, throughout this period, Lawrence Gonzi’s government was quick to react to the changing economic situation. Through fiscal and cash incentives, we have managed to save approximately 5,000 jobs that were severely threatened with unsavoury consequences, had this happened. At the same time, the government had to remain vigilant in order to scoop up any opportunities for further inward direct investment that would enhance our chances of avoiding the worst of the crisis. In all fairness, flexibility and a willingness to rise to the challenge by both unions and workers played a significant role in the matter.
Of course that was then! The ongoing eurozone saga threatens to overturn the applecart once again. In a furiously-paced world economy, markets change in an instant. The latest economic statistics have revealed not only that we are now in a statistical recession but also the realities beyond our shores. Consistent policies and the rapid implementation of planning is the only antidote for Malta to continue avoiding the worst of the European recession. In this sense, vigilance and flexibility must be adopted by sound government decisions and realistic demands from unions and their members.
A brief look at a number of effective measures implemented throughout this legislature confirms the intense drive this government has adopted to keep our job market afloat and moving forward:
During the 2008-2011 period, 20,000 jobs were created and became a reality for Maltese workers.
In the same period, a staggering 43,000 requests from employers were lodged with the ETC requesting more workers.
The government has managed to save an estimated 5,000 jobs that could have been lost through the financial crisis.
A large number of training and re-training schemes have been established. The main aim of the latter was to address the need for the adoption of new skills and the refining and updating of existing worker capabilities. Fiscal incentives were introduced to encourage women to enter the workforce or re-start their working careers.
Microinvest and microcredit initiatives boosted many self-employed and small businesses, enabling them to invest in the upgrading, retraining and hiring of new employees in diverse sectors of the economy. It is estimated that over 1,050 small businesses have already benefited from these schemes.
In this period, 130 applications for the building or extension of factories have been approved. All this has meant an injection of around €320 million into Malta’s economy.
€270 million of the above is attributed to fresh foreign direct investment which means that, in addition, these projects are generating a potential 3,400 new jobs.
With a massive injection of EU funds, Malta has embarked on an enormous restoration campaign, coupled with large infrastructural projects that have directly supported a flagging construction sector. Hundreds of jobs in the sector have been preserved, thanks to these timely projects.
The Aviation Park is one clear example of the government’s determination to diversify into new markets with specialised requirements. This industry will translate into over 100 highly skilled and highly paid jobs.
To sustain these specialised requirements, the government is investing no less than €120 million in the building of a brand new campus for MCAST, equipped with state-of-the-art equipment tailor-made to fulfil the needs of a more specialised workforce of the future. Further investment is being made in Malta’s first ultra modern BIO Park that hopes to host some of Malta’s most brilliant minds focused on research and innovation.
These are only some of the principal headlines and the more prominent decisions that are buttressing Malta’s economy and its job market. Sadly, we very often hear the Opposition lament this government’s inertia, incorrectly – or more accurately unfairly – describing Malta’s economy as ‘stagnant’. One instinctively asks Labour about its alternative plans to this successful strategy. As has now become the norm, answers remain lacking, or should I say postponed!
In the meantime, the government must remain focused on the current challenges. These challenges require a steady hand and a consistent, realistic vision for the future that upholds the old adage: “When your work speaks for itself, don’t interrupt!”
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