Malta must work to restore its reputation if it wants to attract foreign investors, Opposition Leader Adrian Delia said on Friday.

Speaking at the EY Attractiveness Event, Delia said Malta’s reputation, which was previously second to none, has recently “gone through a storm.”

Asked how he would pitch Malta to potential investors, Delia said he would promote Malta’s legislation, jurisdiction and the actual product. There must be a robust framework, in a world where scrutiny has become one of the most important measures investors evaluate.

First and foremost, however, the country needs to fix its reputation. “We need to remove this threat from in front of our eyes,” he said. “We need to take measures, drastic if need be, to cut off the areas that are paining us most.”

Turning to the subject of employee salaries, Delia said employers are trying to increase wages but the cost of living and property is increasing at an even faster rate.

“There is a debate right now, on whether the economy is actually growing as a result of the population growth.”

Asked whether the Opposition wanted to “press the brakes” on the economy, Delia said this was not the case – that is what the government was claiming. “We are not talking about brakes, but balance. We need to really understand the carrying capacity of this country, and that bringing in more foreign workers without planning for it will lead to consequences.”

Forward planning is required, Delia continued, explaining that previous administrations had planned ahead when attracting particular economies to Malta. More investment in education and training is also needed. “We need to pick and choose the best sectors to come here.”

Asked about Malta Air, he said he could not give an informed comment because the government had kept the agreement hidden.

 

Photos: Alenka Falzon