Our country, very much in line with the rest of the world, has just come through a tumultuous time. Malta has fared excellently, both in health and economic terms. After the unprecedented measures that the government launched in the past weeks, which in essence have saved thousands of businesses and jobs and largely prevented the socio-economic consequences this extraordinary scenario could have brought about, we are now shifting our focus on the re-stimulation of our economy in a bid to continue with our long-term vision to generate wealth throughout all strata of our society.

As a government we have indisputably managed to steer a safer and healthier Malta through an unprecedented pandemic and taken vital action in a timely and efficient manner to limit extensively the damage from its fallout.

A series of new measures to boost public spending intended to preserve the economy, targeted and tailored to the circumstances we are currently in, have been set in motion. Our three-pronged approach ensures that firstly businesses that have experienced a decrease in turnover in recent weeks are able to address costs. The second measure deals with the need to increase consumption. The third aim is to address the supply side. These include the reduction of electricity bills for businesses, the business rent subsidy, the reduction in the cost of fuel, €100 in vouchers for every person aged 16 years and over, raising of threshold for In-work benefit, 33% refund for hauliers, another tax deferral, reduction in property tax, both for buyers and sellers, a refund of up to €2,000 for all those couples who due the pandemic have had to postpone their wedding, as well as introducing substantial measures to help export.

The latter will be crucial in mitigating some of the adverse effects faced by Malta-based exporters. Just this week the TradeMalta Export Response Scheme was launched with a fund of €400,000, which will be assisting at least 120 companies to invest in digital marketing channels to promote their products and services internationally and train their staff in digital marketing tools through eLearning courses.

Businesses can benefit up to €10,000 with a 50% refund for eligible costs. This measure is retroactive to cover related expenses dating from 1 March 2020. At the same time, it addresses another important requirement, that is, to increase international visibility via digital channels, which have become extremely important during the Covid-19 crisis and are expected to remain so for the near future.

In simple terms, this is what the Post-COVID19 regeneration plan is all about. It is a plan which takes into consideration the damage sustained by every sector of our economy while diligently investing and paving the way for a futuristic economy which despite the turbulence of the past months has managed by dint of the government’s timely and visionary strategies to remain resilient and agile.  

In view of such challenging times, the toughest decisions had to be taken in the best interest of our national airline Air Malta to ensure its sustainability and for it to be able to compete in this new era. Amid such adversities, the aviation industry was impacted negatively and soon enough it shall start gaining back its feet, Whilst I thank everyone who did their part and their own sacrifices, once again I appeal to the pilots to vote in favour of the proposal that is being put forward for our national airline to overcome this hurdle and safeguard all jobs.

By virtue of our past performance, we have been able to steer the country through this unprecedented storm that hit at the time when the Maltese economy was at the peak of diversification, highly resilient and with enough fiscal space to fight this crisis with great confidence and substantial resources.

While during tempestuous times, numbers may not account for much for the average person, it is good to note that despite the pandemic, during the first quarter of this year, our country’s GDP recorded real growth of 0.5% while in nominal terms, GDP increased by 1.9%. These figures show that Malta performed quite well compared with the European and Eurozone average. Indeed, according to Eurostat, during the same period economic growth in the Eurozone recorded a decrease of 3.2%, while the EU economy shrank by 2.6%.

Also, during the first quarter of the year, wages and salaries increased by €78 million. Business profits also increased by €36 million in this period. After deducting the value of €55 million in subsidies granted to companies through the new measures in that period, economic growth in the first quarter was driven by an increase in gross value added of €72 million as many areas recorded positive nominal growth rates.

Encouraging numbers indeed, but in tangible terms, the significance of these figures is the way they translate in the wellbeing of our businesses, our workers and their families and consequently our economy.  

To adapt and welcome more investment in our shores, an extensive industrial infrastructure project will be launched amounting to €400 million. This is the right time to embark on an ambitious project for our country to re-emerge with a competitive edge in a new normality and be able to attract investment and new concept of businesses which starkly complements our stance in diversifying our economy.

I can proudly say that not only we have had the shrewd vision to steer our country clear of the destruction this pandemic could have brought about, but we are now ready, more than ever, to act diligently towards a more futuristic-led economically successful Malta.