From where we are standing, there are very few known variables as to how this pandemic will proceed. However, what is certain is that it will irrevocably reshape life as we know it, and by the time this is over we shall indeed be inhabiting a different world altogether. For Governments all over the world this unprecedented event has presented an overwhelming sink or swim situation, where only the very fittest have survived.

Throughout the pandemic we have, as a Government, sought to adapt to the circumstances, robustly support those who were faltering under the sheer weight of the repercussions brought about by the same pandemic while ensuring that our people’s livelihoods are protected at all costs. I believe we are succeeding.

As opposed to several of our European peers, we have, by dint of excellent past economic decisions, been able to set forth from a position of strength, enabling us to wholly sustain families and businesses alike. In fact, according to the latest data published by Eurostat, Malta is the only country out of 27 member states in the European Union to increase employment and create jobs during the second quarter of 2020. This was made possible throughout the pandemic, at a time when other bigger, wealthier countries were struggling, through the launch of numerous schemes, which not only sought to serve as the mainstays for the survival of these same families and businesses, but have simultaneously provided the necessary impetus for the successful regeneration of the economy.

To mention but one, the voucher scheme has borne tremendous results, with data showing that this scheme has generated the spending previously produced by nearly 40,000 tourists in the peak month of last year. This spending has been a life saver for many SMEs, with strong multiplier impacts, as the demand from restaurants and hotels spilled over to many SME-dominated sectors. To put this into a tangible context, the economic injection over and above the vouchers themselves, including VAT, stands in excess of €40 Million.

But away from data and numbers, it would be good to assess the enormous value our SMEs represent for our country’s economy, the backbone on which we prosper or otherwise. Small businesses are essential elements to the wellbeing of our business community as a whole, creating micro-networks which ultimately foster far-reaching affluence, supporting and enhancing the quality of life of thousands of workers and their families. We have recognised early on that to wholly support SMEs is to support a robust economy. This is the gold standard which we have strived to adhere to and one through which we have managed to sustain the livelihoods of several families despite the shocks sustained by recent events.

Our pledge to our people, that we shall always provide a supportive shoulder, regardless of circumstances remains steadfast. We are also fully aware that providing the necessary safeguards to alleviate the implications of such challenging times is an ongoing endeavour and definitely not a one-time event. As remarked by the Prime Minister Robert Abela himself during a conference organised by the Chamber of SMEs just this week, the wage supplement scheme which so far has benefitted around 100,000 employees, will be updated in October’s budget to continue supporting businesses. To this end, the forthcoming budget will also serve as an ideal opportunity to introduce more new schemes and modify existing ones.

While adaptation to the changes in one’s environment guarantees survival, it is only by setting one’s sights beyond the immediate present and grasping at every favourable opportunity, will ensure one’s thriving and success. Here too, we, as a Government, have not only sought to instil this mindset within our business community but have worked and planned inexorably to facilitate for this. We have put in place several schemes and initiatives which encourage innovation as well as robustly assist in the diversification and growth of our SMEs.

Regardless of the turbulence created by the pandemic over the past few weeks, for our SMEs the future is now, now is the time to reinvent old or perhaps stale business models, opt for a bolder direction or implement a greener approach to business. Now is surely the time for the addition of cutting-edge technology to one’s operations. As we have seen over the past weeks, with a huge degree of success, the adoption towards digitalization has helped several SMEs to achieve a better customer reach. From their social media presence to the promotion of their business online, technology has helped the sector in cushioning the blow of slower demand and decreased customer traffic.

This is the way forward in an ever-changing global scenario which is raising a multitude of questions but very few answers. We must be prepared, as a community, as a workforce, as a people, for all future eventualities, not by battening down the hatches and hibernating but by facing the future with courage knowing that we shall once again thrive and prevail. Going forward, as a Government, we fully intend to continue with our strategy to offer the maximum support, at all times, to our families, workforce, and businesses throughout. Only by nurturing fully each link and propelling them forward can we create a bright and prosperous ripple effect for all.