The country should focus on digitisation and the green economy in the road ahead for economic recovery from Covid-19, Prime Minister Robert Abela and Opposition leader Bernard Grech said at the Annual General Meeting of the Chamber of Commerce.

Abela remarked that 2020 will be long remembered, saying that “it was a year that saw us join forces together to face the strongest challenge our nation has faced since the Second World War. Had we stood on our own, we would have been defeated.”

“While government did not shy away from taking on financial burdens, which were unprecedented, our nation’s future recovery would not have been possible without the contribution of all other stakeholders. While we may have disagreed sometimes on certain details, we all agreed on the overall economic strategy and its ultimate aims,” Abela remarked.  

He acknowledged that the Chamber of Commerce played a key role in the national effort which focused on supporting the needs of Malta’s business communities and workforce. “Throughout the past 12 months, we have worked closely together on improving policies to make them more suitable and to change them as needed.”

Abela pointed out that the results that have come out are positive. “I am pleased to say that the results speak for themselves; a steady decline in unemployment since June; a steady decline in the number of firms dependent on moratoria since august; a steady increase in optimism and firm’s deposits with banks. In the last quarter of 2020, Eurostat showed as having the largest quarter on quarter growth in the Euro area.”

“The path of our economic recovery is clear and tangible. To counter the rise in cases due to the variant, restrictions on economic activity were required,” he said.

Whereas last year the government were still devising the economic tools, the system is “up and running”, the PM noted.

Abela noted that the chamber was key in developing the vision of the government for the economic recovery.

The PM said that this was the first time the economic vision was built on a “holistic approach”.

He said that Covid-19 has thought the government that future success depends on two transformations, “the digitalisation of our economy and society, and adopting the green revolution.”

“I understand that for many businesses, the thought of undergoing radical change after such an economic shock may appear daunting… postponing change after such an economical shock would not be the right choice,” he stated.

“If the business community continues to work with Government and devotes its energy and dynamism towards the twin challenge of digitalising and Greening our society, as team Malta I am sure we will successfully build a new prosperity together.”

Opposition leader Bernard Grech said that the recent measures announced by the prime minister took the country back to square one “in a year the country was promised a recovery, the financial community has found itself in a stage of deja vu.”

Grech remarked that he has questioned a number of times the sustainability of the economic model that the Government followed. 

 With lack of tourism and foreigners leaving the country, Grech remarked that these will have “significant economic ramifications on consumption, real estate, retail and related spillover effects”.

He also highlighted the reputational damage which he accused the government of causing and of "shady people".

"We need agility to transform and re-engineer our sectors to ensure that our collective sectors are in sync with new market realities," he said.

He commended the fact that the Malta Chamber has been motivating businesses with this objective of innovation since July last year.

The PN leader mentioned a number of key areas which the Opposition believes need to be worked on. One of them is for Malta to establish itself as an international education hub and to nurture a strategic vision to establish an ecosystem in health and well-being.

He also pointed out that the country needs to be "fully committed to start a green revolution in our mentality".

"This is why we have unveiled our plan for energy," he said. 

If elected as prime minister, Grech said that the marine and maritime sectors will be given the priority and attention they deserve.

The Opposition leader also highlighted digitization and future technologies as one of the highest priorities the country should focus on, as they should be "the backbone of our economic efforts".

Grech also said that his vision for Malta to recover post-pandemic rests on 5 factors: "The need for business to take up a more central role in the economy; the need for economic players to contribute to a real and effective quality leap; creativity and innovation; a system of education which is modern, relevant inspiring and holisitic and; the need for government to play a directional supervisor role through regulation in this process in order to ensure fairness, proper governance, equality, equity and an even and socially just distribution of wealth."

He said that if elected as prime minister he will adopt an open-minded approach. "Challenges are not insurmountable, this current situation is not our final destination. It is just another challenge which we need to face together."

 

The President of Malta, George Vella, observed that “despite the never-ending odds and an unfolding dramatic scenario, the chamber did not only perform, but performed very well.”

The president said that the Chamber of Commerce was an example of how “an organisation, ably led by a determined team, which followed a sound, fact-based no-nonsense strategy could keep organisations and institutions afloat.”

“Covid-19 has taught all of us where our priorities should lie and made us adapt a new set of parameters,” he concluded.