The PN on Thursday presented what it described as a 'vision of excellence' for Malta, consisting of what it said are eight strategic points which need to be addressed for Malta to have a better future, ahead of the upcoming Budget at the end of the month.

Opposition Leader Bernard Grech said in a press conference that the PN's 'vision of excellence' for Malta is a promise of integrity, to build and gain the trust that the government lost.

He said that the vision focuses on transparency, responsibility and sustainability, as well as changing and strengthening the country's current economic model.

"Malta will not continue to excessively depend on foreign non-EU workers, as we will invest in our people and industries," Grech said, adding that under a PN government, the nation would become a centre of creativity and innovation, with a sustainable economy benefiting everyone.

He added that the PN's vision is determined to safeguard democracy, a "precious treasure" which must be protected.

PN spokesperson for finance Jerome Caruana Cilia said that the Budget should not solely be the process of government's income and expenditure, but also a political statement, and that government must take this opportunity to look at the country's long-term economic vision.

Caruana Cilia said that there has long been the need for a new recipe for the economic model, but the country should also not ignore the government's current debt situation, which stands at more than €9 billion. He added that the deficit of the GDP ratio is around 5%.

Caruana Cilia continued that Malta also has the highest rate of inflation it has had these past 25 years, and since March, the Maltese worker has been experiencing a higher cost of living, more than many European workers.

He reiterated proposals which reduce the inflation impact, such as removing tax from COLA, adopting a national fund for exportation and importation, as well as a new economic model with new economic sectors which aim for quality jobs rather than cheap labour.

Caruana Cilia also said that the rate of Malta's productivity compared to the EU average is significantly lower, and the average value added is also low.

He continued that the country, today before tomorrow, must invest in its education and skills, healthcare, reduce bureaucracy in the market, create new economic sectors, fix its brand and reputation, invest in infrastructure, transport, and long-term planning.

PN MP Ivan J Bartolo detailed seven of the eight strategies that Malta must implement to direct economic growth towards a positive direction.

Bartolo said that we cannot "turn off" one economic model, and "turn on" another, and so he appealed for a concrete element of business continuity, which offers peace of mind for citizens and the PN that population numbers go back to reasonable figures.

Additionally, there should be peace of mind for Maltese businesses which are currently employing Third Country Nationals (TCNs), ensuring that businesses do not lose their workers, but rather implement complete transparency on the entire job process.

The second point the PN has made is that Malta needs positive branding, as it is clear that the country currently has a reputation problem.

Bartolo said that Malta must be branded with integrity, and that the PN in government would appoint a marketing and outreach team for this project, to promote Malta as business friendly.

He said that the country needs a plan with clear deliverables and Key Performance Indicators (KPIs) to put Malta at an international level.

The third strategy is for Malta to have a framework for start-ups, with schemes which attract Maltese investors in a strategic way, serious marketing and promotion schemes as well as a Malta Skills bank which focus on people's potential.

The fourth strategy is stakeholder engagement, with a new attitude and government commitment in taking on a facilitator role.

Bartolo said that government must find solutions with stakeholders and social partners, by dialoguing and listening to people's needs, then implementing them.

The fifth strategy is to work on existing sectors which have been in Malta since the 90s, being iGaming, financial services, Fintech, the maritime, Lifesciences, pharmaceuticals and aviation.

The PN said there should be workshops on Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis and workshops on change management.

Bartolo said that an investment plan must consist of clear deliverables, budget, timeline, and that new jobs are created.

The sixth strategy is the creation and definition of new economic sectors, such as metaverse, compliance and due diligence services, 3D printing, robotics, Artificial Intelligence, e-sports, production of video games, strengthening sports from medical and tourism aspects, strengthening the energy sector and social enterprises.

Bartolo spoke about the seventh strategy, being marketing and USP development, where it identifies Malta's Unique Selling Point (USP) for each existing vertical industry, turning the country into a hub of excellence which attracts investors, quality jobs and a good quality of life.

PN MP Ivan Castillo then presented the last strategy which is that of workforce management, where the country must reduce the dependence on cheap imported labour, and increase productivity.

He said that there should be the tools to address overpopulation, as well as VISA tapering, and assessing of skills gaps to bring in foreign workers according to skills needed.

Castillo said that there is the need for financial fiscal incentives as well as educational incentives, which would require a worker to take a basic course in Maltese before their work permit is extended.