The Malta Chamber of Commerce, Enterprise and Industry on Wednesday said it acknowledges the recently launched Malta Vision 2050 as an "encouraging step forward" in setting a holistic long-term strategy and clear direction for the country. "We note with satisfaction that a number of The Malta Chamber's recommendations have been incorporated," the chamber said.

Of significant importance is the consolidation into one vision, the multiple visions and strategies that were issued separately by different ministries and entities, which at times were repetitive and even contradictory. Another positive aspect is that Malta Vision 2050 lays out a plan that goes beyond the 5-year electoral cycles and it sets out measurable targets which look beyond the country's GDP and look also at quality of life, the chamber said.

Malta Vision 2050 sets forth an ambitious roadmap and its success or otherwise will depend on its implementation. If implemented well, it will represent a significant step forward in ensuring the sustainable economic, social and environmental trajectory of our nation. Hence the importance of clearly defined Key Performance Indicators (KPIs) and proper monitoring. MCESD must be consulted and kept abreast on a regular basis on the Malta Vision 2050's implementation progress. Equally important is budgetary alignment and resource allocation to support Malta Vision 2050's strategic objectives - it is essential to place capable individuals in public institutions and international roles to advance this vision, the chamber said.

Malta Vision 2050 is a living vision, one which also needs to ensure adaptability in response to changing circumstances such as technological advancements or evolving economic trends. Furthermore, any future initiatives must be aligned with this vision to ensure coherence and a long term impact.

The Malta Chamber said it remains committed to working with Government and all stakeholders to ensure that the Malta Vision 2050 achieves its objectives. Getting the Malta Vision 2050 right should be one of the collective resolutions that the government, opposition and all stakeholders should work towards. Consensus is not a sign of weakness but of political maturity, which we need to see more of, especially in relation to strategic long-term decision-making, the chamber said.

Malta Chamber of SMEs welcomes Malta vision 2050

The Malta Chamber of SMEs meanwhile also welcomed Malta Vision 2050, which aims to reshape Malta’s future towards a more sustainable economy.

“The SME Chamber has long advocated for the need for a comprehensive national vision, highlighting this both in various fora and in its Budget proposals. In line with this vision, the SME Chamber urges stakeholders and policymakers to ensure that SMEs are placed at the forefront of this initiative. As primary contributors to the Maltese economy and the backbone of the country, SMEs must be central to the development and implementation of the Vision,” the Chamber said.

“Malta Vision 2050 presents a unique opportunity to create a thriving economy that adapts to the evolving global landscape. In this context, it is essential that the voices, concerns, and ambitions of SMEs are integrated into the framework of this initiative.”

It noted that SMEs account for over 99% of all enterprises in Malta, while 97.8% employ fewer than 50 employees. “Our businesses are not only integral to driving economic activity; they are also vital in creating job opportunities and supporting local communities.”

For Malta Vision 2050 to be truly effective, it must prioritize and recognize the needs and contributions of SMEs and the self-employed, the Chamber of SMEs said. It encouraged that this initiative be driven by technocrats and industry experts to ensure its effectiveness and relevance.