We cannot continue to measure economic success by GDP figures alone. Thankfully there seems to be some kind of consensus about this.
As new Shadow Minister for the Economy, Technology and Strategic Projects, I believe Malta has reached a turning point. What may have worked in the past, albeit with its teething problems, and issues of over-heating, will surely not work in the future. The next decade demands a new approach built on innovation, productivity, technological edge and long-term planning.
For too long, has the Labour Government focused its economic success on quantity rather than quality, by how many people enter the labour market instead of how productive that labour becomes. That model has reached its limits.
Businesses across Malta are struggling to recruit skilled workers, are facing rising operating costs, are encountering excessive bureaucracy that delays investment and discourages innovation. Sadly, these are not isolated cases, but symptoms of an economy that needs to evolve.
Our objective must be to build an economy that creates more value rather than simply more volume. That is how technology will play a central role in achieving that transformation in the next years.
Artificial intelligence, advanced data services and the emerging space economy are no longer futuristic concepts. They are defining and revolutionising processes completely. Malta has every opportunity to participate in this transformation, but only if government provides the right legislative framework, invests in skills and encourages innovation.
The Nationalist Party has proposed building entirely new economic pillars around artificial intelligence, data-driven industries and New Space technologies, supported by legislation, specialised institutions and targeted incentives for innovation. It has proposed financial support for small and medium-sized enterprises to adopt digital technologies and AI tools, recognising that digital transformation should not be reserved for large corporations alone.
It doesn't matter who had the good idea. If its implementation will benefit the country and our people, we will push for its implementation, from the Opposition benches as well.
Our greatest competitive advantage has always been our people. That is why investment in skills must become a national priority with lifelong learning becoming the norm. Workers must be empowered to reskill throughout their careers, enabling them to adapt to industries that are evolving faster than ever before. A modern economy requires continuous investment in human capital just as much as it requires investment in physical infrastructure.
That is why the country's strategic projects must be committed to, based on the value they create over decades, rather than political expediency or knee-jerk reactions. Transport, energy security, digital infrastructure, logistics and research capability should all form part of a coherent national strategy that prepares Malta for the economy of 2040 rather than simply responding to today's pressures.
Above all, we must never forget that the economy exists to improve lives, not the other way around. If businesses succeed but families struggle with quality of life, something is wrong. If investment increases but young professionals continue leaving Malta, something is wrong. If productivity stagnates while costs continue rising, something is wrong.
Together with my colleagues in the Nationalist Party, under the leadership of the Leader of the Opposition Alex Borg, we will continue to ensure that our economy is built on creating sustainable prosperity by investing in innovation, strengthening competitiveness, empowering entrepreneurs and placing technology at the service of people.
Darren Carabott is the Nationalist Party's Shadow Minister for Economy, Technology and Strategic Projects