Prime Minister Robert Abela announced that a major investment expected to generate green jobs and quality careers will be inaugurated on 28 October, in the days following the Budget.

He also referred to another quality investment in the hospitality sector that is set to be inaugurated and said that the coming Budget will include, for another year, an increase in pensions.

Abela was speaking in a dialogue meeting entitled “Stability and Peace of Mind for Families and Businesses” organised by the Labour Party.

The Prime Minister emphasised the importance of Malta continuing to create the best possible opportunities for young people and families in Malta and Gozo. He highlighted the broader concept of wellbeing, explaining that the Government now has a mandate to implement a programme based on a wellbeing index comprising various criteria aimed at improving quality of life, including education, health and work-life balance. Abela reiterated that a Labour Government is politically committed to improving families’ quality of life by 25% over the course of this legislature.

During the discussion, which featured Keith Azzopardi, the owner of an innovative start-up; Nicole Farrugia, a young lawyer who recently graduated; and psychotherapist Daniel Farrugia Camoin, t Abela explained that the Government wants to stand alongside people and protect them, not only through financial investment but also through measures such as energy and fuel subsidies.

Abela also referred to a recent survey by internationally renowned research company Opinium, which ranked Malta 14th worldwide among countries considered favourable for starting businesses and investing this year.

Speaking about support for businesses, Abela referred to the Start-Up Festival, where it was announced that 50 start-ups had received a total of €15 million in financial assistance to expand their operations. “These businesses have already created around 250 quality jobs, with an average salary of €46,000”, Abela said.

The Prime Minister also recalled an initiative introduced during the first 100 days of the new Government. Through this measure, young people aged between 18 and 30 who are entering the business world for the first time can benefit from financial assistance covering fees related to setting up and maintaining a company, as well as reimbursement of legal costs associated with its incorporation.

Another initiative delivering results in innovation is Malta Venture Capital, through which the Government has established a new instrument to partner with promising innovative companies and support their growth. “We have already invested more than €4 million in 14 companies operating in different sectors, including fintech, medtech and artificial intelligence”, Abela said.

Abela also referred to his visit to the Alternative Learning Programme (ALP) in Paola, as well as to several businesses and workplaces, where efforts are being made to ensure that everyone has the opportunity to realise their talents and potential in Malta.

The Prime Minister stressed that the forthcoming Budget would continue to provide stability and peace of mind, sustaining investor confidence among both large employers and self-employed individuals, whose full-time workforce currently numbers 32,500.

He said working parents would once again benefit from income tax savings, while all workers would continue to benefit from a tax cut now entering its third year. This would be accompanied by another year of investment in pensioners. All this, he emphasised, would be achieved while maintaining the country's strong fiscal position.

During the discussion, Keith Azzopardi spoke about the resilience and perseverance of Maltese entrepreneurs, highlighting the incentives he had received to develop a product unlike any other in the world.

Psychotherapist Daniel Farrugia Camoin discussed the wider concept of wellbeing, explaining that a Government that stands alongside people invests in families and businesses in ways that go beyond financial incentives. He highlighted the importance of work-life balance and ensuring that families have more quality time together.

Nicole Farrugia shared her experience as a student and her transition into the world of work. She highlighted the increase in the stipend she received between the time she started university and when she was approaching the completion of her course.

Professor Janice Formosa Pace, Head of the Department of Criminology at the University of Malta, and Philip Fenech, Vice-President of the Chamber of SMEs, also contributed to the discussion. Professor Formosa Pace emphasised the importance of safe communities. She explained that periods of economic growth are often accompanied by rising crime rates, but that this has not been the case in Malta. Referring to the challenges faced during the summer, she noted that the authorities had stood alongside the public and taken action, while the Government had strengthened deterrents against vandalism and breaches of public peace.

Meanwhile, Philip Fenech highlighted the importance of energy subsidies and referred to the WTTC Summit, noting that Malta had never before brought the world's leading investors together under one roof to discuss their confidence in the country and their willingness to invest in quality.