Issue link: https://maltatoday.uberflip.com/i/1359283
8 OPINION 8.4.2021 S oon aer being appoint- ed Minister for Research, Innovation and the Co- ordination of Post-Covid-19 Strategy, Owen Bonnici ap- pointed Professor Simone Borg to head a steering group tasked with draing a post-COVID strategy. She heads the Department of Environmental Law at the University and will lead seven other members (including po- litical appointees) to design a post-COVID strategy. It will give birth to a much-awaited Renaissance roadmap. is is no minnow achievement - it reminds me of the quest for the Alchemist stone that dur- ing the Byzantine period was proverbially thought to change base metals into gold. Still, Bonnici is to be con- gratulated for quickly hosting a strong team with an aim to be the catalyst for change. is can light the fire to reach a sustained economic and so- cial Renaissance - post the deprivations caused by the pandemic. Officially, the steer- ing group is expected to take stock of our economy, and in- troduce new streams of niche markets. Ideally Borg will blaze a path to show stalwarts of business how to consoli- date the economic sectors that have enriched our lives during the "L'Aqwa Zmien" surplus scenario. is is a tall order and there are many obstacles in the way especially when real change is involved. Obviously, apart from eco- nomic change there are a number of equally important improvements that must en- sue in the environmental, health, education and well-be- ing of the island. is will not happen overnight, yet it is in- teresting to keep in the mind that the study is targeted to be ready by Imnarja (is this rush due to a looming general elec- tion frenzy hanging in the air - possibly around the fall)? e role of the new research and innovation ministry fits the scene like a glove. One hopes this is not paying lip service to such an important ingredient of change, as we need more resources to beef up our lackadaisical approach to R&D. is strategy has to be multifaceted and reflect alternative scenarios in order to enable us to respond to post-pandemic realities with diligence and prudence but also with a certain degree of agility. It stands to reason that the steering team must inculcate the need for higher value-add- ed sectors which are sustained by indigenous research and development skills. is chal- lenge looks us straight in the face. Simply put - we need to invest money where our mouth is. is means Malta starts by enriching our re- search and development eco- system to reach an annual sum of 2% of GDP (circa €250m). It goes without saying that this is no mean task since so far, we only afforded 0.67% annually. How can we harness the transforming power of re- search and innovation to accelerate the transitions post-covid? Our society des- perately needs – a sustaina- ble new economy for health, wellbeing and equality in its broadest sense. Are we seiz- ing the once-in-a-generation opportunity of massive public spending to boost economic resilience by investing in re- search and innovation? As part of the EU, we know that specific funds have been allocated to help a post-Covid revival. Consider the financial means of €1,8 trillion in the EU financial settlement fund for the next seven years includ- ing €95,5 billion for the largest ever research and innovation framework programme: Ho- rizon Europe. e European Commission has just conclud- ed a €1bn call for research and innovation proposals directly linked to delivering the Euro- pean Green Deal. Malta needs to apply for funds in the Recovery and Re- silience Facility (RRF). is is a top objective for Prof. Borg's Steering group as it will pro- vide an early support to Malta post-COVID investment and reform strategies. With nearly €672.5 bn to support Member States' national recovery and resilience plans, the RRF will create synergies with other EU financial programmes like the structural funds in support of the green and digital transi- tion. Perhaps part of the reform will be a shake-up in Malta Enterprise. e aim is to incul- cate a sense of 'yes, we can' at a time when the EU economy is set to face a slowdown. Re- search and development that so far has been the Cinderella in our industrial kitchen with only lip service paid to catch up on opportunities that hin- dered growth among start- ups. No real venture-capital facilities exist and access to bank finance is wobbly. e good news is that Min- ister Bonnici's incumbency includes the enhancement of investment in Innovation and consequently so the writer thinks that PKF's past efforts to attract a world-class or- ganisation in this field does not come a moment too soon. Alas the dream of having an innovation and business ac- celerator centre of calibre will prove to be a true catalyst to anchor existing manufactur- ing community and attracting new ones. is roadmap is an ambitious one as post-Covid European governments compete to at- tract international companies and start-ups particularly in fintech, A.I and blockchain technologies. is culminates in the nexus of redrawing the ecosystem in start-up support for niche markets to compete in the digital world. I recall a number of pioneer- ing trips three years ago, by a delegation from PKF (with support of Malta Enterprise) which visited the Massachu- setts Institute of Technology (MIT) in Boston, USA to ex- plore links to promote Malta as a domicile for business ac- celerator and/or Life Sciences. Ideally a hub for innovators, inventors and entrepreneurs. Another interesting landmark is the Boston-based Cam- bridge Innovation Center (CIC). is houses more than 1000 companies in close to 50,000 square metres of pre- mium office and co-working space across 8 facilities, in- cluding its expansion in St. Louis, Missouri, Miami, Rot- terdam, Warsaw and Sydney. In conclusion, PKF augurs that the steering team will suc- ceed to attract a world class organization in his field. e pace and scale of the global challenges of climate change, the flailing Euro and the dig- ital revolution require us to be proactive in framing our post-COVID responses to en- sure a sustainable, healthy, re- silient and fair inheritance for future generations. The post-Covid renaissance czar George Mangion George Mangion is a senior partner of an audit and consultancy firm, and has over 25 years experience in accounting, taxation, financial and consultancy services. His efforts have seen PKF being instrumental in establishing many companies in Malta and ensured PKF become one of the foremost professional financial service providers on the Island Owen Bonnici