Issue link: https://maltatoday.uberflip.com/i/1382687
maltatoday | SUNDAY • 13 JUNE 2021 12 COMMERCIAL THIS week, the Government launched the consultation process of Malta's Eco- nomic Vision 2021-2031 focusing on in- novation and creativity, the use of digital media for productivity and competitive- ness, converting education through skills development with sectoral employment, considerations of environmental issues, and the continued strengthening of the regulatory scope of business. This was launched during a confer- ence addressed by Prime Minister Rob- ert Abela and Minister for the Economy and Industry Minister Silvio Schembri in which a number of discussions were held with local stakeholders. Named 'A Future-proof Malta – a nation of cour- age, compassion and achievement', the consultation document is divided into five main pillars which are: • Sustainable economic growth to improve the quality of life • High quality infrastructure and investment • Education and employment • Environment • High standards of accounting, governance, and the rule of law Each of these pillars presents a mis- sion whose purpose is to set priorities for the next decade and to lead to 'A Fu- ture-proof Malta'. Prime Minister Robert Abela said, "Today we are paving the way for the next decade where our country will become a centre of excellence, wor- thy of being the best in Europe and in the world. Before, we wanted to reach the average, now we want to reach the peak". He recalled how our country has built a sustainable and robust economic poli- cy over the years. This is the reason why our country was able to withstand the turbulent episodes brought about by the pandemic, where the government doubled the expenditure for health and education, was a shoulder for business- es, protecting the interests of all, and adopted a holistic vision which prevent- ed anyone from falling behind. To maintain the level reached by our country's economy and even improve upon it, we need a greater effort to make the next leap, said the Prime Min- ister. To do this we need to transform the education system in a significant way so that education is no longer just a defined phase but an ongoing process. "Only with a different education sys- tem can we build an economy where the quality of life improves," he said. This along with a strong investment required for our infrastructure for our country to remain competitive. "That is why in the midst of a pandemic we announced the largest industrial infrastructure plan ev- er designed for our country," the Prime Minister continued. He reminded that complementing these two pillars is gov- ernance, accountability, and the rule of law which we must continue to protect and enforce. He also mentioned that one cannot have a healthy economy if the environ- ment is not healthy, and one cannot have a protected environment if the economy is weak. This means that en- vironmental transformation is the best economic opportunity this generation holds. "To build a carbon-neutral soci- ety, we anticipate years of investment ahead of us which will create great op- portunities for both existing and pro- spective businesses," he said. He ended his speech by calling for uni- ty which will ultimately strengthen this vision and build new prosperity. On his part, Minister for the Econo- my and Industry Silvio Schembri re- called how a year ago during a global pandemic, one of the largest COVID-19 economic recovery packages in the world was launched, which implement- ed measures which saved over 100,000 jobs. Now that this situation has passed, we can look ahead and, therefore, it is time for an economic vision which leads to longer-term plans which concern and will impact the whole country. Schembri reiterated that in addition to improving the quality of life of the citizen, this vision also aims to foster a new mindset when it comes to poli- cy-making, innovation, and tangible achievements at the heart of economic growth, capable of addressing emerging challenges, while identifying relevant solutions. He also explained how this will be carried out through consultation and collaboration between all government ministries across the board. The discussion process will also be open to the whole of society, as well as industry and business, in order to share ideas on the direction to be taken to fi- nally strike a balance between econom- ic prosperity and the protection of the environment. Schembri reaffirmed the government's commitment to building an economy that respects the principles of social justice, equality of opportunity, and benefits that will ensure the wellbeing of the many and not the few. He said how this exercise will bolster this island into a nation of the future and will ensure a prosperous economy for all. Among those who will benefit from this exercise, the he mentioned: • Students who will enjoy better quality, well-paid jobs • Entrepreneurs/business leaders who through innovative and com- petitive new economic niches will be able to operate in a stronger and more dynamic environment • Pensioners who will benefit from the support and improvement of our commitment to the older gen- erations through increased eco- nomic growth • Working families who will benefit Prime Minister Robert Abela and Minister Silvio Schembri launch the government's Economic Vision for 2021-2031 built around five economic pillars which showcase the nation's courage, compassion, and achievements and lead to discussions with society and business for the next decade Government kicks off public consultation on