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4 NEWS 24.6.2021 THE national consultation process on Malta's Economic Vision 2021-2031 continued with a discussion with lead- ers from various private sectors of the Maltese economy, coming from the manufacturing, gaming, digital sector, financial, telecommunications, proper- ty and other industries. Economy minister Silvio Schembri said that the government is driven by innovative, outcome-oriented solutions to continue to advance digitally and be amongst the top global economies, with national competitiveness as its core value. He said that such standing will be achieved through harnessing a quality-seeking mentality, high-value driven industries, a strong infrastruc- ture, technological prowess and robust government policies aimed at fostering creativity, courage and compassion. roughout their interventions, many expressed positive reactions to the eco- nomic vision 2021-2031 for national consultation and said that they consider it as a crucial milestone for the build- ing of a long-term holistic future for our country. ey provided specific insights and recommendations on key strate- gic issues that they face, together with further sharing of innovative ideas that Malta should consider in the coming decade and its impact on the local cor- porate sector. ey said that they look forward to collaborating with the government in its implementation and diffusion amongst the private sector. In this regard, Schembri welcomed the interest from business leaders to con- tribute their thoughts, as the govern- ment's mission is to bring together the country's best ideas, for an economic vision that will lead to a better quality of life. He noted how for the business sec- tor such a document provides oppor- tunities to plan for investment in new economic niche markets. "e success indicator of Vision 2031 will depend on us all, our collaborative effort to create an economic future that is by everyone for everyone," he said. "You can help us to implement in the best way, the economic vision of our country". roughout Schembri's presentation, practical policy guidelines were provid- ed with reference to each pillar. In re- lation to sustainable economic growth, he said that the aim is to safeguard the retention of current growth industries while cultivating new niches. When it comes to high-quality infrastructure and investment, commitment remains towards the creation of a vibrant in- vestment environment for domestic and foreign entrepreneurs to become a thriving regional hub for start-ups. Schembri referred to the importance of skills-matching with the current needs of the jobs market, with the lat- ter providing high-quality and well-paid careers. He said that economic growth has to be aligned with the protection of the environment, governance, and ac- countability. is public consultation process is being led by the Ministry of Economy and Industry together with MIMCOL, and will continue with other minis- tries, government entities, civil society, non-governmental organisations, and the general public. Anyone wishing to submit comments can visit https://economicvision.mim- col.com.mt/ or email vision@mimcol. com till 31 July 2021. Key challenges in relation to Malta's economic vision for next 10 years discussed with the private sector Economy minister Silvio Schembri TO ensure a sustainable future and re- act to emerging environmental, demo- graphic and social issues, one has to go beyond measuring basic material needs and production. Addressing a Nation- al Conference focusing on the need to Balance Sustainable Economic Growth with Quality of Life, Joseph Farrugia, MEA Director General highlighted the need to look at other elements that con- tribute to a person's quality of life. "Employers are major stakeholders in ensuring a better well-being. rough the creation of jobs, people can enjoy a better quality of life. While some may be concerned that a focus on well-being will mean a contraction in economic ac- tivity, we believe that if handled proper- ly, the imperatives of economic growth and well-being can be reconciled," he said. Farrugia said that these efforts neces- sitated a fairer distribution of wealth, through targeted fiscal interventions. is entails restructuring at national, sectoral and enterprise level, with, oc- casionally, the public good taking prec- edence over the private good. Joanne Bondin, President of the Mal- ta Employers Association insisted that defending the status quo was not an option: "We need to make some seri- ous choices which may entail elements of sacrifice by enterprises, citizens and government to further the common good. is may entail forfeiting short term gains in favour of a longer term, sustainable vision for our society." She said that there was a need make some serious choices for the future, par- ticularly by identifying economic niches with growth potential that also respect the parameters of societal well-being. "is involves the upskilling of our la- bour force, utilising technology and digitisation to enhance productivity and competitiveness, the promotion of pos- itive values and health, the strengthen- ing of our governance mechanisms, the protection of our natural environment" Various high-profile speakers empha- sised that GDP has its important uses. However, as policymakers and citizens focus more on social progress and so- cial and economic convergence across the EU, they called for new tools which looked beyond GDP and cover both welfare and environmetal aspects. e discussion also sought to identify the challenges ahead with a number of recommendations being made on how GDP growth can be managed to portray a more holistic snapshot of a nation's wellbeing and the ways a change in culture can also offer opportunities for businesses and economic growth. e event was supported by Atlas In- surance, EY and APS Bank. 'Economic growth and well-being are shared objectives which can be reconciled' MEA Director General Joseph Farrugia

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