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5 NEWS 15.7.2021 ECONOMIC growth must be sustaina- ble in order to protect traditional indus- tries, attract new niches and ensure a high quality of life for both today's Mal- tese and Gozitan families and those of tomorrow, economy and industry min- ister Silvio Schembri said on Tuesday. He was addressing one of a series of public consultation seminars, seminars which discuss each of the five pillars described in the Economic Vision 2021- 2031 document for Malta. e session, organised by MIMCOL, addressed the first pillar, sustainable economic growth towards improving the quality of life by 2031, with the par- ticipation of the equality, research and innovation minister Owen Bonnici, energy, enterprise and sustainable de- velopment minister Miriam Dalli and social justice and solidarity minister Michael Falzon. Various stakeholders from governmental entities, private en- tities and non-governmental organiza- tions participated. "e economy we want to regenerate is one that makes maximum use of the resources which grant us a competitive advantage, such as climate, human re- sources and the established industries in our country. is should lead to fur- ther improvement in workers' income and technology investments in a bid to achieve balance between sustainable growth and a better quality of life, for the next 10 years," Schembri said. He explained how the document con- cretely proposes the maximum use of the diving sector, exploring a new niche of marine biotechnology, a sector which is estimated to be worth more than five billion dollars a year. He also said that the government is looking to utilise the medical sector in Malta which is considered to be of the highest quality by the European Un- ion, in order to attract medical tourism, which includes the cosmetics products sector. He said he was determined to turn negative perceptions, such as Malta's diminutive size, into opportunities, by expanding further research with foreign companies in the field of digital and sus- tainable technologies. is means Malta can serve as a place of research for sectors such as autono- mous driving, as is already being con- ducted in Greece and Cyprus. He said that he is also anticipating the use of advanced services which already exist in the financial sector, among others, so that our country is at the forefront of the satellite recording sector, as well as to see Malta as an international arbitra- tion centre. "is does not mean neglecting our traditional niches, but we need to be proactive so that where investment is required such as in advanced manufac- turing, we ensure that those resources, both in technology and skills are nur- tured," Schembri said. Falzon said that this is a solid Govern- ment which holistically looks after the best interests of families and businesses. He noted how several social mile- stones have been achieved during the past eight years, especially when it comes to the eradication of poverty and social exclusion. He spoke about the huge increase in social benefits, so much so that during the year 2020, a record expenditure of over one billion euros on social benefits alone was made. "All this encourages us to build a so- cio-economic vision for the coming years, to create a resilient economy that serves the people and helps everyone enjoy a better quality of life," Falzon said. Dalli said Malta must continue to work for a strong economy that looks at environmental sustainability and the quality of life for all. "We are doing this through a num- ber of various incentives and schemes that are not only helping our compa- nies at present but will support them going forward. We are working to help companies make the digital leap and be sustainable. In this way we must en- sure recovery, a better quality of life and quality jobs," she said. Bonnici said that the post-pandemic national strategy is an effort of an entire government which is offering a vision built on 149 initiatives for tomorrow's Malta, functioning in a changed world due to the pandemic. He said that the economic vision in turn goes into more detail on how Maltaa will achieve its economic goals in the next generation. He said Malta has three opportunities it must pursue in the coming years: that is, to bolster the skills of today's and tomorrow's workforce, to overcome environmental challenges, particularly those related to the goal of a zero-car- bon economy, and finally to build a robust innovation ecosystem in our country. On the latter he said that he strongly believes in the talent of Mal- tese researchers and in our country as a place where research and innovation come to life. e economic vision document em- phasizes that in order for Malta to become future-proof in the sector of sustainable economic growth towards improving the quality of life by 2031, various measures must be implement- ed, including: • Redefining measures previously con- sidered successful • Support and sustain investment as a key economic driver • Protecting and enhancing competi- tiveness • Improving productivity through dig- ital channels • Strengthening economic sectors and developing new niches All those interested in participating in the national consultation process can visit https://economicvision.mimcol. com.mt/ to submit their comments. e consultation process will remain open until 31 July 2021. Sustainable economic growth towards improving the quality of life Miriam Dalli Owen Bonnici and Michael Falzon Silvio Schembri

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