Issue link: https://maltatoday.uberflip.com/i/1408316
9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 O ver the last months, there has been a disjointed effort to draw up an economic vi- sion for this country. An oversized cabinet with ministers stepping on each other's toes and overlapping over each other with remits that are often unnecessarily replicated in different ministries. It goes beyond reading between the lines bu ist evidenced by the dupli- cation of debates and symposia out- lining the vision for this country by different ministries. Truthfully it has to be said that these fora have been opportunities for ministers to simply showcase themselves in the hope that they will have much needed media coverage – which they often interpret as occa- sions for retaining voters. The truth is that our idea of eco- nomic vision has been to keep the construction industry alive at the cost of our cultural heritage and very limited footprint. The creative and controversial initiatives introduced by the Muscat administration relat- ed to the Golden Passports and those related to opening the financial ser- vices to dubious investors are on the way out. Other initiatives namely artificial intelligence, crypto and medical marijuana amongst others have fall- en by the wayside. Other teething problems such as the operations of banking facilities for new foreign companies have held back new in- vestment. Together with a poor due diligence for foreign-based compa- nies. Malta's economy moves ahead thanks to anarchy and absolute free- dom to operate, but sooner or later the libertine approach to economic growth will stall due to the immense lackdaiscal approach to due dilgence and fiscal transparency. Malta's business class has the abil- ity to take advantage of the heavily politicised government agencies and accessible government which allows for businesses to make calculated decisions. By this we mean to refer to the tendering process and negoti- ated process in public procurement which has been appallingly abused. Malta's response to COVID-19 has been welcome, but it has only recon- firmed Malta's strong dependence on the public sector, which continued to receive funds irrespective of the sta- tus of the country's coffers. While those in the private sector figured how to retain their operation afloat. If the October budget refuses to look at the bigger picture and only consider the budget for an incum- bent government seeking re-election it will have failed. A forward-looking budget would do well to consider the serious over-bloated government sector es- pecially in Gozo. In seeking new investment opportunities for the country. In ensuring an effective tax system that brings in much needed cash for the state coffers and fights rampant tax evasion. A budget that serves those segments of the econ- omy (not construction) that need to grow and invest to attract more em- ployment possibilities and growth. Most needed is an economic vision drawn up by visionaries who are not dragged down by partisan politics or election issues Drawing up an economic vision not influenced by partisan politics 9.9.2021