Issue link: https://maltatoday.uberflip.com/i/1534195
6 maltatoday | WEDNESDAY • 9 APRIL 2025 NEWS CONTINUED FROM PAGE 1 The vision is intended to transform the economy and society with government targeting a median disposable income of just over €24,000 by 2035. If achieved, Malta will surpass the EU average and be at par with France. Disposable income is what remains in an individual's pocket after taxes are deduct- ed. The median represents the middle point of income distribution in a country and is a better indicator of typical income. Malta currently stands at 93% of the EU average with a median disposable income of just under €19,000 in 2023. The document containing the 90 mac- ro-initiatives was released today for pub- lic consultation until September. The government plans to finalise the vision by the end of the year. Vision 2050 was drafted following a series of consultation meetings with dif- ferent stakeholders, including the Na- tionalist Party and the Youth Advisory Forum, under the guidance of the Boston Consulting Group, a global consulting firm. The process was led by Economy Minister Silvio Schembri but once the document is finalised, coordination for implementation will fall under the Office of the Prime Minister. The process also involved a review of more than 30 strategies published over the years covering various sectors. The analysis identified more than 1,800 meas- ures that were then grouped into 90 mac- ro-initiatives covering sustainable eco- nomic growth, accessible citizen-centred services, a modern education system and smart land and sea usage. The vision was launched on Tuesday in Gozo by Prime Minister Robert Abela and Economy Minister Silvio Schembri. KEY INITIATIVES Tourism • Host higher-value international meet- ings • Develop new attractions such as a mul- ti-purpose conference centre and theme park • Target premium tourists by having more Michelin restaurants, high-end brands and VIP services • Increase home porting by strengthen- ing aviation connections Gaming • Fiscal incentives to attract emerging studios • Establish Malta as a hub for interactive entertainment • Host annual eSport Tier 1 tourna- ments • Develop local talent through appren- ticeship programmes • Offer tax incentives to enable opera- tors to shift to 100% renewable-powered data centres by 2035 Shipping and maritime • Construct third Freeport terminal through land reclamation and improve infrastructure in all ports to boost annual cargo throughput • Explore new trade routes in all ports Financial services • Streamline regulations to attract in- vestment funds and develop fast-track licensing • Attract multi-nationals' headquar- ters by enhancing corporate services and adopting a digital judicial system • Enhance curricula and educational programmes for finance and fintech • Strengthen aviation leasing regulation • Set up a due diligence portal and digi- tal payments hub infrastructure Aviation • Establish long-haul direct connectivity to North America, the Middle East and Asia • Increase full-service carriers (legacy carriers) share • Provide incentives for partial/signif- icant business relocation such as airline HQs • Develop dedicated cargo terminal at MIA to enhance trans-shipment volumes and e-commerce Government unveils ambitious plan to transform Malta would be a hub for interactive entertainment Once the squaring-off of the second terminal at the Freeport is complete, a third terminal would be constructed on reclaimed land outside Marsaxlokk Bay Vision aims to enhance educational programmes for finance and fintech Vision calls for new tourist attractions such as a theme park