Plug into the grid now, Chamber and GRTU tell the government
The Chamber for Small and Medium Sized Enterprises - GRTU and the Chamber of Commerce and Enterprise are urging the government to hasten plans to connect Malta to the European energy grid while welcoming the European Commission's economic recovery plan...
The Chamber for Small and Medium Sized Enterprises - GRTU and the Chamber of Commerce and Enterprise are urging the government to hasten plans to connect Malta to the European energy grid while welcoming the European Commission's economic recovery plan unveiled last week. The €200 billion plan includes a proposed allocation of €5 billion in funds from the European Investment Bank dedicated to the financing of trans-European energy interconnection projects and broadband infrastructure projects.
"The Maltese government should grab the opportunity and borrow from the European Investment Bank (to finance the project)", said Vince Farrugia, GRTU director general, adding that "the government should also borrow to develop alternative energy and energy saving projects".
Mr Farrugia added that the Commission's plan is an opportunity for the government to revise the proposed burden of utility tariffs on SMEs downwards by as much as 28 per cent as "a result of a more flexible attitude from the Commission". The Commission is proposing a temporary relaxation of the Maastricht criteria as part of a series of stimuli for the economy.
Speaking to The Times Business, Kevin Borg, director general of the Chamber of Commerce said that while his organisation welcomed the government's announcement of investment in energy connection with mainland Europe made during the last budget, such plans "should be pursued with urgency to complement the current power generation sources".
Mr Borg said the Chamber also agreed with the Commission's proposals for reductions in fiscal and administrative burdens on enterprise, the promotion of entrepreneurship, facilitation of access to financing for enterprise and the improvement of energy efficiency in buildings.
Proposals for tax reductions contained in the plan were also welcomed by Mr Borg stating that these, "leave business and investors with more money to invest".
Both director generals agreed on the positive impact of investment in alternative energy and green technologies with Mr Farrugia exhorting the government to invest in the provision of industrial space for companies engaged in the production of alternative energy products, as part of a wider plan of targeted capital investments.
Finance Minister Tonio Fenech announced plans for heavy investment to connect Malta to the European energy grid during his recent budget speech stopping short of divulging any figures.
The European Economic Recovery Plan was launched by the European Commission last week. It includes a series of initiatives totaling to €200 billion aimed at boosting demand and consumer confidence. A shift of Europe's economy to a low carbon economy was declared by the Union's executive to be one the targets upon which the plan is based.
The plan is expected to be discussed by European leaders between December 11 and 12 at the EU summit. The outcome of such discussions is still uncertain with Germany, the EU's largest economy, raising doubts on the effectiveness of the plan.
Efforts to contact the Ministry of Finance and Enemalta proved futile.
"The Maltese government should grab the opportunity and borrow from the European Investment Bank (to finance the project)", said Vince Farrugia, GRTU director general, adding that "the government should also borrow to develop alternative energy and energy saving projects".
Mr Farrugia added that the Commission's plan is an opportunity for the government to revise the proposed burden of utility tariffs on SMEs downwards by as much as 28 per cent as "a result of a more flexible attitude from the Commission". The Commission is proposing a temporary relaxation of the Maastricht criteria as part of a series of stimuli for the economy.
Speaking to The Times Business, Kevin Borg, director general of the Chamber of Commerce said that while his organisation welcomed the government's announcement of investment in energy connection with mainland Europe made during the last budget, such plans "should be pursued with urgency to complement the current power generation sources".
Mr Borg said the Chamber also agreed with the Commission's proposals for reductions in fiscal and administrative burdens on enterprise, the promotion of entrepreneurship, facilitation of access to financing for enterprise and the improvement of energy efficiency in buildings.
Proposals for tax reductions contained in the plan were also welcomed by Mr Borg stating that these, "leave business and investors with more money to invest".
Both director generals agreed on the positive impact of investment in alternative energy and green technologies with Mr Farrugia exhorting the government to invest in the provision of industrial space for companies engaged in the production of alternative energy products, as part of a wider plan of targeted capital investments.
Finance Minister Tonio Fenech announced plans for heavy investment to connect Malta to the European energy grid during his recent budget speech stopping short of divulging any figures.
The European Economic Recovery Plan was launched by the European Commission last week. It includes a series of initiatives totaling to €200 billion aimed at boosting demand and consumer confidence. A shift of Europe's economy to a low carbon economy was declared by the Union's executive to be one the targets upon which the plan is based.
The plan is expected to be discussed by European leaders between December 11 and 12 at the EU summit. The outcome of such discussions is still uncertain with Germany, the EU's largest economy, raising doubts on the effectiveness of the plan.
Efforts to contact the Ministry of Finance and Enemalta proved futile.