In everyday political jargon, we have become accustomed to hearing the word “investment” being used in practically every discussion or speech, and rightly so, since investment is the key to economic recovery and sustainability.

In a small economy like Malta’s, investment, and especially foreign investment, is essential, as it provides the tools for diversification and regeneration. One of the prime examples of this was without doubt the ability of the previous administration, led by Lawrence Gonzi, to attract Business to Consumer (B2C) oriented operators to our jurisdiction.

I am referring in particular to the iGaming sector and to online digital services that have injected a new source of life into our economy. There was also an unprecedented development in the financial services sector. These sectors, together with stability in other sectors of the economy, helped Malta survive the economic depression, while at the same time inducing the creation of an ever-more specialised and competent workforce.

Without a doubt, investment on this level does not come about by chance. The government, as one of the key players in the economy, needs to have the foresight to identify areas which have the potential to grow in the immediate years and prompt the right stakeholders, through appropriate schemes, to nourish the development of those sectors.

In order for a sector to develop as desired, it has to attract the right investment that is successful and grows over the years. For this to happen, one needs to maintain an environment that has the right elements, one of which is the existence of the appropriate resources.

Investment needs to be centred round the possible resources of the country. With its lack of natural resources, our country has no option but to focus on the workforce. Fortunately, over the years, our society has managed to provide a superb pool of talent and skill, making our workforce, though small, very competitive.

This is the main focus of the PN – to nourish an economy that truly benefits the people

Foresight and appropriate economic planning makes it possible for training institutions to offer the appropriate formation to the aspiring and existent workers and professionals so that the market has the appropriate human resource to operate that investment.

Another fundamental element is the country’s economic framework. The tax regime and economic set-up need to encourage private investors to first of all settle in the jurisdiction and then to increase and consolidate their endeavours.

There is a correlation between investment growth, in terms of quantity and quality, and targeted economic schemes and incentives. With more profit in their pockets, investors feel more comfortable expanding their projects.

Economic incentives can, however, prove to be a double-edged sword. If economic benefit is the only attraction for foreign investment, we risk losing that same investment if a better set-up is created in a competing country.

Whereas economic incentives will continue playing an important role in the attraction of investment, we need to work more on other factors that integrate the investment in our market.

Through its working document ‘An Economy for the People’, the Nationalist Party wants to identify the potential of our market and help it evolve from an investment-friendly location to a growth centric, world-class business district.

For instance, the potential that Malta has developed to act as a hub in the financial services sector can be exploited in such a way that our jurisdiction will become a platform of choice for cross-border funding and capital, thus becoming a natural point of attraction for business in this sector. The same applies to other sectors of the economy.

To achieve this global outreach, the PN is strongly committed to positioning our small and medium-sized enterprises (SMEs) at the centre of its economic development plans. In our country, we are lucky to have a good number of SMEs that provide a vast array of services.

Imagine the benefits for our local businesses if they team up with multinational companies through appropriately regulated schemes. Our SMEs would have access to invaluable knowledge to improve products and services while becoming exposed to new opportunities for expansion in otherwise unreachable markets.

The economic set-up which the PN wants for our country is not based solely on the attraction of foreign investment to the detriment of the local businesses – an issue direly felt by a large number of SMEs – but it is a set-up whereby healthy competition is created through the elevation of our domestic products and services, and in this way generate more activity and investment.

Ultimately, what really counts is how much of the wealth that is generated positively affects families across the board. This is the main focus of the PN – to nourish an economy that truly benefits the people.

Dorian Sciberras is deputy mayor of Iklin and a PN general election candidate on the eighth district.