Last week the Business Enhance RD&I Grant Scheme - a €20 million fund for research and development - was launched, and now Malta’s brightest and best are called to rise to the challenge.
Significant EU funds are being made available to ensure that Malta’s economy remains modern, dynamic and well equipped to meet future challenges.
Malta’s leading innovators – businesses and individuals – are encouraged to use these funds to help build Malta’s economy and society of the future.
Research and development is crucial for Maltese businesses to remain competitive and take advantage of their growth potential through the development of innovative products and solutions.
Despite some progress in recent years, Malta is identified by the EU as a moderate innovator, and a number of challenges need to be addressed.
This includes the need for business to be more flexible in engaging with research activities with other commercial entities as well as academia, and the need for enterprises to become more competitive through research and innovation.
The Business Enhance RD&I Grant Scheme is aimed at providing part-financed investment in research, technological development and innovation in line with Malta’s Smart Specialisation Strategy, primarily high-value-added manufacturing with a focus on process and design, tourism product development, maritime services, aviation and aerospace, health with a focus on healthy and active ageing and e-health solutions, and ICT both as an enabler of innovation and a source of innovation in itself.
Despite some progress in recent years, Malta is identified by the EU as a moderate innovator, and a number of challenges need to be addressed
Eligible applicants may receive support through the scheme, in the form of non-repayable grants, under four specific measures, namely support for the development of feasibility studies in preparation for planned R&D projects; support for the implementation of R&D projects; support for investment in research infrastructures; and support for investment in process innovation.
Research and development is key to Malta’s future prosperity. We must be innovative if we wish to continue flourishing as a country economically and socially.
New business realities create opportunities, and there is a growing consensus that we are witnessing a fundamental transformation in the world of work.
In a social market economy, we must ensure that these opportunities are available for everyone and do not lead to new vulnerabilities and inequalities and to a lower awareness of rights.
European investment such as this is not a zero-sum game, but a win-win situation, from which our society and citizens can benefit. Economic efficiency and social equity can be pursued at the same time.
There are challenges ahead for EU funds, because of the funding gap that will occur due to Brexit and the slowdown in economic growth within some Member States. In future we will need to be more creative and innovative to ensure we maximise the added value from every euro. In short, we have to be prepared to do more with less money.
Up until now, we have not fully utilised the opportunities available to us. As a small country with a dynamic and rapidly growing tech-driven economy, we are well placed to make greater use of innovation funds, and investing in research and development is a vital component to securing long-term sustainable economic growth.
There is agreement across the EU on the importance of funds for innovation. This is positive news for Malta and an area on which we are well placed to seize opportunities.
Aaron Farrugia is Parliamentary Secretary for EU funds and Social Dialogue.