Over the past 18 months, more jobs were created, the GDP grew, foreign direct investment increased and lower tariffs benefited businesses, Economic Services Minister Chris Cardona told Parliament yesterday.
“All this has had a positive effect on the economy and the budgetary provisions this year continue to build on these improvements,” he said.
Winding up the debate on the financial estimates for his ministry, Dr Cardona said a number of IT companies set up shop here or increased their contribution to the economy.
In retail, contrary to what the Opposition claimed, over 500 jobs were created over the past 18 months. While the Opposition should scrutinise the work of the government, it should take note that international credit agencies, such as Moody’s, Fitch and Standard and Poor’s, made positive assessments of Malta.
The government’s energy plan would leave an extra €50 million in the economy.
Dr Cardona said that over the past year more than 6,000 new jobs were created, including 4,000 in the private sector.
He noted that 1,500 jobs in the manufacturing sector had been lost in the last 18 months of the Nationalist administration.
He said the Budget would serve to reduce the deficit to 2.1 per cent of the GDP, which rose by 3.2 per cent in real terms.
Sixty new projects having international investment were approved by Malta Enterprise over the past year in a wide variety of sectors. It had also approved 71 new investments by Maltese entrepreneurs. Such investment meant that over 100,000 square metres of industrial land space was taken up.
The services of Business First, Micro Invest and Micro Guarantee, given by Malta Enterprise, were being strengthened.
In an EU report on industrial productivity, Malta was acknowledged as being on the right track. Stakeholders were being constantly consulted to ensure the government remained sensitive to the needs of the economic generators. The government’s initiative to cut tariffs, such as those of utilities, would boost competitiveness.
An application was being submitted to seek EU funding for the rebuilding of the crafts village in Ta’ Qali. The necessary permits had been approved by Mepa.
He said that a fibre optic cable to help the IT industry in Gozo was being considered and EU funding was also being sought for it.
Malta Enterprise and Mcast were collaborating to bridge the skills gap and provide facilities for start-up initiatives.
Dr Cardona said Malta would be participating in the Milano Expo and would have a dedicated space on two floors. It would portray feature films on culture, industry and tourism. Malta’s stand would be near that of Italy, meaning the spillover effect would likely increase the impact of Malta’s effort at the expo.
Submissions on a maritime hub were being evaluated, and the directions being considered included oil servicing and shipping and yacht hard-standing facilities. Four proposals were shortlisted and a decision would be taken in the near future.
Dr Cardona said the court had now lifted a temporary warrant halting the awarding of a casino licence and the government could proceed.
He said one of the reasons he had dissolved a technical committee considering the granting of new casino licences was that he had discovered one of its members, or his company, had provided consultancy services to one of the bidders. There were also other reasons.
The government, he said, had confidence in the courts.