A continuous commitment to create the best environment for all businesses, in particular for small and medium-sized enterprises, has always been a top priority for this government, a commitment that has become more evident through a number of high-profile announcements.

The most recent of these announcements was a new set of tax-credit incentives, aimed directly at over 28,000 small and medium enterprises so that they can create wealth and generate jobs.

We are supporting the enterprises to engage more in the generation of wealth in our economy, a wealth that not only translates itself in the sustainability of jobs but, equally important, with the generation of new jobs.

The state of the global economy, which has dominated the headlines for months, led many to adopt a much more cautious approach when it comes to investment and employment. Bombarded with news of economies going bust and currencies losing value, fear prevailed.

Away from all this money talk, the crisis meant there were various people who got hurt because of the way the value of their wealth dissolved and, above all, because of the losses of jobs. We are sensitive to and aware that the number of jobs lost equates to people and families who suffer.

In March 2008, we got elected because the people believed that only a government led by Lawrence Gonzi could provide the country with a secure pair of hands. March 2008 seems a long way away in history. Since then, the world's economy has been tried and tested on what before was the normal way economies used to function and react. Myths have been busted, economies suffered and we're still feeling the effect.

Just like someone who wants to lose weight tries to seek a quick solution to fit smaller sizes in the shortest time possible, everyone hopes that the crisis is put to an end briskly and in the shortest time possible.

But, yet again, as in dieting, any quick-fix solution, if not sustained throughout, might easily result in weight gain in a much shorter time than one would have hoped to lose kilos.

Malta, though an island, has not been spared this turmoil. That strong pair of hands and a true belief in the country's human resource where the crucial factors that steered our economy through this storm.

We remain grounded in the belief that the solution through which we can equip our economy to battle the challenges ahead is the generation of jobs. This is what inspired our electoral programme and this is what we have embarked upon.

One can apply the very populist rhetoric and say that we want to have the best environment for businesses to grow. One can come up with a full-list of quick-fix solutions.

These types of solutions all sound good, however, quick-fix solutions are always short-lived and rarely provide for sustainable growth and development in the long term. Forming part of a responsible government I am bound to say that, yes, we want to create the best environment for all business, especially SMEs, so that they grow in a sustainable way.

The experience of the past years has shown that the government has taken a series of decisions that paved the way for business to flourish and grow in an economy which wasn't immune to the global challenges.

These decisions proved themselves crucial as they brought about an environment that could sustain the chill that characterised the global economy.

Among these decisions were the reforms that characterised the period prior to membership of the EU, the eurozone and Schengen. The updated legislation and reforms, including the Services Directive, the reform of registration fees or the new accounting principles for the smaller enterprise also helped.

Sustainability is the crucial element we're after. Spurring growth is essential and that's why a number of fiscal benefits to motivate small enterprises to grow, invest and become more efficient and profitable have been launched. Over the past months, through the various ERDF schemes, close to 400 small businesses owned by Maltese businessmen have benefited from €24 million in European funds.

This year, we are allocating a further €7 million.

Through a 40 per cent tax credit scheme, we are supporting the cost of investment or new employment being offered to any type of business including retail outlets that want to refurbish or expand their shop or facility and invest in new machinery or equipment to enhance their operations.

Rather than paying lip-service and using clichés, being in government means taking decisions and act by providing solutions that assist businesses in a tangible manner for them to become stronger in the face of the challenges ahead. Sustaining sustainable growth is what any responsible politician should do. That is why we're here and this is what we intend to keep on doing.

Mr Fenech is Minister of Finance, the Economy and Investment.