The Maltese economy is performing well but faces tough competition, according to Economy Minister Chris Cardona.

Closing  EY’s Malta Attractiveness Survey 2014 conference, Dr Cardona said:

 “We rejoice in high levels of employment in Malta but we will do more to move people from welfare by making work pay.”

He emphasised the importance of matching education to job opportunities and the needs of businesses and said developments such as the maritime hub would create further job opportunities. The challenge lay in producing the personnel equipped to service the needs of the maritime industry.

Dr Cardona mentioned various sectors that helped the Maltese economy strengthen and grow over the past years, including the financial services sector and tourism.

He said that although Malta was doing well past success was not a guarantee for the future and the country needed to raise its game.

Malta, he said, could continue offering the complete package since it  offered political stability, a sound legal system, business incentives, help and support, no punitive taxation, good communications, the English language, advanced technology, a skilled workforce, a safe environment and an open market of 500 million Europeans.

However, Dr Cardona held there was more it could and must do by keeping costs in check.

“This is already being done through an energy policy which has reduced electricity bills for families and will reduce costs for businesses in the next year,” he said.

Dr Cardona emphasised the importance of greater female participation in the work force which the government was promoting through incentives such as free childcare.

He mentioned Malta’s ability to act quickly and nimbly to developments and threats as well as Malta’s competitive advantage created through Maltese legislation.

Dr Cardona expressed satisfaction that Smart City was finding its feet and that the back office operations it offered represented an area which was achieving increased importance as highlighted by the EY survey.

He also emphasised the importance of Malta’s position as a strategic hub in the Mediterranean linking Europe to North Africa and the Middle East.

 “Government performs best when it is a listening government. We want to hear your thoughts on how to pave the way for business in the future. They can be big or small ideas. But let’s work together,” he said.