Government must continue to create the right macroeconomic environment - MBB
The Malta Business Bureau (MBB) appealed to Government to remain focused on creating the right macroeconomic environment to nurture entrepreneurship and encouraging businesses to expand their operation, thereby contributing to the country’s economic growth and employment.
The MBB made this appeal at a meeting with Prime Minister Lawrence Gonzi, where the findings and recommendations of a study carried out by the bureau were discussed. Present for the meeting were Minister of Finance, the Economy and Investment Tonio Fenech and Minister for Fair Competition and Consumers Jason Azzopardi.
President of the MBB George Vella said that SMEs and micro-enterprises felt challenged when operating in the world’s largest market due to the small-island status. He said many firms that took part in the survey claimed that Maltese companies have restructured their operations and aim to be innovative in the way they conduct business. However, Malta’s insularity highly affects the competitiveness of local businesses, especially on the input-cost structure such as in the purchasing of raw materials and transportation costs.
George Vella said that Malta’s tourism industry also reiterates its call for the ease of intra-EU and air-transport accessibility for a higher attraction of long-haul non-European tourists to Malta.
According to the MBB President, market surveillance is crucial to ensure that inter-business competitiveness is kept as fair as possible, allowing for the maximum number of participating enterprises within the single market.
The Bureau said it believes that enforcement on non-compliant operators needs to be properly addressed, whereby initiatives could include the ban on marketing activities and the "naming and shaming" of such free rides.
Mr Vella encouraged Government to remain proactive by continuous investment in e-skills due to the very nature and fast pace of technological progress and the diversification of the Maltese economy.