A message from Prime Minister Robert Abela:
‘We must renew our long-term political commitment to the Single Market’ 17 years of EU membership have enabled us to widen our horizons through a continuous transformation of our economy and the way we do business as a country. The rise in real GDP since membership has been 50 per cent higher than that experienced in the 17 years before accession. Besides fostering greater prosperity, membership improved governance levels following the sharing of experiences and best practices at an EU level, which led to enhanced competitiveness. Joining the Single Market fulfilled Malta’s potential as a trading nation. Whilst we believe that there is room to enhance the Single Market even further, it lies at the very heart of Malta’s success. The free movement of goods, services, persons and capital inside the world’s largest economic area (over €15 trillion GDP) means that businesses and consumers are able to benefit from enormous opportunities, greater choice of goods and services, as well as lower prices. This has facilitated opportunities for Malta, including our SMEs and microenterprises, as access to the Single Market not only increased their prospects but also allowed the local business community to trade more freely with other member states. Malta also benefits from the numerous international agreements with third countries which cover broad
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MALTA BUSINESS BUREAU ANNUAL REPORT 2021
and complex areas such as trade, cooperation and development, as well as specific policy areas. It is no coincidence that our nation’s exports are three times the size they were in 2004. Mindful that Malta is a small island member state with inherent natural constraints, we have stepped up our efforts in investing EU funds in our human capital and infrastructure in order to leverage more local investment and attract more foreign direct investment. Over the years, Malta’s legislative framework, together with its business-centric mindset, have turned us into a natural choice for investors. In July last year, following long and intense negotiations on the EU Budget, Government exceeded expectations by bringing home the largest ever allocation for Malta. We are working tirelessly to translate this outcome into programmes and projects to consolidate further investments in our economy, our citizens and our businesses. Indeed, the unprecedented COVID-19 crisis brought about new realities which require fast thinking and decisive action. At this delicate juncture, whereby the EU is countering the effects and immediate challenges of COVID-19, we must renew our longterm political commitment to the Single Market to better reflect the current economic reality.
