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Budget 2024 is on the horizon. It needs to be a budget that addresses the current economic scenario and the challenges we are facing as a country. Critical issues abound.
One can mention traffic mitigation, a secure energy provision both in terms of supply and distribution, proper urban planning and an adequate maintenance programme to eliminate the shabbiness.
The list goes on – we need a clear way forward to achieve proper waste management and to address workplace tragedies. There is a general lack of transparency and accountability, lethargy and weak enforcement.
Business is all about vision, taking the long-term view, being two or three steps ahead of the competition. Local businesses have faced more than their fair share of challenges over the past decade, yet, their performance is very much conditioned by the local climate – political, economic and social – as is the international climate.
Action is now needed on the ground to show that the necessary investment is followed through. For instance, initiatives that contribute to climate-change mitigation must be given the priority they deserve. Quality all round needs to increase and, in this way, contribute to the overall national well-being.
While international developments may be largely outside our control, the Malta Chamber is looking to the nation’s political leaders to show bold leadership at a time when the country and its thousands of businesses are facing the dire prospect of being left behind and becoming irrelevant.
Leaders at every level need to put their finger on the nation’s pulse.
Lack of foresight culminates in irreversible damage.
Lack of transparency gives rise to suspicions that there are those who are taking advantage of the system.
Weak or no enforcement leads to lack of trust and a general feeling of disappointment and poor planning at the most elementary levels results in unnecessary crises affecting many businesses and the population at large, including visitors to our islands.
While there are no manuals on leadership that one can refer to, or a simple set of rules to follow, as we look ahead to the coming decade I see the future of leadership being very much about adaptability and creativity. Leaders need to inspire trust, communicate their vision clearly and give the required direction very much through the example they set for themselves, those around them and for the nation at large.
Yet, what is the reality on the ground for those in the private sector who face their clients day in, day out and have to cope with these challenges?
The country is in a plunge.
The government needs to listen more to non-partisan warnings on the urgent need to address structural issues that are impairing productivity, undermining competitiveness, making the country unattractive to investors and having negative effects on the people’s well-being and quality of life.
The Malta Chamber has been drawing attention to these issues year in, year out. Some limited progress has been registered but it is not enough. Unless addressed without further delay, the general situation will continue to deteriorate. When issues are avoided and not addressed promptly and effectively, they grow bigger. The damage done in the meantime will, in many cases, become irreversible, as evidenced by our urban landscape.
The country is in a plunge– Chris Vassallo Cesareo
Many priorities are vying for attention but the Malta Chamber believes these areas cannot be further delayed:
Traffic management – A holistic plan to ensure that the commercial sector can continue to operate at maximum efficiency while reducing congestion by promoting shared transport, introducing paid parking in urban areas and restricting activities that cause congestion in peak hours must be put in place.
Electricity supply – The necessary investment for an adequate supply and stable distribution network that takes us through the next decades must be completed within the shortest time possible.
Subsidies – Subsidies should be directed to businesses that are economically viable and that are investing in energy-efficient solutions.
Public areas – Systematic and well-organised regular and proper maintenance and cleansing is a must.
Enforcement of laws and regulations – Proactive, coordinated and unselective enforcement must be carried out at all levels to ensure businesses are operating on a level playing field.
Low-income earners – Targeted assistance must be addressed to those that need it, rather than distributing handouts to those that do not.
Employment – A rethink of how to incentivise a shift away from labour-intensive activities to more value-added streams is needed to increase the quality of our offering and put less stress on our infrastructure caused by unsustainable population levels.
Education is another subject that requires attention.
It is one of the areas which I am focusing on during my presidency.
Our education system needs to prepare students for the world of work.
Our students should be work-ready while business should invest in reskilling and further training of their employees to keep abreast with the times.
The Malta Chamber is of the view that we need to rethink our economic model. GDP will only continue to grow if there is a holistic plan and a clear strategy that addresses all the challenges including that of our aging population and the pensions timebomb. The government needs to lead by acting now.
Budget 2024 would be a good way to start.
Chris Vassallo Cesareo is president of the Malta Chamber of Commerce, Enterprise and Industry.
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