Malta ‘a trustworthy, transparent and efficient economic partner’, economy minister insists
Economy minister Silvio Schembri says Malta will continue to enhance and promote good governance across every sphere of public life and across its key institutions and decision-making authorities
by Paul Cocks
Malta will continue to enhance and promote good governance across every sphere of public life and across its key institutions and decision-making authorities, affirming itself as a trustworthy, transparent and efficient economic partner on the global sphere, economy minister Silvio Schembri said.
He was addressing another in a series of public consultation seminars which are discussing each of the five pillars described in the document on the government’s Economic Vision 2021-2031 for Malta.
Yesterday’s session, organised by MIMCOL, addressed the fifth pillar - Good Governance, Accountability and Rule of Law - with the participation of Edward Zammit Lewis. minister for justice and governance. Stakeholders hailing from government entities, civil society and non-governmental organisations participated.
Schembri spoke of how good governance is essential for Malta to ensure a stable business environment, enhance consumer confidence and to safeguard citizens’ quality of life.
“The Maltese Economy has made great strides since the change in administration. This was followed by huge investment in our institutions during the past two years, investment which was required and unfortunately lacking for the past 15 years,” he said. “Today we have raised the bar when it comes to transparency and rule of law in Malta and in view of recent developments, this consultation process comes at a significantly opportune time.”
This consultation process not only comes at an opportune time but continues to validate further the need for this vision, determinedly seeking an even more co-ordinated effort to address and work towards a common goal, that of adopting further recommendations made by FATF.
In this regard, Schembri said that existing regulatory practices are to be bolstered to ensure and enforce compliance with the highest international standards through high levels of accountability and rule of law, which are the pre-requisites of a thriving entrepreneurial climate.
Furthermore, Government must introduce new elements of attractiveness such as incentives that go beyond our effective tax rate advantage and delve deeper into innovative regimes. These include stock options, capital gain reinvestment schemes and IP- friendly regimes similar to those implemented by our European counterparts.
Schembri said that in line with the country’s vision to be at the forefront of digital solutions, cybersecurity and privacy are to remain a main priority. This could be achieved by ensuring the procurement of solid investment in a cyber-security infrastructure that sustains a thriving and secure business environment.
Zammit Lewis said good governance and rule of law have always been a vital pillar of any economy.
“The importance of this fifth pillar of Malta’s Economic vision is even more evident if one looks at the ratings of credit-ranking agencies. These agencies often note that Malta has carried unprecedented institutional and constitutional reforms, which ultimately serve as a main building block for business and investors to trust Malta as a serious financial and economic jurisdiction,” he said.
“For this to happen we need to continue working toward ensuring due process – not only in the law courts but also in our public authorities. I believe that Malta has already taken great strides in favour of more investment, and this Government will continue working further for Malta to be seen as a trustworthy jurisdiction.”
The economic vision document stresses that in order for Malta to become ‘future-proof’ in the High Standards of Accountability, Good Governance and rule of law sector by 2031, various measures must be implemented, namely:
- Enshrining rule of law, strengthening governance and transparency and ensuring accountability
- Strengthening the regulatory environment to ensure and enforce compliance with the highest international standards
- Implementing the necessary reforms for a faster and fairer justice system
- Prioritising data protection and privacy as fundamental prerequisites for a digital economy
- All those interested in participating in the national consultation process can visit https://economicvision.mimcol.com.mt/ to submit their comments. The consultation process will remain open until 31 July 2021.
