The finance minister presented next year’s budget – a blueprint for Malta’s future built on quality. This is the core value of Malta’s Vision 2050. It’s the culmination of over a decade of steady growth and stability that prepared us to take our economy to the next level. I want to highlight 13 key measures that form the start of this transformative journey toward a quality-driven economy.
These measures span investment policies, technological advancements, and critical skill development initiatives to position Malta at the forefront of innovation, efficiency, and high-value employment.
Reform of the Malta Enterprise Act
Malta Enterprise will prioritise quality over quantity by redefining our assistance criteria, favouring industries with high value-added that invest in local talent and high-skilled positions.
INDIS Act and new industrial policy
A new INDIS Act will establish a legal framework for allocating industrial land based on value-added, not job creation. We’ll have a focused industrial policy encouraging high-value industries in technology, digital, microchips, aviation, maritime, green tech, automation, life sciences, and high-end manufacturing. Inspired by best practices from cities like Copenhagen, this approach ensures our land supports quality-driven projects.
Central data repository
We believe technology can cut bureaucracy and improve quality of life. A new central data repository will simplify data sharing across government entities through secure e-wallets that use AI, OCR and blockchain technology. Starting with government entities, this system will eventually extend to private sector due diligence such as banks and notaries. No other European country currently offers such a system, making Malta at the forefront in compliance and digital efficiency.
Digital identity wallet
Next year, a tender will be issued to create a digital identity wallet, enabling individuals to securely access government services through a single app. This measure will simplify processes for Maltese.
European digital innovation hub
This EU-funded hub will provide start-ups and SMEs with access to advanced, costly technology that would otherwise be inaccessible. Scheduled to launch by year end, it will empower start-ups to innovate and grow.
High-Performance Computer
Our new HPC facility, set for completion by Q2 next year, will reduce research costs and time frames for local companies. Researchers currently spend €25,000 travelling abroad to access similar resources. The HPC will allow more companies to conduct advanced research locally.
Ambitious AI strategy update
We’ll update our AI strategy, focusing on how AI can improve the citizens’ quality of life. By mid-2025, Malta will have a more ambitious and forward-looking AI strategy, aligning with Vision 2050 and emphasising the integration of AI into daily life.
New start-ups framework
With Malta Enterprise offering schemes up to €1.5 million for each start-up, we recognise the importance of building an ecosystem that helps new businesses thrive.
We’re building an economy where every decision, investment, and policy elevates the lives of Maltese people- Silvio Schembri
Next year, we’ll launch a new framework that includes a “one-stop shop” for start-ups, modelled on Israel’s Start-up Nation. Malta has seen many successful start-ups with average salaries of €45,000 to €60,000.
Incubation centre for start-ups
To further nurture Malta’s entrepreneurial spirit, we’re building a new incubation centre in Ħal Far industrial zone, providing 17,000 square metres of space and accommodating up to 50 new tenants in high-value sectors. This €33 million investment will support sectors like renewable energy, food tech, additive manufacturing, and life sciences, strengthening our start-up ecosystem.
Competence centre for semiconductors
Semiconductors are essential for modern technology, and Malta’s new competence centre will ensure we capitalise on the EU’s Chips Act. Collaborating with leading international players like IMEC, the centre will enhance Malta’s position in the European semiconductor supply chain, creating high-skilled jobs and supporting R&D in this sector.
Video game training
The video game industry is one of our new high-value niches. Following a successful partnership with Unity, we’re now teaming up with Unreal Engine to locally train students in cutting-edge gaming technology. This will ensure they have the skills to compete in the global gaming market.
Interactive Media Academy
Starting next year, we’ll establish the Academy for Interactive Media, in partnership with a major global player. This academy will offer masterclasses led by industry professionals, giving Maltese talent access to high-calibre training in media and game development and enhancing Malta’s position in digital skills.
Aviation Academy
The aviation sector is booming locally, but there’s a pressing need for skilled labour. Our new Aviation Academy, in partnership with Malta Enterprise and private industry, will accelerate training times, reducing a 4.5-year certification process to 18 months. The academy will offer on-the-job training, upskilling workers, and preparing them for specialised, high-paying roles in aviation maintenance and engineering. The first cohort of 16 students has started, with two more scheduled for March and September 2025.
Malta Vision 2050
These 13 measures mark a shift in Malta’s economic strategy, focusing on quality-driven growth benefitting all Maltese people. As we implement these initiatives, we aim to boost the economy and improve the citizens’ quality of life, offering better-paying jobs, more efficient public services, and cutting-edge training in high-value sectors.
Our commitment is clear: we’re building an economy where every decision, investment, and policy elevates the lives of Maltese people. These measures are not just about growth – they’re about creating a resilient, forward-looking, and quality-focused economy that will define Malta’s future for generations.
Silvio Schembri is Minister for the Economy, Enterprise and Strategic Projects.