Malta’s economy will set its sights on “outperforming Europe in its digital and green transformation” through a new vision for 2050, Robert Abela said, promising a sharp turn away from the government’s priorities in recent years.

Speaking at a conference organised by EY, Abela told delegates that while the government’s strategy over the past decade brought about unprecedented economic growth and job creation, the time is ripe for a new economic vision.

Abela said 'Vision 2050' will “chart the country’s strategic path for the coming decades” with a “holistic approach” that will prioritise quality of life, rather than economic growth (although this “remains important,” he added).

The prime minister admitted that becoming the continent’s digital and green leader “may seem like a tall order, particularly as other countries have a clear advantage over us”.

But, he said, a series of strategy documents and policies being worked on by Cabinet will be bridging this gap.

These changes include judging foreign investment through the quality of jobs being created, and shifting the country’s employment policy to developing skills, as well as a new economic migration policy that is in the works.

This means that “the thousands of persons” who have joined Malta’s workforce in recent years “need to acquire skills required for our country to be a digital and green leader,” Abela said.

He added that the government's new direction will feature in discussions around Budget 2025, which will be delivered on Monday. 

Abela was speaking shortly after survey findings revealed earlier in the day that Malta’s attractiveness to foreign investors is dipping, amidst concerns over transparency, skills shortages and infrastructural failings.

We will ‘rebuild brand Malta’: PN

Speaking on behalf of an indisposed Bernard Grech, PN economy shadow minister Ivan Bartolo, told delegates that the survey findings are both “enlightening and sobering”.

The findings, Bartolo says, show that although, for many years, Malta has relied on a strong reputation to attract investment, this reputation is now under threat, with its “once formidable competitive edge now eroded”.

Ivan Bartolo delivered a speech on behalf of Bernard Grech. Photo: Jonathan Borg

A PN government will restore integrity by fighting the “inefficiency, bureaucracy and corruption” that plague Malta’s institutions, he said.

PN will also foster innovation, making Malta an early adopter of technological advancements such as artificial intelligence and life sciences, and nurturing a healthy environment in which startups can operate and grow.

Through its focus on integrity, innovation and sustainability, PN will “restore and reinvent Malta’s brand,” once again making it known as a place of trust and stability, Bartolo promised.