The 14th legislature is about to start its work with a robust majority. With such a strong majority, it is critical for the government to now focus on two main areas: steering Malta in what is going to be a turbulent external environment and championing an ambitious reform process that will make Malta a more resilient economy and society.

The external environment remains inherently volatile, uncertain, complex and ambiguous. The interplay of various supply shocks, rising energy and commodity prices and a prolonged Ukraine conflict will be key factors that will impinge on Malta’s performance in the immediate future.

There is no doubt that government intervention will be necessary to support Malta’s economic recovery and performance.

Over the past years, the external environment has become more fragile and volatile. This makes the need for a holistic vision for Malta even more necessary.

Without removing any flexibility, Malta needs to have a complete vision for Malta both for 2030 and 2040, which will give the country a long-term target and a clear indication of the economic structure and distribution system we want to achieve.

On the economic front, further efforts to transform existing industries while attracting new industries need to continue. The transformation of existing industries, including manufacturing, agriculture and tourism, needs to be prioritised.

The global economy is opening new opportunities and Malta needs to retain its jurisdictional creativity and innovation to deploy regulated industries that can attract new investments and industries.

The government should be steadfast in supporting ecosystems that can be fragmented. Focus on enhancing banking facilities and centralising compliance functions will play a key role in this.

Shifting geopolitical powers will open niche sectors for Malta, including onshoring, nearshoring and the use of Malta’s exclusive maritime zone for energy production.

Our strategic position can also revive the hub concept as Europe refocuses on North Africa. The Mediterranean and the broader MENA region can offer unique opportunities here for us to pioneer and exploit.

A focus on Malta’s competitiveness and investment attractiveness will be critical.

A reform of Malta’s tax system is necessary and the proposed system to incentivise reinvestment will also support Malta’s economic development.

The implementation of the national employment policy will also support this policy goal.

Access to finance will support local and foreign businesses to set up in Malta, adding to our investment attractiveness.

On a more structural level, a reform of Malta’s educational system is critical. Apart from further investments in educational infrastructure and in improving conditions for teachers, the country needs to focus more on educational outcomes and to ensure that the educational system is producing the right number of students with the right qualities needed by industry.

With early school leavers still being high as well as the number of graduates, we need to be bold in our reforms, possibly considering an overhaul of our educational system, including schooling hours, syllabus and examination system.

The country needs to ensure the educational system is producing the right number of students with the right qualities needed by industry

On the health front, focus on prevention and well-being needs to be prioritised as well as mental health.

The environment plays a key contributor to quality of life. The proposed projects during the electoral campaign will support Malta’s urban greening and quality of life and now focus needs to be on implementation and execution. Such projects not only lead to a long-term gain for the island but offer a short-term economic stimulus.

Further efforts to green Malta’s energy, transport fleet and general infrastructure should also be priorities for the new legislature.

Given such a strong majority, the government should also focus on democratic and governance reforms. It is time that the country starts a mature discussion surrounding the political system, including the appointment of technocrats, the size of parliament and full-time status of parliamentarians, the pay package of ministers and members of parliament as well as the complete electoral system.

Malta requires a revamp in its constitution to ensure that our institutional structures are reflective of the current and future realities. A transformation of governance structures to support institutional quality is also warranted.

This new legislature also coincides with the disbursement of Malta’s share of the new European Union budget as well as the Recovery and Resilience Fund. Implementation and efficiency in execution will be critical going forward for Malta to truly leverage the full benefit of such funds and resources.

It is, therefore, central that the government establishes a centralised implementation and delivery unit to ensure that such funds and policies are truly implemented on time and within budget.

Digital transformation will help. However, this needs to be a horizontal action that transcends policies and ministries. Malta needs to become digital to the core.

Given that the election has resulted in such a big majority, the government needs to focus on delivering a strong reform process that will further prepare Malta for the future. The electoral result needs to serve the country’s best interest.

Such a strong majority allows the 14th legislature to truly implement a wide-ranging reform process that will deliver a stronger, better, healthier and a more resilient Malta.