What a relief it must have been for thousands to see Eddie Fenech Adami sign the EU accession treaty in Athens on April 16. I am sure many, particularly local and foreign investors, must have said: "At last Malta has decided!"

Malta can only continue to attract the right type of investment if we offer the right economic environment, fiscal stability and a clear political climate.

International credit agencies have affirmed the island's rating following the March 8 referendum result and the Nationalist Party's victory at the polls on April 12 that sealed Malta choice to join the EU.

Standard & Poor said it was "comforted" by the Nationalist Party's clear majority in the April 12 election as this guaranteed EU membership and reflected expectations that fiscal consolidation and progress with structural reforms would continue.

Fitch's ratings managing director and Malta analyst Lionel Price was reported to have said that Malta would have paid a price had it failed to sign the EU accession treaty in Athens on April 16, implying that Malta's ratings would have been lowered.

Investors weigh their risks well before taking decisions. Both the referendum result and the election outcome helped to remove the uncertainty that had prevailed for so long.

EU membership will now give us an opportunity to strengthen our economy and improve efficiency. The clear sense of direction that has now been established is now expected to make the island more attractive to foreign investors.

Of course, it is now up to us to tap the new prospects that membership will create. The EU can help us tackle issues that will make our economy stronger.

It will open up opportunities for industry to expand and attract fresh investment, make funds available for research and development, ensure that government subsidies are used for restructuring and widen educational and training opportunities.

The secret behind the growth and prosperity of countries like Ireland and Spain was their determination to get the most of the opportunities that presented themselves.

We have a year within which to prepare ourselves for membership.