The government recently embarked on a process of defining Malta’s strategic direction for the next 25 years. This ‘Malta Vision 2050’, which is expected to be concluded by the first quarter of 2025, is intended to serve as a basis for the country’s economic, social, and environmental development.
Back in 2021, the government launched ‘Malta’s economic vision 2021-2031: A future-proof Malta’.
And yet today, almost four years down the line, we seem to be back at the drawing board. Does this mean that this 10-year economic vision failed? And at this juncture, what’s the rationale of moving from a 10-year to a 25-year vision?
Even if the 2021 economic vision was built on five pillars intended to drive both our economic and social prosperity, namely through: “sustainable economic growth geared towards quality-of-life improvements and increased resilience, high quality infrastructure and investment, education and employment, environment, governance and rule of law”, the explanation for the renewed vision is that it is now arguably a more far-reaching socio-economic vision.
While back in 2021 we spelt out the priorities and direction needed, we did not likewise spell out how we intended to get to the set destination. This resulted in a clouded vision which hopefully will be avoided this time round.
Where do we want to position ourselves in the medium to long term? What are the goals and critical success factors to achieve our vision? How can we ensure the necessary coordination among all stakeholders? And how can we measure the progress towards these goals to ensure a successful outcome?
Apart from a well-defined vision of the desired future, we need a strategic road map on how to get there, including a toolkit of policies and programmes that can work in a coordinated fashion. We need to be able to project and transform a vision into action and break down our wish lists into tangible steps for measurable results.
We need a vision that analyses the current situation, defines the roles and responsibilities of various structures, ensures macro and budgetary coherence, and involves key stakeholders for consultation and formulation, tracking progress by establishing comprehensive monitoring and an ongoing evaluation mechanism.
This must be intelligible to all stakeholders and consistent with other initiatives to complement and facilitate the implementation of the vision. Apart from determining our goals, it must encapsulate the basis for a nationwide strategy together with the implementation of well-integrated plans.
Beyond our obligatory initial alignment, such a vision necessitates the ability to respond to changing conditions. We need to be capable of realigning or recalibrating the set goals and consequently adjust their implementation, whenever circumstances dictate the need.
Notable of mention is the ability to respond to the growingly rapid advancements in technological solutions and climate change considerations along with any shifts in the trajectory of economic, social, and even spatial development trends.
The 25-year reach of this vision also underlines the need of establishing a delicate balance. One between expected political transitioning, which may result in new policy solutions along the way, with the need of developing a mindset and in building the capacity to generate long-term plans that go well beyond an electoral cycle.
Overlooking this balance risks leading to eventual directional fatigue, or worse, discontinuity.
With the overly repeated mantra of quality over quantity, and as agreeable as it sounds, we need to better define our quality ambitions and clearly establish how we are going to achieve them. The ultimate destination may be taking shape, but the journey has yet to be plotted out. The ‘Malta Vision 2050’ will hopefully do this.
Creating and articulating an achievable national vision needs to start by broadly captivating and engaging institutional and representative organisations along with public enthusiasm and participation.
We need to ensure any differing perspectives are converted into new and better possibilities for the benefit of the nation.
The strength, credibility, and potential realisation of our vision is dependent on the political commitment and approach adopted. Generating trust and confidence in the entire process right from inception, collectively weaving our future tapestry, is essential if we want to garner broad support.
Beyond the visionary formulation lies an important prerequisite. Having our best minds placed as key drivers and promoters within both public positions of influence and through our diplomatic, European, and international institutional representations is fundamental in delivering our vision.
The successful outcome of our ‘Malta Vision 2050’ not only requires strategic enablers working in close collaboration with policymakers, but also the support of advocacy coalitions calling for a national sense of ownership.
This approach should ensure we do not end up with an ideological vision, but one of substance that clearly targets, and hopefully, will eventually translate into the realisation of our set goals, satisfying our future aspirations.
Norman Aquilina is the group chief executive of Simonds Farsons Cisk plc and a council member of The Malta Chamber of Commerce, Enterprise and Industry.