Malta is open for business and will remain open for business, the prime minister repeatedly stressed on Sunday in what appeared to be a reaction to the finance minister's call for a new economic model.

Speaking at a Labour Party activity in Dingli, Robert Abela said there could be no break or pause, and the government would continue to help businesses to thrive and take the country forward. 

Finance Minister Clyde Caruana last week warned that Malta’s population will have to balloon to 800,000 over the next 17 years to keep its economy growing at the current rate, unless a new economic model is devised.

An economic transition

Abela said the government was now looking towards a transition to a new economy that is focused on skills that are greener and more digitalised.

"My message to investors is this - come to us with projects that have these principles at the heart of your vision and you will find us behind you, helping you to succeed," he said.

He acknowledged pre-2013 governments also worked successfully in this direction "because they weren't pessimistic and found the right solutions".

"Our aim continues to be to create more wealth and distribute it as equally as possible among everyone," he said.

In his address Abela heaped praise on the Maltese team at the Small Nations Games, saying their success was down to commitment, hard work, as well as investment in facilities.

"The cries of 'Team Malta' were not simply the cries of last week, but the central foundation of all that this government does. Together we can achieve more for our families, for our children, our localities and for the country," he said.

Malta won big at the Small Nations Games, but it was equally successful in economic growth, employment, renewable energy and equality, the prime minister said. 

"It's all about the frame of mind. We were not happy with being average in our achievements. We wanted to be among the best," he said. "And with that frame of mind, we did not only score among the best - we were the best and we came first."

Maltese athletes won an astonishing, record-breaking 38 gold medals, 30 silver medals and 29 bronze medals across several disciplines last week, winning the small nations games that were held on home soil.

"But it will not stop here. This was not simply an investment for the purpose of these games. These facilities along with others that will be opened in the coming weeks will serve our athletes in the future," Abela said.

"We want our athletes to aspire for bigger success. And last week's events sent a strong message to all those children who dream of such success - that nothing is impossible if you believe in yourself.

The games were a strong message to all children who aspire for such success, Abela said. PHOTO: Jonathan Borg.

But the prime minister said Team Malta was not simply winning in athletics - it was winning on many other fronts as well. Malta did not let its size limit it in any way.

A few weeks ago, he recalled, the country hosted nine energy ministers to sign an agreement in which Malta was the catalyst in pushing the Mediterranean as a major source of renewable energy, he said.

Malta and eight other Mediterranean countries agreed last month to pursue the idea of turning the region into a hub for renewable energy. PHOTO: Matthew Mirabelli.

In September the country would be at the forefront of the celebration of equality and civil rights when it hosted the Europride, and it also made relevant strides during its presidency of the UN Security Council earlier this year.

Malta is currently one of 10 countries serving a two-year term as non-permanent members of the UN Security Council. PHOTO: DOI.

Malta, he said, also continued to boast of economic growth that was well above the European average and it continued to have the lowest rates of unemployment.

"Our personal best must only be the foundation from where we start building greater success. We will not take a break. That is a mistake this government will never make," Abela insisted.