The global economic disruption brought about by the pandemic is as unprecedented as it is systematic. The challenges being faced by our business community are no different from those encountered by international companies. This is also why we are committed, perhaps more than ever, to safeguard jobs and ensure that our entrepreneurs are given all the possible assistance to ensure the long-term prosperity of our economy.

I took up the enterprise portfolio at possibly the most critical time for our industry. Since day one, my objective in this space was twofold: provide tangible and adequate assistance in the short-term while targeting the industry’s long-term competitiveness embedded in sustainability and economic resilience.

This is the ultimate aim underpinning the wage supplement extension announced in the past week together with Finance Minister Clyde Caruana. Beyond short-term assistance, which is, undoubtedly, needed to ensure the preservation of fundamentally-sound businesses, we intend to embed the necessary aid measures aimed to support investment in the medium term and entrepreneurial growth in the future.

The importance of the wage support scheme is evident for everyone to see. Twelve months into the pandemic, Malta has the second lowest rate of unemployment across the entire eurozone. Indeed, at 4.4 per cent, Malta’s unemployment rate is almost half the average unemployment rate in the euro area, second only to the Netherlands.

As new restrictions aimed at counteracting the spread of the virus variant come into force, the full wage support will be provided to all businesses which need to shut down until mid-April. This assistance is intended to alleviate the struggle of all non-essential businesses that have been impacted directly by the new restrictions. Furthermore, the wage support is being extended in the current shape and form for all other companies till the end of June.

We are committed to safeguard jobs and ensure that our entrepreneurs are given all the possible assistance- Miriam Dalli

Nevertheless, we are cognisant of the fact that providing businesses with visibility and the possibility to plan ahead is of vital importance, particularly in challenging times like these. This is why we do not intend to unplug the wage support at the end of June. We are committing nothing short of €200 million in order to provide this visibility and extend the wage support until the end of year.

With this extension, we want to provide peace of mind and reassurance to employees and employers alike. This government will continue to support all our companies and workers in the months to come just like we did in the first year of the pandemic.

Providing the necessary support to preserve jobs and ensure the survival of our enterprise in the coming months is fundamental. Beyond the short term, in the second half of the year we intend to modify the wage support assistance and reinvigorate it with other alternative assistance measures aimed at boosting the long-term competitiveness of our enterprise in the post-COVID economy.

We are doing all this in tandem with our business community with which we are holding an open and continuous dialogue as we design these alternative measures. In the last months, we have been listening attentively to their concerns but also acting decisively on their recommendations. The allocation of different support levels according to the revenue lost and the inclusion of replaced staff complement into the wage supplement are other recent examples of decisions I took following this continuous consultation process.

We are very sensitive to the issues at stake here. Just like all our entrepreneurs, we are planning ahead in very uncertain times. We will adjust our tools, remodel our support measures and modify our timelines if needs be but we will not concede, we shall not let go of our vision: the determination to build a stronger, more resilient, greener and a more sustainable Maltese enterprise in the years to come.

The transition towards such an ambition necessitates leadership but also the commitment of everyone involved. That is why, since day one of taking office, I have embarked on an approach which prioritise an open communication with all stakeholders, with our industry representatives, employers and constituted bodies.

This allows us to understand the pain points of different sectors. This is indeed essential for us to design solutions that will support business remodelling, investment and entrepreneurialism in the months ahead.

I am confident that together we will prevail over these testing times. I draw comfort from the fact that, in every single discussion I have with our industry representatives, I keep getting one common message.

Yes, our enterprise needs assistance to go through this rough patch but our business community is looking forward to growth-oriented support which will allow it to regain the lost ground and be able to prosper in the new economy that we shall be faced with in the years to come.

This entrepreneurial attitude and willingness to persevere, combined with this government’s unwavering commitment, will see us through.

Miriam Dalli is Minister for Energy, Enterprise and Sustainable Development.