Malta’s economy is at a ‘crucial crossroads,’ says Opposition Leader Bernard Grech

Nationalist Party Leader Bernard Grech has stressed that Malta’s economy is at a “crucial crossroads”.

He was speaking during EY Malta’s Malta Future Realised Conference, an event focused on presenting the corporate service provider’s results from its 19th Attractiveness Survey.

Starting off his address, he highlighted that in last year’s event, he focused on foreign direct investment (FDI) and a diversified economy, and 12 months later, there is a “consensus that Malta must stop wasting valuable time”.

Dr Grech said that through the current economic model, there has been economic growth, as well as growing debt and increasing challenges with skills shortages.

“Malta stands at a crucial crossroads,” he emphasised.

Speaking about the Opposition’s goals for the future, he noted that one of the priorities is that of “economic revival”. He added that Malta needs to embark on a “journey of economic transformation”, one that “values high quality jobs over quantity”.

He noted that it is “evident” that Malta’s current economic model has “faltered”, and it is “imperative” that changes are needed.

“This is not an overnight switch, but a meticulous process that requires responsible leadership and business continuity,” he added.

“Malta’s not just a tourist haven, but it must once again become an investment hub,” he continued, adding that industries that served as “cash cows” in the 1990s have to be “reinvented” to fit in more with the present.