Budget mirrored our proposals extensively, Malta Chamber says

The Malta Chamber of Commerce, Enterprise and Industry

The budget mirrored the Malta Chamber of Commerce’s Making a Success of the New Norm, Chamber President Perit David Xuereb said during a webinar which was organised on the newly announced support measures.

In a statement, the Chamber of Commerce explained that the webinar was organised for its members with the aim of providing them with first-hand information on the detail of the measures announced during the emergency budget which was unveiled on Monday.

Xuereb noted that the pillars on which the emergency budget was built upon were in line with the priorities the Chamber of Commerce had outlined. A number of proposals which were aimed at helping businesses get through, had been put forward by the Chamber of Commerce ahead of the emergency budget.

“The budget mirrored our document Making a Success of the New Norm extensively, as it provided a reduction in operational costs for enterprises, helped kick-start aggregate demand by stimulating domestic consumption, as well as it ambitiously incentivised the future-proofing of the economy by supporting companies to obtain professional assistance to re-engineer their business models,” Xuereb said.

The Chamber said that it also looked forward to the government’s plan in implementing a low carbon strategy, and welcomed the €400 million investment in industrial infrastructure.

The webinar which was led by the Chamber’s Head of Policy Andre Fenech, was also addressed by Economy Minister Silvio Schembri and Malta Enterprise CEO Kurt Farrugia.

During his address, Schembri said that immediate action was taken. He remarked that the country is now at a point of restarting its economy and stimulating economic growth through direct economic injection which would get things back on track.

“We’re giving our all to incentivise the economy and continue with our pursuit to safeguard businesses, self-employed and employees” said Minister Schembri.

Farrugia on the other hand gave a detailed presentation on how businesses were to benefit from the measures announced.

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