“Incentives to help businesses turn crisis into a re-engineered economy” – Chamber

"Three main principles evident in Government’s stimulus plan"

The Malta Chamber said that the measures in the budget announced on Monday by the government were based on the three principles outlined by The Malta Chamber in its document ‘Making a Success of the New Norm’.

In a statement issued shortly after Prime Minister Robert Abela announced the measures, The Chamber said that the measures announced are based on;

  • Reduction in operational costs for enterprises
  • Kick-starting aggregate demand by stimulating domestic consumption especially considering reduced Tourism activity
  • Future-proofing the economy by supporting companies to obtain professional assistance to alter their business models and strategies

The Chamber said is particularly satisfied that Government accepted and announced measures it had itself proposed such as:

  • the retention of the wage subsidy on a selective and tapered basis,
  • support for business operating costs particularly in terms of rental expenses and fuel costs
  • direct support to help businesses re-engineer their business plans to consider new opportunities

The Malta Chamber has also welcomed measures aimed at embracing the opportunities presented by the COVID-19 crisis such as the acceleration towards digitalization of business processes and a strong direction towards a low carbon economy.

Another measure that The Chamber has welcome is the investment in the industrial infrastructure of €400 million to attract new investment in both existing and emerging industries.

The President of the Malta Chamber of Commerce said that as Malta’s foremost business representative body, they welcome the measures announced tonight, as they widely reflect the sentiments of The Malta Chamber.

“Several of the incentives are expected to help businesses turn the COVID crisis into an opportunity of growth through a re-engineered economy,” said David Xuereb.

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