Malta Chamber appeals for a strategy on economic recovery

DOI - Jason Borg

The serious impact of COVID-19 on the European economy, the EU response and business’ role for the recovery were the topics discussed between members of BusinessEurope which the President of the Malta Chamber of Commerce, Perit David Xuereb has participated in. A meeting which involved all national business organisations. The meeting was also addressed by European Commission Executive Vice-President for the Economy, Valdis Dombrovskis.

In a statement, the Malta Chamber of Commerce explained that during this discussion, David Xuereb commented on the need to manage the crisis but also to look beyond it.

“Business plays a crucial role for recovery in getting the economy back on track. After advocating for and securing the right policies and financial support to keep as many companies afloat in the short term, businesses must stabilize their operations and quickly start planning for the aftermath of the crisis in order to hit the ground running,” said the Chamber President.

Xuereb also said that the economic, social and environmental landscapes will change permanently, and business needs to adapt quickly to the new dynamics, or otherwise risk becoming irrelevant.

During the discussion, he mentioned how the Malta Chamber was taking leadership by establishing a ‘Post-pandemic Strategy Group’ that will be tasked with creating various scenarios of what the post-pandemic landscape might look like, and develop strategic initiatives to address the ‘new normal’.

The European business leaders supported the measures necessary that need undertaking nationally to contain the spread of COVID-19 and agreed that public health was to be given priority.

The Presidents of the business organisations expressed full support for the measures undertaken by the European institutions so far and appealed to make the necessary for as many businesses as possible to survive the crisis in order to be able to help rebuild the European economy.

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