Nationalist Party (PN) leader Bernard Grech has identified the 10 economic niches that would benefit under his party’s previously-announced proposal for a €1 billion investment in the economy.
The niche sectors covered under the scheme would be as follows:
The proposal was first hinted at on Sunday evening, when the leader addressed a gathering of party supporters in front of the PN headquarters, after Prime Minister Robert Abela finally announced an election for 26th March.
A PN Government would aim to bolster the economy especially through investing in tech-heavy sectors like the metaverse, artificial intelligence, video gaming, esports, and 3d printing, according to the party’s leader.
Detailing these points, Dr Grech expressed that his Government would “sow the seeds” to create wealth for the country, before continuing to invest in the sectors to ensure economic momentum is maintained.
He also claimed that a PN Government would give back excess charges on the collection of tax on income and on utility bills.
The investment, according to Dr Grech, would create “tens of thousands” of new jobs, and will be half publicly funded, by redeeming long-term local deposits held in financial institutions, and the other half sourced through local and European lending institutions.
A PN Government, according to the party leader, would also attract investors to Malta and welcome foreign companies of various sizes.
Broadly, the fund is intended to spur the establishment and growth of the new sectors, while helping to strengthen existing areas, with a special focus on aviation, luxury manufacturing, gaming, financial services, life sciences, and technology.
Dr Grech finally stressed that the purpose of the PN is to restore the vision and international reputation of Malta.
A number of points are worth noting about the PN’s economic investment plan.
Firstly, dedicated investment already exists in the vast majority of sectors identified under the plan.
For example, the boosting of esports and video gaming has already been cited as a key priority for the incumbent Labour Party.
Under this Government, a dedicated organisation was set up to support the iGaming, esports, and video gaming sectors, in the form of Gaming Malta, which does appear to be achieving this task so far.
Acknowledging the existing investment in several of the highlighted sectors, Dr Grech contended that there has not been enough investment in sectors such as sports and AI.
Additionally, the PN’s projection that the investment will create tens of thousands of jobs may not appeal to a business community already being battered by staffing shortages, with unemployment hovering below four per cent.
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The Government hopes that these sectors will make up 1% of Malta’s GDP by 2028