Fabian Demicoli

GRTU Strongly Urges Action on Productivity and Economic Growth

"GRTU is in favour of strong action to cut down the Budget Deficit. At 68% of GDP our debt is too high and it keeps growing on as a result of Budget Deficits. Government must send the message loud and clear that in support of the productive sector of the economy funds are available, but there are no axtra funds for the non – productive. Is is an increase in the productive elements of the economy that make the Economy grow.  Without growth Malta is stagnant. 

 

The Budget defecit will fall as growth marches forward. Government must invest heavily in new capital expenditure and create new financial  instruments to attract more private sector and financial sector funds that can be productively used to finance the public sector public capital expenditure.

 

Malta's infrastructure has seen a tremendious increase in investment but much of our infrastructure remians old and a sharp increase in infrastrutural capital investment will not only boost economic growth immediately but will serve for steadier economic growth in the following years.

GRTU's Budget 2012 proposals concentrate on Incentives for Growth;

Incentives for small enterprises to re-structure their financing and invest in expansions, new projects and innovation

Incentives to boost new enterprise start- ups as all existing schemes are sepcific and not aimed at the generation of new business start-ups

Incentives for private sector to invest more in  green-jobs and for the public sector to offer more and better cost-efficient waste management facilities. GRTU is active in this sector as GRTU manages the only green jobs generating social enterprise (Green MT).

Incentives for young first home buyers and to families with young children  and to small business owners wanting to buy property to buy at affordable prices the extra – surplus of housing and building stock currently on the property market. GRTU insists on attractive incentives to Maltese buyers not to foreigners.

Incentives for the increase of economic activities in the Locality.  There is too much vacant properties that can be used for office space, Tourism accomodation and other economic activity that can with the right incentives cause more people, especially women to work closer to home, cut on expense and increase economic and comercial activity in the localities.

Incentive for the reduction of private debts: the problem of debts in Malta is not only national but it is also one that effects small businesses and households. The level of indebtness of households is growing and it is effecting the purchasing power of household and it is our identified cause of stagment private consumption.  GRTU is pressing government to seek means to help families and business reduce on reschedule debts so they can have more available disposable income. The current Government policy towards the recruitment of foreigners is caotic.  GRTU is proposing that a payroll withholding tax of an agreed percentage of pay to foreigners recruited on a temporary basic is imposed so that these workers are officially registered and covered for tax social and medical contribution.

Incentives for more public private partnerships. Government was right to accept GRTU's proposal for Private Public Partnership (PPP), financed road works in the locality. This concept now must be expanded to include projects in the harbour and the development of new beaches and new infrastructurer works.

GRTU's programme aims at incentives for Growth"

 

Vince Farrugia, GRTU Director General was speaking at the Ministry of Finance Breakfast Forum on Budget 2012 at the Corinthia, St Julians on Thursday .

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