Fabian Demicoli

Well done Malta! Special new Project Bonds to provide the needed economic stimulus

 GRTU has for too long lobbied, both at
national level and in Brussels, for the creation of special Project Bonds to
finance specific development projects. The money is available and the Maltese
have proven on too many occasions that they are willing to invest in Government
promoted projects. The Valletta special project financing, recently
oversubscribed, proved that the public has the funds and the trusts necessary
to finance special projects.

This is one way forward to create new
jobs and continue to invest in the transformation of our national economy.
Malta needs a greater and faster leap forward in economic development and
transformation though innovation. The new economic contributors to Malta's
successful new economy, all knowledge based sectors, enjoy rates of productivity more than
double the average national productivity rate. The older sectors of the economy
like construction, retail and wholesale, accommodation, public administration
and real estate have productivity rates as low as 50% of the national average
and not higher than 75% if the national average.

"The
new knowledge based sectors in which modern Malta of the last ten years has
invested so successfully enjoyed productivity rates of up to 200% of the
national average productivity rates. The new positive high productivity sectors
include Financial Services, Information Communication, Entertainment and
recreation, including e-gaming and other e-activities. We now need more of the
new and more within the old to make them renewed and upgraded. The financing
needs to be addressed towards the new Malta, new Project Bonds, should provide
the necessary stimulus" emphasised Vincent Farrugia Director General of
GRTU.

"We do not need
funding of unnecessary, unproductive and environmentally intrusive projects,
but funding for projects that give us a new impetus for growth and increased
economic value added. We need to upgrade the old or replace with new quality
investments leading to greater value" reported Vincent Farrugia in
an economic report to GRTU's National Executive Council.

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