The Gozo Business Chamber, in its reaction to this evening’s Budget 2025, said that, “it is important that this budget acknowledges both the economic value and the social and environmental impact of the economy.”

Consequently, the Chamber said it agrees with the establishment of a migration policy based on skills. In this context, a national migration policy should be structured in such a way as to establish high-value-added niches in Gozo.

The Chamber added that it believes this could be another important step in supporting Gozo’s economy. “Throughout the consultation process to be undertaken the Chamber should be consulted to address Gozo’s specific needs while taking concrete steps to create high-value-added niches in Gozo,” it said.

In this context, the Chamber said that “Gozo should have an important role in the Vision 2050 strategy to start contributing to the national economy with the establishment of specific high-value-added niches.”

The Chamber said it also agrees with the incentives to promote occupational pension plans. “This is an important step for retirees to continue strengthening their income.”

It noted that while the budget mentions projects already completed or almost completed like the Elderly Home in Gozo, the new school in Victoria, and the new Aquatic Centre, “all of which are positive initiatives, there is no mention of the new hospital.”

The Chamber said it hopes that, “as announced, work will begin on this project, which is greatly needed on every level.”

The Chamber went on to say that one of its proposals was to establish a startup incubator at the Gozo Innovation Hub. “While several investments in Malta are mentioned, including in the digital sector, there is no mention of investments in this sector in Gozo.”

“The Chamber believes that the Gozo Innovation Hub has strong potential that is currently underutilised,” it said.

It also noted “positively that the Government is committed to Gozo’s connectivity. This commitment was clearly shown through the new schedule for the fast ferry service and the announced investment in the rural airfield.”

However, the Chamber said it believes that for this commitment to be fulfilled, there should be a long-term outlook on maritime connectivity, with alternative plans to ensure that, in case of incidents or dangers, as happened recently, Gozo has alternative solutions for emergency travel.

The Chamber also positively noted the incentives for non-commercial farmers who have agricultural land leased from the Government to enter into arrangements with commercial farmers willing to work that land.

The emphasis on reducing the carbon footprint was also welcomed by the Chamber, saying it believes that “Gozo has an important role in launching projects in this area. Gozo can in fact serve as a testbed for pilot projects that can then be implemented on a national level.”

The additional €1,000 grant for scrapping old vehicles registered in Gozo, was welcomed by the Chamber, as was the establishment of an OHSA office in Gozo to offer more immediate services.

The extension of the exemption from Capital Gains Tax and stamp duty on the purchase of property in Urban Conservation Areas (UCA), and that the grant given to first-time buyers in Gozo remaining at €40,000, was noted by the Chamber.

The investment in the restoration of historical sites, the carnival, and the Gozo museum, was noted, with the Chamber saying that it “believes that the cultural sector has an important role in Gozo, and that it can become in itself an important tourism niche. In this sense, investment in the cultural sector should continue, resulting in financial support for voluntary entities that organise high-quality cultural events. The Chamber also believes that, as proposed, the Government should also seek collaboration with private entities in this sector.”

Permalink: Gozo Business Chamber gives its reaction to the 2025 Budget