The Gozo Business Chamber said has welcome the number of measures announced today targeted at the regeneration of the Maltese economy, and the socio-economic context in which these measures will be implemented.

The Chamber, in a statement, said that it was also part of these discussions in which, it highlighted the need for measures to be targeted more towards small and micro businesses, and for measures to be positively skewed towards Gozo, especially in the digital and the green economy sectors.

The Chamber said that it believes in these two sectors, as these are economic niches which can “create real value added for the Gozitan economy in the long term.”

To this end the Chamber noted “positively both the direct support measures, and the other incentives aimed at stimulating economic activity.”

These include both the extension of the rent and electricity support schemes, and the one-time cash grant of €1,000 for those who will remain closed.

The GBC stressed that “in this context one needs to take into consideration the bars which will remain closed, and where a date for their opening has not yet been determined, and the restaurants which will be opened, but in a limited measure.”

In this scenario it is important that these businesses, so crucial for the Maltese economy continue to be assisted during this period, it said.

To this end the Chamber also acknowledged the scheme whereby psychological support to entrepreneurs will be provided. At a crucial point in the pandemic in May of last year, the Chamber said that it had pointed out this issue when it had organised a specific webinar on the stress faced by entrepreneurs during this difficult period.

“The stress has been compounded,” it said, “considering also that travelling restrictions between Gozo and Malta have been in place for a number of months, and will only be lifted on the 10th of May.”

The Chamber also noted positively the ‘Change to Grow 2021 Scheme’, the ‘Restart Incentive Scheme,’ the ‘Extension of the tax credit certificate through the Micro-invest scheme,’ and the ‘Support and Sustainable Investment Scheme’ which will be offered across all sectors.

It also acknowledged the announcement that a higher threshold for Gozitan based investments will apply.

The digital and the green economy sectors are the two main pillars for economic recovery highlighted by the European Union, the Chamber said.

The GBC highlighted the fact that these are two sectors which are not impinged by the physical limitations of islands. “In this sense one has to note the investments by Government in this area mainly through the second fibre optic link and the Digital Innovation Hub.”

The latter is being seen by the Chamber as “an important step in Gozo’s future economic growth to eventually become a main hub for digital economic activity on the island,” it said.

The GBC concluded by saying that “further efforts are needed in this direction with an economic model which can make settling in the Digital Innovation Hub both attractive and feasible.”

Photo by Alain Salvary

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