Chris Vassallo Cesareo, President of the Malta Chamber of Commerce, Enterprise and Industry, has emphasised the importance of empowering Malta’s youths to ensure a sustainable economic future.

He was speaking on Wednesday (today) during EY Malta’s Future Realised Conference, an event focused on presenting the results from the corporate service provider's 19th Attractiveness Survey. The annual survey found that Malta’s attractiveness went up slightly in 2023 at 59 per cent when compared to 2022’s 58 per cent. It was revealed that international tax developments, followed by skills shortages, are the biggest threats to Malta’s attractiveness for foreign direct investment (FDI).

In his opening address, Mr Vassallo Cesareo said that he had been looking forward to address this event ever since he became President of The Malta Chamber earlier this year, as it is “truly an event that brings businesses together”.

He stated that Malta, just like many other countries, has enjoyed “many years of price stability”, yet macroeconomic challenges have prompted economies to become more “volatile”. This is having an impact on supply chains “in all sectors”, a challenge that has become a “major concern for businesses everywhere, not least Malta”.

The Malta Chamber President Chris Vassallo Cesareo during his opening address / The Malta Chamber / LinkedIn

These challenges include the COVID-19 pandemic, the war in Ukraine, conflicts in the Middle East, climate change, labour market difficulties and skills shortages, among other things.

“There’s greater global uncertainty about everything, from pricing, to recruitment, to consumer behaviour, all the way to taxation,” Mr Vassallo Cesareo highlighted. He noted that geopolitical tensions are providing an “increasingly complex landscape”, as there is “more uncertainty and less confidence” within economies, with there being increased spending on other areas such as defence and security.

He said that businesses have already greatly contributed to turning this tide, but they “want to do more”, especially given the advent of new technologies which have inspired entrepreneurs to “explore new markets”.

“A major factor in this is the availability of skilled human resources. The empowerment of young people is critical to Malta’s economic future,” he stressed.

Mr Vassallo Cesareo explained that this can be achieved by providing youths with “quality, hands-on education” that will enable them to become “lifelong learners”. He added that this also has to take place in the shorter term by empowering and educating the existing workforce.

Concluding, he pointed towards the key proposals put forward by The Malta Chamber ahead of Monday’s Budget 2024 presentation, stating that all stakeholders have to address skills shortages, the recruitment of third-country nationals, the retention of local and foreign talent, investment in infrastructure, have a more efficient public service, and also tackle inflation “with greater sensitivity to competitiveness”.