The Malta Chamber of Commerce, Enterprise and Industry has revealed its expectations ahead of Prime Minister Robert Abela’s budget speech tonight, aimed at boosting businesses and families through a Government multi-million economic regeneration plan.

Malta’s foremost business representational body expressed that wage subsidies introduced in the past weeks should be retained, and only released in a planned manner that respects gradual development of customer confidence and an expected poor tourism economy.

The organisation also expects initiatives to further reduce operational costs for enterprises, such as rent.

“This will allow businesses to concentrate their resources on internal restructuring, research of the new market and investment in innovation that will help them sustain and re-develop the competitiveness they had worked so hard for,” it announced.

The Malta Chamber added that through this Budget, themed ‘A better tomorrow’, Government also needs to stimulate aggregate demand to mitigate the reduction expected to be generated by the tourism sector.

“The budget should prioritise an opportunely-timed regeneration of the economy by assisting all business, whether small, medium or large with the best professional advice to re-engineer their models and develop exciting new business plans that reflect the new expected realities,” the Chamber continued.

Furthermore, it highlights that the crisis caused by Covid-19 should serve to accelerate the digitisation of Malta’s economy including e-commerce, teleworking, revamped e-gov services, as well as a strong direction towards a low carbon economy.