Malta has continued to rank among the top 5 European Union
Member States according to the latest Competitiveness scoreboard
published by the European Commission on Thursday, 29th September
The Minister for the Economy, Investment and Small Business
Chris Cardona attended the Competitiveness Council meeting in
Brussels where EU Ministers focused on how to improve the needed
access to finance for EU companies and scale-ups.
During the first part of the council meeting, the
'Competitiveness Check-up' was discussed. The data
presented by Commissioner Bienkowska highlighted how Malta is
ranked with the top five Member States in the following areas :
Greenhouse gas emissions in
Manufacturing / Construction – Industry/Energy';
TFP (Total Factor Productivity), an
important indicator of innovation and economic growth –
Intra EU trade services;
Malta's Stock of Foreign Direct
Investment Fund is 1768 which is above 80 of the EU.
Whilst welcoming Commissioner Bienkowska's presentation,
Minister Cardona emphasised the importance of improving access to
finance for enterprises, particularly for start-ups and scale-ups
so that the EU would be on a par with its international
Malta also welcomed the Capital Market Union Action Plan which
aims at establishing an integrated capital market in the EU
boosting the creation of jobs and economic growth.
The Council held a policy debate on the collaborative economy
and how to find a balanced approach so as to harness the great
economic potential offered by business models. Minister Cardona
noted that the peer-to-peer economy may provide various economic
benefits to the suppliers of the service, creating new employment
possibilities and also to customers who may benefit from
potentially lower prices and better and flexible services. However,
a balance needs to be struck to safeguard the conditions of work of
any employees involved and consumers' protection, all the while
taking care not to stifle a collaborative economy.
Minister Cardona commended the exchange of best practices among
Member States on policy approaches and discussions on developments
in various sectors.
In the margins of the Council, ministers were invited to sign
the Joint Initiative on Standardisation. This initiative brings
together European and national standardisation organisations and
bodies, industry, SMEs, and consumer associations.
During a working lunch, ministers discussed the situation in,
and the future of, the construction sector, including actions at EU
level to promote digitisation in the sector.
The afternoon session was devoted to industrial policy.
Ministers took stock of the latest developments in the European
steel industry and discussed the best possible measures and actions
to improve the competitiveness of the sector.
Source: PRESS RELEASE ISSUED BY THE MINISTRY FOR THE
ECONOMY, INVESTMENT AND SMALL BUSINESS
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