In this article, you can find more information about one of the most highlighted events of the month, the elections in Malta. But also, an interesting matter we have written about is the impact of these elections on foreign investments and the Maltese government's approach to economic development.
2022 Maltese general election
The members of Malta's House of Representatives were elected on March 26, 2022. In 2017 and 2022, Labour won again.
The Labour Party won another victory in the election, gaining another five years in power. Small political parties and independent candidates ran in all 13 election districts of Malta and received 9,308 votes. Meanwhile, Labour won an almost 40,000-vote majority over its Nationalist Party opponents, a large margin in the tiny EU state with only 355,000 registered voters.
Robert Abela, the Prime Minister of Malta, has been sworn in for a second term after his ruling Labour Party gained a majority win in the general election of 2022.
President George Velqwla delivered the oath of office to him. After former Labour Party leader and Prime Minister Joseph Muscat resigned, Abela was sworn in as Prime Minister for the first time in January 2020.
What will happen next?
To keep prices consistent, the Maltese government is subsidizing energy bills. Abela's government was widely credited with successfully managing the COVID-19 pandemic, because of a variety of policies that aided businesses and workers while also keeping unemployment low.
The majority of individuals are still concerned about economic growth. After a severe slide in the economy due to the health crisis, growth has surpassed expectations. Following a severe decline in the economy due to the health crisis, the economy grew by more than 9% last year, aided by government assistance to individuals and businesses.
The environment is another big issue in Malta. Following the recent building boom, residents frequently express their dissatisfaction with the lack of green space. More measures to conserve green places have been promised by the Labour Party.
For investors, Malta is seen as a safe, secure, and friendly environment. Malta recognizes the essential contribution that international trade and investment may make to the development of national prosperity, given its central location in one of the world's busiest trading regions and its relatively tiny economy.
The government is seeking to create incentives to encourage investment in high-tech manufacturing (which includes aerospace and defense).
The government is attempting to attract investment in high-tech manufacturing (including plastics, precision engineering, electronic components, automotive components, and health technologies such as biotechnology or even pharmaceutical manufacturing), information and communications technology, research and development (R&D), aerospace and aviation maintenance, education and training, ship and aircraft registration, transshipment, and related services.
Malta's comparative advantages include:
- EU, Eurozone, and Schengen Zone membership;
- Proximity to European and North African markets;
- Excellent telecommunications and transportation connections;
- A fair and transparent business environment;
- A highly-skilled, English-speaking labor force; and competitive wage rates (though the cost of living is high, labor costs are relatively low compared to other European and North African countries).
- Malta also provides financial, tax, and other investment incentives to attract foreign direct investment.
During these hard times, the whole world is facing, Malta's neutrality policy ensures its efficacy and credibility, allowing it to play an important role in maintaining peace and security in the region and beyond.
Malta aspires to improve its international reputation as a trustworthy and moral partner that is responsive to and aligned with changing global needs.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
