At the conference hosted by The Malta Council for Economic and Social Development (MCESD) for the presentation of the National Productivity Report, the Prime Minister of Malta, Dr Robert Abela, said that the iGaming sector is a pillar of Malta’s economy.
Prime Minister Robert Abela addressed the conference emphasizing the government’s economic vision. He explained that Malta’s economy is currently experiencing an important transition and carried on to discuss the key findings of the National Productivity Report.
Booming nature of iGaming Sector
The iGaming sector has successfully managed to generate significant value-added from a smaller and less labour-intensive workforce reflecting the booming nature of the economic activity within the iGaming sector.
Malta has the highest employment rate, the lowest unemployment rate, and the fastest-growing economy in Europe. The iGaming Sector is an important pillar of Malta’s local economy” Dr Robert Abela – Prime Minister of Malta
Malta is one of the world’s premier hubs that attracts iGaming companies. With that comes talent from across the world to reside and work in Malta. Dr Abela said that the Government has made a concentrated effort to cultivate and develop this niche further and iGaming now encompasses digital games and esports.
For yet another year I am thrilled to see that the iGaming sector has impacted so positively on Malta’s economy. Innovation was and always remains absolutely vital to the company’s vision of retaining a leading global position in the sector as an online gambling authority. We have exciting and unparalleled times ahead as we embark on the journey and move towards a new era of digital transition – a future where ideas and talent will flourish as they are brought to market in collaboration with stakeholders in the public and private sectors. I look forward to contributing further towards the success and growth of the sector. ” Eman Pulis, Founder of SiGMA Group
Investment in Malta last year stood at €3.7 billion
Although investment in the country reached a record high, the Prime Minister said that the Government “will not rest on its laurels, rather, it will continue to work on renewed principles, with an economic vision for the future.” This will include a knowledge-intensive economy and the transitioning towards a greener economy. The country’s competitiveness can be enhanced with economic diversification which is key for the country to remain competitive and attract investment.
Dr Abela added that employees are vital to develop and strengthen a business and “competitiveness and productivity should be measured on workers’ skills rather than on saving money from salaries”. However he pointed out that change and innovation are required to keep the momentum going at a pace that will further strengthen the economy.
Research, Development and Innovation
The National Productivity report focused on innovation through collaboration of the private and public sectors. The report analyses Research, Development and Innovation (RDI) and productivity on a sector by sector level and recommends initiatives that can stimulate various economic sectors. An RDI vision was also discussed for the island of Gozo. The report also identified the existing gaps in RDI spending and participation to position Malta as a bridge within Europe. The Prime Minister said that RDI is one of the main drivers of productivity and competitiveness. This encompasses organisational, market and input innovation.
Malta can boast of the highest employment rate and the fastest-growing economy in Europe. It is anticipated that Malta will continue to experience strong economic growth. The Prime Minister commended the collaborative efforts of all those who contributed to produce the comprehensive report.
Dr Abela also highlighted the indispensable role of social dialogue as a catalyst for progress. He pledged the Government’s commitment to collaborate closely with all stakeholders through the Malta Council for Social and Economic Development (MCESD).
Fastest growing economy in Europe
The Prime Minister explained that Malta’s economy is currently experiencing an important transition.
He concluded that these achievements are only the start, and that in order to progress to the next level, change and innovation need to be at the centre of everyday life. Productivity needs to increase, the economy needs to be strengthened “and above all provide a better quality of life for families, while protecting workers by providing better conditions and an improved income”.
SiGMA participated at the National Productivity Board annual conference hosted by the The Malta Council for Economic and Social Development (MCESD) on 27 May 2023. As well as Prime Minister Robert Abela, other esteemed speakers were Hon Clyde Caruana – Minister for Finance and Employment, Professor Philip von Brockdorff – author of National Productivity Report, Dr Jonathan Spiteri – authori of National Productivity Report, Hon Andy Ellul – Parliamentary Secretary for Social Dialogue, Perit David Xuereb – Chairman of the National Productivity Board, Hon Keith Azzopardi Tanti – Parliamentary Secretary for Youth, Research and Innovation, Hon Claudette Buttigieg – Shadow Minister for Social Dialogue and Tony Sultana – Principle Permanent Secretary.