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In this article you will find more information on one of the most significant events of the month, the elections in Malta. But also, an interesting topic that we have written about is the impact of these elections on foreign investment and the Maltese government’s approach to economic development.
2022 Maltese general election
the members of the House of Representatives of Malta were elected on March 26, 2022. In 2017 and 2022 Labor won again.
The Labor Party won another election victory, gaining another five years in power. Minor political parties and independent candidates contested Malta’s 13 constituencies and won 9,308 votes. Meanwhile, Labor won a majority of almost 40,000 votes over its opponents in the Nationalist Party, a wide margin in the tiny EU state with just 355,000 registered voters.
Robert Abela, the Prime Minister of Malta, has been sworn in for a second term after his ruling Labor party won a majority in the 2022 general election.
President George Velqwla swore him in. Following the resignation of former Labor Party leader and Prime Minister Joseph Muscat, 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 subsidizes energy bills. Abela’s government has been widely credited with successfully managing the COVID-19 pandemic, due to a variety of policies that have helped businesses and workers while keeping unemployment low.
The majority of individuals are still preoccupied with economic growth. After a severe fall in the economy due to the health crisis, growth exceeded expectations. After a sharp decline in the economy due to the health crisis, the economy grew by more than 9% last year, helped by government aid 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 spaces have been promised by the Labor Party.
For investors, Malta is considered a safe, secure and friendly environment. Malta recognizes the essential contribution that international trade and investment can make to the development of national prosperity, given its central location in one of the most active trading regions in the world and its relatively small economy.
The government is seeking to create incentives to encourage investment in high-tech manufacturing (which includes aerospace and defence).
The government is trying 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 aircraft maintenance, education and training, ship and aircraft registration, transshipment and related services.
Malta’s comparative advantages include:
- Membership of the EU, the euro zone and the Schengen zone;
- Proximity to European and North African markets;
- Excellent telecommunications and transport connections;
- A fair and transparent business environment;
- A highly skilled English-speaking workforce; and competitive salary rates (although the cost of living is high, labor costs are relatively low compared to other European and North African countries).
- Malta also offers financial, tax and other investment incentives to attract foreign direct investment.
In these difficult times facing the whole world, Malta’s policy of neutrality guarantees its effectiveness and credibility, allowing it to play an important role in maintaining peace and security in the region and beyond.
Malta aspires to enhance its international reputation as a trustworthy and moral partner that responds to and aligns with changing global needs.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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