National Strategic Reference Framework

MALTA – National Strategic Reference Framework 2007-2013 Draft Document for Consultation
Malta’s NSRF is based on four Strategic Objectives: sustaining a growing and
knowledge-based, service-oriented economy; improving the quality of life of citizens;
investing in human capital and addressing Gozo’s regional distinctiveness. These
objectives are depicted in Table 5.1.
A detailed description of these strategic objectives and the potential measures which
could achieve these objectives, follows.
5.1 Sustaining a growing and knowledge-based, competitive economy
The strategic priority aimed at sustaining a growing and a knowledge-based, competitive
economy is underpinned by measures aimed to support the restructuring of industry to
compete in the internal market and the world economy; attract more FDI; support
entrepreneurship; mobilizes investment in research, technological development and
innovation (RTDi); sustain the tourism industry and promote Malta’s culture in the
context of the tourism potential; moving towards the information society, and last but not
least, investment in the country’s infrastructure (transport and services of general
economic interest) as one of the principal backbones for economic growth and
competitiveness.
In order to generate economic growth and employment opportunities, specific attention
will be given to the manufacturing industry, tourism as well as other services-related
sectors. As regards manufacturing, efforts are being focused on attracting new investment
in target and niche markets which are high value added and where Malta can remain
competitive in the years to come. Tourism remains an important sector in the Maltese
economy and Government remains committed to further develop this industry. The
financial services sector has assumed growing importance over recent years and
Government wants to strengthen this sector and to realize its potential for additional
growth.
Malta has developed its economy, first and foremost, through its outward orientation,
openness and international competitiveness. Today the level of openness of Malta’s
economy is such that it finds very few parallels with other countries. Few economies
have managed to simultaneously develop tourism, attract a high level of foreign direct
whilst attaining a high level of exports compared to gross domestic product. Malta’s
economy is not an insular economy. It has not shied away from being an integral part of
the international economy, be it in the manufacturing sector, or in the services sector,
particularly through tourism and the financial sector. It has managed to do so even though
the country does not have natural resources. Furthermore, over the past four decades
since its independence, Malta’s socio-economic development has been based on the
general consensus to boost the tourism industry, to facilitate indigenous and foreign
direct investment and to achieve economic growth through exports.