MBR SEPTEMBER ALL LR

Malta Business Review
NEWSMAKERS
“Manufacturing
increasing its
economic value”
- Economy
Minister Chris
Cardona
The Ministry for the Economy, Investment and
Small Businesses highlights the manufacturing
industry’s contribution towards the GDP
growth registered by the national economy in
the second quarter of 2017.
As expected, the economy overall continues
to grow at a staggering pace. Official statistics
issued by the National Statistics Office show
that when comparing this year’s quarter with
last year’s, in real terms the economy grew at
the real rate of 6.4%.
It is worth noting that the manufacturing
sector has performed well. When comparing
Q2 2017 with Q2 2016, the Gross Value
Added generated by the manufacturing
sector at market prices increased by 6.1% (+
€ 11.7 million).
Taking into consideration a wider timeframe
comparing the first 6 months of 2017 with
2016, the manufacturing sector at market
prices grew also at a positive rate of 5.2%.
Amongst other sub-sectors, aviation MRO
(maritime, repair, and overhaul), and the
manufacturing of electronic components
were the best performers in the wider
manufacturing industry.
In comments after the NSO announcement
on real GDP growth, Minister for the Economy
Chris Cardona stated that the efforts by
government bodies like Malta Enterprise and
Malta Industrial Parks, and local operators
alike were continuing to bear fruit.
“While Malta’s avant-gardism as witnessed in
the regulation of gaming and now even block
chain will never waiver; high-added value
manufacturing will always have a strategic
value for our economy. The deep ripples in
supply and support services that this industry
provides are singular. This ministry in tandem
with our entities Malta Enterprise and Malta
Industrial Parks will progress our efforts
to attract new companies but also sustain
established operations and establish linkages.
Reputable high added value manufacturing
remains at the centre of what the Maltese
industry stands for”, said Minister Chris
Cardona. MBR
Incentives for
employers to invest
in private pensions
Minister for Finance Edward Scicluna
launched a number of fiscal incentives aimed
at employers and their employees to take up
voluntary private pensions. These incentives
were announced in this year’s budget.
Minister Scicluna explained the benefits
reaped by employers when they introduce
such incentives for their employees.
Employers will be in a position to retain their
best talent within their organisations, offer
better working conditions, and strenghten
their position as ideal employers.
While benefitting from tax credits, employers
who introduce such schemes will be showing
their committment in the future well-being of
their employees. The tax credit being given to
employers is capped at €150 per annum per
employee.
For the employees, the investment made
by their employers on their behalf will not
THE MINISTRY FOR JUSTICE,
CULTURE AND LOCAL
GOVERNMENT
Second edition of the world’s largest
photography competition launched in Malta
The second edition of Wiki Loves Monuments,
the Guinness World Record holder for the
largest photography competition, is taking
place again in Malta this year. The competition
brings together photographers from around
the world to take stunning pictures of our
cultural heritage to be shared on Wikipedia.
During a press conference, Minister for
Justice, Culture and Local Government Owen
Bonnici explained how this serves to raise
awareness about cultural heritage in our
communities which, despite not being as
popular, is characterised of beautiful aspects
that the photographer manages to capture.
Speaking at the competition launch at the
National Museum of Archaeology, Wikimedia
Community Malta President, Tony Micallef
explained that this year’s competition will
be taking place in over 50 countries across
six continents. Since the competition started
be considered as a fringe benefit and will
therefore be tax exempt. Employees are also
being given the opportunity of investing their
own funds in such schemes, whereby any
such investment up to €1,000 per annum will
carry a tax credit of €150.
Minister Scicluna concluded by saying that
fiscal incentives for voluntary private pension
schemes are another boost to income during
retirement. The recent issue of the 62+
Government Savings Bond had the same
objective. These investments will augment
the annual income of pensioners during their
retirement. MBR
in 2010, nearly 2 million photographs have
been uploaded, with last year’s competition
attracting over 277,000 submissions across
42 countries. This is the second time that
Malta will be participating.
Spazju Kreattiv Chairman Rupert Cefai stated,
“It is our interest to serve as a platform and
catalyst for such projects and initiatives. As
an integral project from the Spazju Kreattiv
programme, Wiki Loves Monuments
allows Spazju Kreattiv to serve the creative
community, namely the photographers
participating but also reaching out to other
communities and strengthening their
relationship with the local monuments in
their respective settings”.
The competition opens on September 1 and
the deadline for submissions is September 30.
A jury composed of experts within the field of
cultural heritage, photography and Wikipedia
will be selecting a number of winning entries.
Submitted photos will also be exhibited at
Spazju Kreattiv in Valletta (St James Cavallier)
throughout November and December. Ten
winning submissions will be nominated for
the international Wiki Loves Monuments
contest, with the opportunity to win further
prizes.
For more information on how to participate,
visit www.wikimalta.org/WLM2017. Wiki
Loves Monuments in Malta is organised
by Wikimedia Community Malta (WCM) in
collaboration with Spazju Kreattiv and Heritage
Malta, and is sponsored by Photocity. MBR
Source: The Ministry For Justice, Culture And Local
Government/Doi
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