Finance Minister Prof. Edward Scicluna explains how earlier last week he delivered an address in the European Parliament on invitation of the President of the European Parliament, Martin Schulz. The address dealt with economic growth and the creation of employment.
Prof. Scicluna explains that this is especially relevant in a context where in many countries within the European Union, investment is still below 2008-levels, and notes that the causes behind this decline need to be studied and addressed.
Prof. Scicluna remarks that while large companies were more insulated against the financial crisis, smaller companies were more vulnerable. This is limiting how much they can invest in their own operations. He especially notes that SMEs have particular trouble when it comes to obtaining bank loans to expand their operations.
In this regard, Prof. Scicluna notes Malta’s own JEREMIE scheme, which this Government extended to local small and medium sized businesses so that these could invest in their own operations and generate both jobs and economic growth for Malta.
Prof. Scicluna also notes that there are other schemes whereby the Government can support small businesses, such as through Public Private Partnerships.
– Saturday, 25th January 2014