Grant Thornton Managing Partner George Vella identified offshoring of financial services as a potential solution to managing the pressures caused by Malta’s economic growth.
Addressing an event to mark 100 days of the new Government, Mr Thornton argued that service-based industries can operate differently to other sectors, whose expansion necessarily requires a larger physical presence in Malta.
“We have the luxury of employing people who aren’t based in Malta, and who therefore don’t impact our roads and infrastructure. I believe offshoring is one of the big solutions,” he said.
He argued that offshoring allows sectors such as financial services, accountancy, gaming and other digital services to continue spurring economic growth with less impact on Maltese infrastructure.
“I believe this is the way forward and I think Vision 2050 points in that direction,” he said.
“We must reflect on how we got to our current state, with its benefits and drawbacks. Thanks to the sectors that are already established in Malta, we have a way forward, but we need to pivot and make choices about where we want to focus. In a nutshell, that’s how I see Vision 2050.”
Photo: George Vella/LinkedIn
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