Local CEO shares 5 things Malta needs to do to become a pro-business hub

“How can we make Malta a great hub for business?”

The question continues to occupy the minds of business leaders and politicians alike as Malta’s attractiveness to foreign investors continues to decrease and local business representatives issue stark warnings about the risks the country faces – and that the Government is seemingly slow to address.

Nonetheless, the economy remains strong, with Malta forecast to be the EU’s fastest-growing for the third year running. This growth has not come without costs, as the local population faces issues with power provision, sewage and traffic that have brought quality of life considerations to the fore of the social and political discourse.

VentureMax CEO Justin Paul Anastasi addressed the question in a recent video posted to social media, sharing his thoughts on the actions the country can take to improve its economy sustainably.

One key point that will come as no surprise is a renewed commitment to improve Malta’s infrastructure.

“We need better infrastructure,” said Mr Anastasi. “We need to start thinking outside the box and avoid just four-wheel solutions.”

He invited policymakers to “look at sea, air and any other type of innovative transport that we think can actually work for an island our size.”

He added, however, that infrastructural plans need to be drawn up in the context of “what we want to achieve and become”, noting that Malta needs to first grapple with and understand that and then build the infrastructure around that vision.

“Unfortunately [with our size] we can’t really afford to make the wrong decision.”

Mr Anastasi also called for bureaucracy to be streamlined, referring to other countries where registering a company can take as little as 24 hours: “We need to start doing that.”

He also said that Malta “needs to double down on startups – tax grants, funding access to investment and support all need to be made easily accessible.”

On a similar note, the CEO argued that Malta needs to do more to turn itself into a digital nomad’s paradise: “Let’s look at tax grants, incentives, co-working spaces and really focus on bringing international talent into Malta.”

Finally, Mr Anastasi also recommended “fostering partnerships between local businesses and international giants,” saying that Malta can help “bridge the success of small or new businesses in Malta and take them to an international change.”