‘What we need is an economic structure that drives human development’ – MCESD Chairman

Malta Council for Economic and Social Development (MCESD) Chairman and seasoned Business Mentor David Xuereb on Sunday shared that Malta needs to develop an economic structure that focuses on driving human development to best prepare future generations.

This comes after Minister for Finance and Employment Clyde Caruana during the Malta Institute of Accountants’ biennial conference explained that the country’s population will need to grow by 55 per cent to 800,000 in the next 17 years in order to maintain Malta’s current economic growth rate of 4.2 per cent. This is unless a new economic model is created that will allow it to remain competitive amidst local and international challenges. He called for “structural change, not mere reform”, with a need for greater value and less input and pressures from Malta’s infrastructure.

Mr Xuereb, who aside from his role at MCESD is also an Enterprise Chairman, Director, Business Mentor, Decarbonisation Advisor and Ethical Change Management Advisor, acknowledged that everyone seems to agree that a “re-think” and “update” to the economic model is needed.

“What we really need is an economic structure that drives human development and where clear values and ambitions ensure that we show up strongly and are truly accountable to future generations,” he explained.

Mr Xuereb remarked that this requires “intelligent and responsible thinking”, together with “a lot of collaboration and alignment”.

“We know the ingredients. Our country can do this. We all need to step up and offer our best,” he added.

Additionally, Mr Xuereb is also a Board Member on the Climate Change Consultative Council and the Building Industry Consultative Council, as well as a Trustee at Conservatorio Vincenzo Bugeja and a Lecturer at University of Malta.

A number of other business leaders were quick to agree with Mr Xuereb’s words, with Business Consultant and Lecturer Corinne Fenech stating that it “takes courage” to say that the short term is providing “unsustainable profits”.

“It takes determination to create a critical mass for change, it takes resilience to take the initial inevitable hit, it takes vision to create new solutions to old problems and it takes vulnerability to try, fall, stand up and try again better,” she said, before adding that Malta will succeed when everyone realises that the “status quo is not the wisest option”.

Malta Union of Bank Employees President William Portelli noted that people need to “focus on quality, not quantity”, as it is the only way that Malta’s heritage can be protected while embracing the values “that matter”.

“It is about rethinking strategy to implement a new vision for Malta effectively supported by good governance at all times. No ifs and buts. Direct, clear thinking with an ambition to succeed in all areas through a disciplined hands-on approach by all sectors,” he explained.

MJMDA Founder and CEO Matthew James Mercieca was also in agreement, yet pointed out that there are a number of people that are still “entrenched in the old ways”.

“These people are causing long-term damage on the possibilities of the future and causing missed opportunities for positive change. They lack vision of what the future holds, and having no creative ideas for change, sit comfortable on the spoils of exploitative agendas,” he continued.

KPMG Malta Head of Audit Hilary Galea-Lauri highlighted how ensuring everyone is accountable for future generations should be the “precursor of what drives our decisions today”.

Mr Xuereb possesses various years of experience in the local economy, having served as President at The Malta Chamber of Commerce, Enterprise and Industry, and was also Chairman at its Energy and Environment Committee, among various other roles at a number of other organisations.