North African stability key to economic prosperity in the Mediterranean

The Minister for the Economy, Investment and Small Businesses, Chris Cardona, said that the North African region plays a major role in achieving stability and prosperity in the Mediterranean region.

Cardona said that the strategic significance of the geographical location of the Mediterranean region and rising concerns about the flow of migration into the European Union from its southern neighbours are just two of the reasons why a secure, prosperous and stable Mediterranean region is important for the future of Europe. 

Cardona was addressing the Mediterranean Economic Forum, which was organised by the Malta Institute of Management (MIM). The main theme of this year's MIM forum was FDI in North Africa.

Cardona said that the relationship between Malta and North Africa and the Middle East was "stronger than ever" and that it was important for Malta to have good relations, and trade, with all its neighbours.

Cardona stated that the government is convinced that more trade and investment would boost economic growth in the region and contribute hugely to badly needed job creation and higher standards of living. This, in turn, would contribute to social and political stability and consequently peace.

During his speech Cardona emphasised the importance of ICT for the future of the Maltese economy and its growth and outlined the intention of government to support and facilitate initiatives aimed at increasing trade and investment between Europe and Africa as the two countries, in his words, "have more in common than what divides them".

Meanwhile, Edward Zammit Lewis, the Parliamentary Secretary for Competitiveness and Economic Growth said that the "strong homegrown ICT sector" was an area which could expand beyond the island's shores.

"Malta can become a stepping stone for European investment," he said, adding that the country can offer great logistical, financial and transport services.

"The agile, flexible, and eager-to-learn characteristics of Malta's work force is a great asset for thie country," he added.

The President of the MIM, Reuben Buttigieg, said that, in light of the political revolts in many North African countries, Malta's role today was to expand its resources to other countries in need of help.

Whilst he appealed to government to keep lobbying on their behalf for more commercial and trade rights from the EU, Buttigieg stressed the importance of women in management.

"We do not believe in quotas but we definitely feel that there is a great need to educate people, even males, about the need for women in managerial roles in Malta," he said.