Despite all the qualifications, Maltese youth ‘lack global awareness’

The President of Fimbank p.l.c. Margrith Lütschg-Emmenegger had words of praise for the accessibility of financial regulator MFSA and its understanding of the financial market. She however admitted finding difficulty in employing young people due to their low level of spoken languages and their reluctance to venture abroad.

“Young people tend not to want to go abroad to learn because I think they feel cosy and protective at home. But this could cause problems to international businesses stationed in Malta. Everybody speaks the English language and it is a huge advantage, but there are very few who speak other languages.

“We need people with international experience which in turn will improve their skills,” she said.

Her comments were echoed by University Rector Profs Juanito Camilleri who said Maltese youth lacked “global awareness”.

“With all their degrees, masters and PhDs, you find students who have never travelled out of Europe to understand how, for example, Beijing or New York work. We have to instill in our youth the hunger to go abroad and explore because their global view is not there,” Camilleri said.

He argued that Malta has a growing culture of dependency: “We are not showing our children what the real world out there is like. There is nothing wrong in importing talent but we also have to send our best children abroad.”

While once again raising the question of whether stipends should be given to all students, whether they needed it or not, Camilleri argued that there should be “value added to it”.

“I agree that stipends should be a means of ensuring equity of accessibility, but it shouldn’t be a one-size-fits-all measure. But if we are giving everyone stipends, even to those who can afford to do without, why don’t we see that they put aside part of that stipend and save up for an experience abroad? We could have sent more students on Erasmus…if there were more funds and more interest from the students,” he said.

Camilleri said traveling experiences such as Erasmus change students, forging their character and giving them an understanding of the world.

“They leave Malta as spoilt kids and come back appreciating Malta more whilst discovering what they can do in a greater world.”

Addressing the issue of skills mismatch, Camilleri argued this will always be a reality in a rapidly evolving economy. The problem, he added, was if it became structural or long-term.

“This challenge could become a market opportunity for private educators to create a service for this mismatch.”

Is red tape hindering economic growth?

According to BOV chairman John Cassar White, red tape was not a cause of the problems the industry faces but “a symptom” of the reluctance to change in some areas.

“There are cultural issues that need to be addressed. Red tape obstacles are mainly attributed to the public sector, but can also be found in the private sector. It is however the public sector that needs a deep reform,” Cassar White said.

Pointing out that Malta had the biggest number of workers per capita employed in the public sector when compared to EU countries, Cassar White said the taxpayer wouldn’t mind if the best service possible was given.

“There is certain resistance to change and people are not willing to take risks. There is the mindset that investors or businesspeople will try to evade something in one way or another. This mentality has to change.”