Labour Party Unveils New Economic Vision, Innovation Hub, and Gaming Investment
· Updated
In brief
- The Labour Party proposed creating an Innovation Hub to attract businesses in high-growth sectors like renewable energy and pharmaceuticals.
- Prime Minister Robert Abela outlined economic targets, including an average 4% real economic growth rate for Malta.
- Labour also proposed a 175% tax credit for research and innovation spending and a €60 million investment in the gaming sector.
Earlier, Fil-Qosor reported on the Labour Party's proposals for tax breaks for the self-employed, elderly homeowners, and student placements. Today, the party unveiled further economic initiatives, including a new Innovation Hub and significant investments.
The Labour Party proposed establishing an Innovation Hub designed to attract businesses across various high-growth sectors. These include renewable energy, food technology, pharmaceuticals, smart manufacturing, additive manufacturing, and med tech.
Prime Minister Robert Abela also presented what he described as "ambitious but realistic" economic targets for Malta. Among these goals, the government aims for an average real economic growth rate of 4%.
To encourage business investment in new ideas, Abela announced a proposal for a 175% tax credit on expenditure related to research and innovation for all businesses.
Furthermore, the Labour Party outlined plans for a major investment in the gaming sector. This initiative involves supporting eight projects over the next two years with an investment of €60 million.
This gaming sector investment is projected to create approximately 1,300 new jobs, representing nearly a 10% increase in employment within the sector.
Times of Malta also noted a Labour proposal for a €30 million restaurant fund as part of the party's broader economic plans.
The Spin Room
Low media divide. Both Lovin Malta and Times of Malta reported on the Labour Party's latest economic proposals consistently.