Minister for Finance Edward Scicluna stressed the importance of a stable macro-economic environment and the removal of excessive bureaucracy as essential elements for micro-enterprises to succeed. He was addressing a conference on ‘Maltese micro-enterprises: How to thrive in an EU environment’, organised on Thursday 24th September at the Mediterranean Conference Centre in Valletta by the Office of MEP Dr Miriam Dalli, which was also addressed by European Commissioner for the Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska.

PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE

“Excessive bureaucracy is indeed a major obstacle to economic growth, and addressing such inefficiencies is a challenge in itself,” said Minister Scicluna. “However, we remain adamant to tackle and remove excessive bureaucracy; obstacles are being removed and solutions are being found.”

Prof. Scicluna remarked that micro-enterprises are the most vulnerable business ventures, yet one of the major economic players in the country. He pointed out that, according to the latest statistics, circa 97 per cent of Maltese enterprises were micro, employing less than ten people.

The Minister said that, through the various measures it has taken in the past months, the Government has managed to successfully pursue a growth-friendly economic consolidation that has reinforced the country’s fiscal position while providing incentives in a bid to foster investment. The more business-friendly environment created by the Government is encouraging the right macro-economic conditions that, in turn, are boosting consumers and investors’ confidence in the national economy.

Thursday 24th September 2015