The current turmoil in the EU, the Middle East and North Africa is undermining economic growth in the region. Dialogue, networking and cooperation are the tools through which this impasse can be overcome.

Minister for Finance Edward Scicluna made this statement today whilst addressing the Malta-Libya-Tunisia-Algeria-Morocco Trade Exhibition & B2B Networking Forum event entitled Bottom-Up Economy.

PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE

Minister Scicluna explained that the current international monetary system was devised during World War II, as the engagement of countries through trade was seen as an effective measure leading to long-lasting peace. In drawing comparisons with the current era, Minister Scicluna stressed that countries can achieve peace through networking between private investors and entrepreneurs hailing from the region. To this end, he explained that the terrorism should be countered with education, as “we want business, we want peace, and we want to create jobs.”

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The Minister for Finance also said that the EU should look beyond its borders and concentrate on fostering trade and communication south of its borders, as the Mediterranean countries are eager for stability and innovation. To this end, he referred to the role of the international development banks, including the World Bank, the European Investment Bank and, more recently, the European Bank for Reconstruction and Development which has started operating in Morocco, Tunisia and Lebanon, and which intends to extend its operations to neighbouring countries in the near future.

Minister Scicluna described Malta as an “honest broker” given that its sole agenda is that of fostering investment, employment, economic growth and opportunities in the region. The Maltese Presidency of the EU will seek to divert attention to this crucial region. Malta will also act as an honest broker during the negotiations over Brexit, as Malta wants the UK to remain a strong country.

– Friday, 15 July 2016