A long-term solution to strengthen economy
In recent meetings with both Prime Minister Lawrence Gonzi and Leader of the Opposition Joseph Muscat, the Chamber of Engineers (CoE) highlighted the need for more effort to attract technology-related foreign direct investment to Malta.
The Chamber encouraged the political leaders to give more importance to the quality of engineering education, to better regulation on government-supported green energy incentives and to provide more funding in research and innovation (R&I) as a long-term solution to provide better quality jobs and strengthen economic growth.
It noted the success being achieved by engineers involved in research and development. However, research has so far been generally associated with academia. The CoE said it believes that this scope should be widened to include industry, which would facilitate eventual commercialisation. In this regard, the Chamber highlighted the need for further funding in research and innovation, as well as the important and essential role that engineers with practical knowledge can play in converting research into commercially viable projects.
“We believe that targeted funding for research and innovation is a long term solution to strengthen the Maltese economy, through the development of home grown innovative products, as well as the creation of future jobs and economic growth,” said CoE President Ing. Saviour Baldacchino.
The Chamber encouraged the setting up of technical support centres made up of engineers from various disciplines together with other supporting professionals to engage and support the smaller industries and businesses which do not afford their own R&I facilities.
It highlighted the importance of foreign direct investment to the country, and emphasised that more effort is required to attract high technology and engineering industries. Such industries are normally associated with longer-term, high-value added jobs and generate a higher rate of economic activity and growth.