June 18, 2024


Business & Finance

TMID Editorial: Gozo’s Financial state – Not repeating the similar mistakes

3 min read

Gozo, in distinct its economic advancement as an island, has generally been an fascinating subject matter of debate.

Numerous various selections and visions have been mapped out for Malta’s sister island, with the supreme aim staying to unfold the financial system from singular reliance from tourism – equally domestic and overseas – to encompassing distinctive sectors.

The matter was revitalized as soon as more previous Tuesday, when the governing administration hosted a Cupboard conference on the sister island, precisely at the Gozo Innovation Hub in Xewkija.

There, Prime Minister Robert Abela said that the government’s vision is for Gozo to be a important driver in the country’s financial expansion.

“This does not mean that the island will reduce those options that make it so specific and wonderful. Gozo’s economic development will be digitally and environmentally sustainable”, Abela said though also noting that Gozo gives the finest prospect to present how the financial system and the ecosystem can complement each and every other.

“I see a upcoming where Gozo is a leader in the use of renewable energy. A upcoming in which Gozitan companies are pioneers in the adoption of new environmentally welcoming technologies. A potential wherever business and industrial spaces are dominated by greenery somewhat than greyness”, Abela said.

On the experience of it, the converse is favourable.  Nonetheless, talk is low-priced – the true crux will be transferring the speak into fact.

Lots of fear that the financial growth of Gozo will be a repeat of the mistakes manufactured in Malta with the economic climate getting reliant on tourism (as it presently is) and construction, consequently leaving an indelible and unachievable to get rid of mark on Gozo’s real character as an island.

These concerns are only more exacerbated when one particular remembers the impending constructing of the Gozo tunnel which, lest we neglect, will not involve the facility for a mass transportation process.  That in itself tends to make the Primary Minister’s assertion of looking at the economic climate and the surroundings to enhance each and every other far more tough straight off the bat what better way is there to reduce cars and trucks – the country’s most important polluters – from Gozo’s streets?

The tunnel task alone has created a lot of fears that the worst components of Malta’s financial progress – in individual the near out of control development growth which has encompassed the island – would make their way to Gozitan shores.

This newsroom documented just a pair of weeks in the past on how two substantial blocks are prepared to tower above Xlendi, though there have also been documented of equally out of scale developments in localities this kind of as Qala as perfectly.

Hearing that Gozo’s financial development is envisioned to be digitally and environmentally sustainable is reassuring in this regard, even so it should be paired with action.

The growth of a total financial system of system normally takes time, but sure things – such as scheduling procedures which defend Gozo’s character and setting – can be implemented in a significantly shorter time-body.

The important to the financial improvement of Gozo is in many means not repeating the same faults built in the economic improvement of Malta.

One only hopes that the Key Minister’s vision of an environmentally sustainable Gozo does pan out, and that we do not end up with a concrete-ridden Malta 2. in its place.