Labour’s fairytales

Our Labour government can’t hold an honest discussion about the Maltese economy and instead, sells its narrative with fairytales and half-truths such as that Malta received more than €1.3 billion in foreign direct investment this year. Most of this is actually money that goes to funds, shell companies, and insurance companies and isn’t money that is actually exchanged in the local economy but merely stored or held for foreigners locally.

We can’t have a proper discussion about our economy and our future with this way of portraying things. It’s all noise and how great the Labour government is while we miss the opportunity to actually build something constructive.

The breakdown of flows of foreign capital in the economy can be read here. Interestingly, the statistics show that the Maltese have a total of €58 billion in assets abroad, more than ten times the size of the local stock market.

It tells you something about the state of local enterprises and companies, doesn’t it? This is why it is an excellent idea to build a racetrack in prime industrial real estate because we have so many thriving local industries that local capital doesn’t need to be invested here unless it’s property, and it can go abroad, instead.

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