Having the ability to live where you actually work and reducing your commute time tends to favour better quality of life, Chris Vassallo Vice-President for International Relations at the Chamber of SMEs told us on theDailySpot #23. 

Under our lens was Labour’s pledge to develop a national economic and social regeneration plan to stimulate economic activity and improve the standard of living of residents in different localities around Malta and Gozo.

Reacting to this pledge, Vassallo said that “it’s a very, very good initiative, mainly because companies have to find areas where they allocate their capital and their investment. When a government steps in and says, ‘this is a priority’, companies tend to prioritise their investment for specific areas which make sense, and this pledge helps and supports this drive.”

‘It’s a very, very good initiative’ 

– Chris Vassallo

Vassallo explained that one has to look at the social side as well. Helping new and existing businesses within the community has proven time and time again that it supports security, quality of life, and also helps the community to evolve more.

“I am very confident in Maltese creativity, especially when it comes to businesses, and this pledge will surely create new destinations, new experiences within the community, within areas where there is this need. If I had to think long term, this will create jobs where people live. Having the ability to live where you actually work, and reducing your commute time, tends to favour better quality of life,” Vassallo said.  

As part of this plan, Labour will give a €15,000 grant to start-ups opening in localities identified in the National Plan.

Small businesses already operating in these localities will benefit from a 50% refund on the costs of renovating their premises, up to a maximum of €15,000.

The €15,000 aid to first-time buyers purchasing vacant property, UCA property or property with traditional features, announced in the last Budget will be doubled, for €30,000 when the properties are in the identified locations.

Businesses in these localities will also benefit from a payment covering up to 30% of the cost on wages, up to €6,000 per worker.

Watch today’s theDailySpot this afternoon on theJournal.mt’s Facebook page.