Chamber calls for lower energy bills to stymie manufacturing slide

The Chamber of Commerce has urged the government to lower energy tariffs for businesses, so as to help Malta’s manufacturing industry get through a rough period.

Chamber president Anton Borg said during a meeting with economy minister Chris Cardona on Monday that manufacturing registered a negative growth of 0.4% last year. The index for industrial production decreased by 8.1% in January 2016 when compared to the previous year.

“Manufacturing employs thousands of people and is essential for the country’s growth, but a negative trend exists,” Borg warned. “We understand Enemalta’s financial predicament and the benefits of price stability, but as the rest of the world has moved ahead, buoyed by lower international oil prices, our commercial tariffs continue to rank amongst the highest in Europe. Nobody owes us a living, but the country cannot afford to impose self-inflicted burdens on businesses.”

While the Chamber president welcomed the recent 25% price cut in energy tariffs for businesses, he argued that the growth in the US dollar against the euro was a more significant boost for businesses.

“If this had not happened, then I am sure that the negative growth would have been higher,” he said.