Economy Minister calls for strengthening of Single Market across EU

Minister for Economy Silvio Schembri called for the strengthening of the EU Single Market, emphasising the importance of productivity, growth, and economic performance across the European Union, during the Competitiveness Council meeting held in Brussels.

“The Single Market is the backbone of the European Union, but persistent barriers undermine its potential,” he stated.

During discussions on the draft Council Conclusions on the future of European competitiveness, the minister emphasised the importance of strengthening the Single Market to drive productivity, growth, and economic performance across the European Union. 

“Barriers within the Single Market continue to stop competitiveness, particularly in the services sector” he said, “This sector is vital for Malta's economy, especially regarding cross-border digital services.”

The Council discussed better regulation initiatives aimed at strengthening the EU’s competitiveness with Malta expressing its support for the European Commission’s target, outlined in the Draghi report, to reduce reporting obligations by 25%.

The Minister also attended the Europe Startup Nations Alliance Annual Forum, where he outlined Malta’s ongoing commitment to fostering a dynamic startup ecosystem where he highlighted the diHub Malta, Malta Venture Capital, and the One-Stop Shop for Startups.

He urged policymakers to address systemic challenges such as funding fragmentation and outdated state aid frameworks, which can hinder startup growth.

“A reassessment on these frameworks are needed to ensure they align with the unique needs of startups and enable them to thrive within the European market,” he said.

Schembri stressed that startups are essential drivers of innovation and economic growth, and it is critical to create an environment that encourages their success. 

“Malta aims to contribute to a stronger, more integrated, and future-ready European economy,” he concluded.