Gozo meeting held to explain details of the Family Business Act
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The Minister for Gozo, Justyne Caruana addressed a meeting which was held with the intention of shedding more light and understanding on the Family Business Act.
Minister Caruana said that businesses run by families “are the pulse of our economy and not least in Gozo.” She added that it is estimated that these businesses directly employ about 40,000 people in Malta.
Dr Caruana pointed out that Gozo businesses are confronted with the same problems as in Malta, the main being that of the business transfer between generations.
“Through this new and innovative legislation, the Government aims to facilitate the transfer of businesses between generations and so to ensure continuity in their operations,” said Minister Caruana.
She explained that this law will also ensure that businesses have have access to financial aid, including micro-invest and micro-credit.
The Minister went on to say that through this assistance and other schemes announced by the Ministry for Gozo, such as the refund of up to 30% of the average wage, are intended to assist these businesses to expand their operations, employ more workers and explore new horizons.
The Minister for Gozo also provided insight into the infrastructure projects underway in Gozo to assist to the core businesses including the new SME Park in Xewkija and the agreement made between the Ministry for Gozo and Malta Industrial Parks (MIP) for the cleaning and maintenance work of the common parts at the industrial zones of Xewkija and Ta’ Dbiegi Crafts Village, which are the responsibility of the Ministry for Gozo.
She also mention the presence of MIP and Ministry for the Economy (ME) officials in the Ministry building.
The Minister for Gozo concluded by saying that eventually an office will be set up to serve as a bridge between the Family Business Unit and the Gozitan family businesses.