VALLETTA, April 8 (Xinhua) -- Malta has unveiled its 2050 vision, a long-term strategy that includes 90 actionable initiatives aimed at shifting the nation's economy from its overreliance on the construction sector towards sustainable growth driven by high-value sectors such as tourism, gaming, and financial services.
The strategic plan, launched Tuesday, sets priorities for the next 25 years, including expanding high-end manufacturing, the aviation and maritime sectors.
"We want to define the bigger picture that aligns economic development with social well-being, environmental sustainability, and good governance," Prime Minister Robert Abela said during the launch in Gozo.
With this vision, the Maltese government is pledging to deliver a "healthy quality of life for all" by shifting the economy's focus to seven key sectors: shipping, aviation, financial services, high-end manufacturing, tourism, gaming, and construction.
These sectors are projected to more than double in value over the next decade -- from the current 7 billion euros (7.6 billion U.S. dollars) to 18 billion euros by 2035. The government expects the economy to grow by 5 percent annually through 2035, with gross domestic product reaching 38 billion euros.
Although the economy is expected to continue expanding, the vision foresees growth at a slower, more sustainable pace.
The plan specifies an increase in tourism targets, with the government aiming to attract up to 4.5 million visitors annually by 2035, up from the current 3.5 million.
The 2050 vision strategy focuses on "building a more coherent future, where progress in one area reinforces progress in another," Abela added.
(1 euro = 1.09 U.S. dollar)
