The Ministry for the Environment, Energy and Enterprise, through Malta Enterprise, has launched the 'Blue Med Focal Point' initiative to assist enterprises, businesses, and companies in developing projects and ideas which contribute to the potential of the sustainable blue economy in Malta and Gozo.
As part of this initiative, Malta Enterprise has also announced the 'SDG 14 Challenge', with an allocation of €4 million to attract companies with innovative solutions in this field.
Incorporated within the organisational structure of Malta Enterprise, the Blue Med targets local and international disruptors and innovators in emerging blue economic niches. At the same time, it supports and assists traditional blue economic sectors to embrace innovative business solutions, making their business operation more sustainable in the long run.
This initiative is another commitment fulfilled from the Government's electoral manifesto, and its implementation represents a new step forward in Malta's commitment towards a sustainable economy.
“The Government is fully committed to join the ranks of forward-thinking nations by embarking on a path toward long-term prosperity and global leadership in the blue economy arena. The Blue Med will take us one step closer to positioning Malta as a Hub for blue economic activities, creating many new employment opportunities in several related sectors," Miriam Dalli said.
“The Government is fully committed to engaging with other countries and having a long-term vision. We look towards prosperity in the future and aim to be among the first countries making a difference in the blue economy. The Blue Med focal point will bring us closer to strengthening sustainable activities in Malta and create new job opportunities and high-quality careers in related fields," said Minister for the Environment, Energy and Enterprise Miriam Dalli.
In recent months, Malta Enterprise has actively undertaken measures to channel the Blue Med's focus towards attracting vital, innovative enterprises in the Maltese blue economy. Furthermore, the Blue Med is also ensuring that businesses can benefit from mentorship and guidance from industry experts through its collaboration with international organisations such as the OECD, World Ocean Council, and Sustainable Ocean Alliance.
Kurt Farrugia, CEO of Malta Enterprise, referred to the growing number of businesses and investors that are channelling their investments into the sustainable blue economy. He added that there are ample business opportunities to harness through the sustainable use and management of ocean resources.
“By setting up Blue Med as a focal point for blue economic businesses, Malta Enterprise is reinforcing its foundations to ensure that the blue economy is given the push it deserves. The Blue Med is also focusing its efforts on those blue economy sectors compatible with our nation's socio-economic and environmental needs," said Kurt Farrugia.
The SDG 14 Challenge is an international competition with a €4 million investment to attract enterprises with innovative commercial solutions addressing the sustainable development goal 14 (SDG14) – “Life Below Water".
More information on the Blue Med and the SDG 14 international challenge is available on maltaenterprise.com. Applications for SDG 14 Challenge are now open till Friday 12th January 2024.