Malta, following its remarkable economic growth within the European Union, is set to strengthen the superyacht industry with the release of a vision document for the superyacht industry.
This was announced by Minister for Transport, Infrastructure and Capital Projects Aaron Farrugia who explained that this initiative aims to further position Malta as the preferred jurisdiction for the superyacht industry, fostering sustainable growth, and creating a thriving ecosystem.
“The overarching vision is clear: Making Malta a jurisdiction of choice for the superyacht industry by fostering a sustainable ecosystem supported by reliable infrastructure, quality services, and a skilled workforce," explained Minister Farrugia.
Over the past decade, Malta has outpaced the EU in terms of economic growth, boasting impressive full-time employment figures and a declining unemployment rate. The Economist recently ranked Malta second in the EU across various critical measures, highlighting its economic prowess and stability.
Minister Farrugia explained that one of the key sectors contributing to this remarkable success story is the maritime industry, particularly the superyacht sector. Over the last 16 years, the number of superyachts exceeding 24 meters registered under the Merchant Shipping Act has surged from just over 100 in 2007 to over 1,100 in August 2023. This growth not only stimulates the economy but also generates high-quality jobs and ancillary services, aligning perfectly with the government's vision of creating value-added sectors with career opportunities.
To achieve this vision, a comprehensive consultation process involving industry stakeholders was initiated in October 2022. This effort, combined with preliminary research and SWOT analysis, has resulted in the development of a strategic vision document. The Ministry, in close collaboration with industry experts, will use this document as the foundation for a national strategy for the superyacht sector.
“This policy document will serve as the blueprint for enhancing the industry's competitiveness and solidifying Malta's position as a premier superyacht jurisdiction. Malta's commitment to sustainable growth, high-quality jobs, and excellence in the superyacht industry is poised to make it the go-to destination for superyacht enthusiasts, owners, and professionals worldwide," Minister Farrugia concluded.
The Chairperson of the Steering Committee, Dr Stephanie Fabri said “This document evidences the power of consultation as it was the result of stakeholders coming together and charting the further transformation of the yachting ecosystem. As a niche within the long-established maritime sector, this strategy is a blueprint of how existing economic sectors continue to diversify and transform. This strategy will contribute to Malta's sustainable economic trajectory by delivering value added and quality employment. This is definitely a step in the right direction for Malta's economic vision."
The document can be accessed here.
The launch was also attended by Permanent Secretary Godwin Mifsud, and the Steering Committee responsible for drafting the document.