A bill being debated in Parliament which seeks to further regulate exclusive economic zones (EEZ) is set to expand Malta’s economic potential by facilitating economic development in Malta’s seas.
The law is currently in its second reading.
Finance Minister Clyde Caruana said that the Government was aiming to establish an EEZ within 12-25 nautical miles from Malta’s shores, a fraction of Malta’s continental shelf.
Prime Minister Robert Abela explained that the law would enable Malta to expand and diversify its economy without needing to make use of the country’s limited land.
“There are two ways of going about it, you either say, Malta’s size is what it is, so when speaking in particular on the sector of renewable energy, you do a little or do nothing.”
“Or else, the second choice, is that we look for alternative solutions.”
He explained that a few months ago an international pre-market consultation was held into economic opportunities in Malta’s potential EEZ and it yielded positive results.
Minister Caruana had elaborated that “we received a substantial amount proposals, ranging from wind, sun, oil and gas, and aquaculture.”
He also assured that there also won’t be any development in the shallow waters of Hurd’s Bank near Marsascala’s coastline, which was a concern for the Malta Maritime Forum.
One of the main sectors the Government appears interested in exploiting is the energy sector.
During a meeting held on Thursday (last week) with candidates of the Youth Advisory Forum, the Prime Minister revealed that the Government will be issuing an international call for tenders for offshore renewable energy production.
Speaking in Parliament he remarked that an international call for tenders would not only be limited to the energy sector.
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