A national policy on the superyacht sector, first mentioned by the Minister for Transport, is one step closer to becoming a reality, with a steering committee now appointed to draft Malta’s first dedicated policy on the growing sector.
In July, during the country’s first superyacht symposium, Minister Aaron Farrugia revealed that the superyachts – pleasure boats over 24m long – registered in Malta now number over 1,000, having seen rapid growth over the last few years.
On Monday (today), leading economist Stephanie Fabri announced that she will be chairing the superyacht committee.
“Based on the input of all key stakeholders and a wide consultation process, the committee will develop Malta’s first policy for this industry. This important process will ensure that the superyacht industry will play a crucial role in Malta’s future economic fabric,” she said.
A spokesperson for the Ministry explained that the committee is constituted of two representatives from each of the Malta Chamber, the Chamber of SMEs, the Malta Maritime Law Association, and the Super Yacht Industry Network, and one representative from each of Transport Malta and Yachting Malta, with the chairperson being appointed by the Minister.
Speaking to BusinessNow.mt, Dr Fabri asserts that investment in the industry will play an important role in Malta’s economic growth and development, especially in view of the need to diversify Malta’s economic fabric.
“These are industries that have the potential to generate substantial value added to the local economy,” she says. “We need to be ambitious, and we need to believe that Malta can actually be an attractive market for such business.”
She continues: “Whilst setting high targets like this is important for the economy, we understand that new markets bring new challenges. This is no exception. The superyacht industry ecosystem is complex, involving a number of dimensions revolving mainly around the physical and human infrastructure, legal frameworks, and governance.”
The committee will first identify the parameters within which the superyacht industry would be operating. Based on the results that emerge from this exercise, the committee will then be consulting with a wide range of stakeholders to gather information on the pressing challenges and opportunities.
“Ensuring the adoption and implementation of evidence-based actionable measures is key for the success of any industry,” concludes Dr Fabri.
The total number of firms that registered over €100,000 in profit in 2022 amounted to 5,044
Works are expected to start in the coming weeks
‘If I had no money, I would be happy with a dry place and necessary equipment for an affordable price’