Maltese Government Committed to Support Superyacht industry

Our natural ports and traditional culture serve us well. Already more than 500 people either work in the maritime industry or have jobs dependent on it.

When you study the maritime sector, you realise just what scope for immense expansion there is. Among others, one could include marinas, refit and repair, registration, finance, legal and corporate services, marine surveyors, service agents, yacht brokers, management companies, chandlery, supplies and bunkering.

We are well placed to welcome many more yachts and superyachts. This country boasts political stability, a well-respected flag, a robust legislative framework and an efficient administration.

We have the largest shipping register in Europe and we all have a good command of English. Government is firmly committed to ensure that yacht owners, especially superyacht owners, view Malta as a highly respectable jurisdiction in fields which – although not directly related to yachting – are equally important to them, such as corporate, legal and financial services.

Policy and regulation have to be developed wisely. From our very first days in office, we expressed a clear vision that we intend to continue improving this sector. We have already taken initiatives that support further growth of the superyacht industry in Malta, such as the clarifications to the VAT treatment of short-term yacht chartering and the launching of the Global Residence Programme.

It is important to understand the needs of this industry. They include good air connections, state-of-the-art telecoms and high-speed broadband and satellite communications. Government intends to involve stakeholders to clearly understand their needs, and finally act.

We are committed to train people to take up a career in the industry. We need more investment in Mcast to develop additional courses relating to the maritime sector. We then need to get these accredited and recognised internationally. We are committed to attracting more investment in maritime training, with the possibility of creating a maritime academy. This could act as a centre of excellence for the training of crew members looking for a career on superyachts.

We must ensure that the right infrastructure is in place. We are committed to identifying zones that can be transformed and developed. We already have the regenerating project of ‘Port il-Kbir’ and its relevant areas, and have invited expressions of interest for the development of a maritime hub on the site of the former Marsa shipbuilding yard.

Another top priority is to maintain our well-deserved reputation as a serious regulatory authority and to continue to offer an added-value service to our partners.

The objective of this administration is to reduce bureaucracy and red tape. We will be flexible, yet not letting down our guard when it comes to safety and protecting the environment.

During a recent event in Malta dedicated to the superyacht industry, mention was made of the importance of branding Malta as a leading jurisdiction in this sector. Much has been done and more needs to be done. We are committed to support such initiatives, and more importantly by actively contributing within the relevant international fora and informing the international community that we support this industry.

Towards the end of September, together with Infrastructure and Transport Minsiter Joe Mizzi and Transport Malta CEO James Piscopo, we will be promoting this industry at the Monaco Yacht Show to be held in Port Hercule, Monaco.

This show is considered the most prestigious pleasure boat show in the world, with the exhibition of 500 major companies involved in luxury yachting and 100 super and megayachts afloat.

With a record attendance of 33,000 professional and private visitors at the 2012 edition, the MYS is the long-awaited superyachting meeting of the year for prestigious brands, allowing them to meet the most important international clientele.

Malta’s increasing presence in worldwide superyacht registration will be recognised during Transport Malta’s participation at the Monaco Yacht Show. Exhibiting with a stand branded Maritime Malta, this will be the ideal promotional platform to showcase Maritime Malta as an international yachting service centre.

This will further reinforce Malta’s ever-increasing presence in worldwide superyacht industry, its recognition as the largest ship register in Europe and a popular yachting destination in the Mediterranean.

We will be participating in a number of networking events and I shall be addressing the Sea Changes Seminar, organised by the Professional Yachtsmen Association. This will serve as a good opportunity for Malta to provide an overview of the services it can provide to the yachting industry.

This is in everyone’s interest; we are all dependent on safe, secure and sustainable seas. In July, within this context, I established the National Integrated Maritime Strategy Committee, the committee’s mandate being to develop, monitor and evaluate the implementation process of a national integrated maritime policy.

An integrated and coherent approach will help to instigate the potential of Malta’s maritime sector and encourage the creation of quality jobs and economic blue growth.

The Maltese superyacht industry has all the skills in place. Our challenge now is to build and expand upon it, together with the private sector, in order to promote the niche that will surely contribute towards developing Malta as an excellent, leading maritime centre in the Mediterranean.

I am determined to work hard on this, as there are great benefits to be gained for our country and economy.

Edward Zammit Lewis is Parliamentary Secretary for Competitiveness and Economic Growth.

Source: Times of Malta