Malta is the first country to lend concrete support to the new government of Iceland, which is seeking EU and eurozone membership.

While Iceland has a much larger landmass, there are a few similarities, especially in demographics. This small island nation also shares similarities with Malta in the nature of its economy and what it depends on to survive.

Malta has pharmaceuticals, high end electronics, tourism and financial services. Iceland depends on fishing, tourism and – prior to its collapse – the financial services sector.

Iceland’s economy collapsed like a house of cards when the banking crisis began to hit home and the country’s new government believes that had it formed part of the Eurozone – and of course the European Union – it might have escaped with much less collateral damage. Everyone is always wiser in hindsight, and as the old saying goes, it is pointless to cry over spilt milk.

The public announcement of Malta’s official support for the Iceland’s bid was made by Foreign Minister Tonio Borg who met his counterpart Ossur Skarpheoinsson on Wednesday. He also held talks with Prime Minister Lawrence Gonzi and the man who masterminded Malta’s EU accession package and current permanent representative in Brussels Richard Cachia Caruana.

No doubt, Mr Cachia Caruana will give the Icelanders the information and the vast experience he now has under his belt. This could truly be an opportunity for Malta. As it goes, there are not many other islands that are in the same boat as we are. There is the UK which has always been euro sceptic and does not really share any similarities with Malta aside from common war heritage and a language.

Cyprus is far too attached to Greece to ever lobby on behalf of Malta. Rest assured that if push came to shove, the Cypriots will always lean towards Greece’s position.

Other islands – the Balearics, Crete, Corsica, Sardinia, Sicily, the small Italian islands and others all fall under the Central Government of large states and we cannot build solid lobbying partnerships with them.

But Iceland is whole new ball game. Although the country is slap bang in the middle of economic strife as things stand, it will recover. And although it is a small state, one must bear in mind that up to just a few years ago, it was considered as one of the richest countries in the world that had reached excellence in the financial services sector. Yes; Malta was right to endorse Iceland’s bid and Malta is also right to befriend this island nation.

Based on demographics, once in EU – to which they will probably be fast-tracked by 2011 if all goes to plan – they will have a similar number of seats to Malta. What is sure is that while alliances are never cast in stone, if Malta continues to lend its support to Iceland, we will surely have mutual gain. One is by no means suggesting that Icelanders are novices and Maltese are experts on matters European, but there is definitely potential to grow side by side.

As it stands, we obviously have friends in Europe and countries that are sympathetic to our varying causes, but having a friend of more or less equal population and parliamentary size would be a first. It will be a first because it is Malta who has fostered a friendship on an equal level.