The Malta Independent 21 May 2022, Saturday

Yachting sector has excellent potential to grow – Zammit Lewis

Malta Independent Wednesday, 11 September 2013, 16:19 Last update: about 9 years ago

“Government is well aware that Malta has a potential to become an excellent leading maritime centre in the Mediterranean since our geographical position, natural ports and our traditional culture shall serve as a very strong basis on which we can further build and get moving on this ambitious project and objective,” Parliamentary Secretary for Competitiveness and Economic Growth Edward Zammit Lewis said today.

He was speaking during a seminar themed ‘Malta, A Better Destination for Superyachts’, held at the Excelsior, Floriana.

“Over 500 people already work in this industry or have jobs dependant on it; marinas, refit and repair, registration, finance, legal and corporate services, marine surveyors, service agents, yacht brokers, management companies, chandlery, supplies and bunkering….the list is endless,” Dr Zammit Lewis pointed out.

He said that one area with excellent potential is definitely the yacht and super yacht sectors.

“If we execute the right decisions now it should be possible for Malta to continue to increase its market share in this sector.

“Many new jobs would be created across different sectors including engineering, technical, crew and management, among others.

“This sector falls directly under my remit and I take this opportunity to reinstate our commitment as a new government to sustain the various entities and operators in this sector to prosper, expand their business and above all employ more people,” he said.

He highlighted that Malta has the largest shipping register in Europe.

“We work in the English language; the one thing that gives me great confidence about the potential for this industry is the Maltese yachting community gathered here today – people with passion and expertise…..people who understand maritime law… people who can drive and finance the business,” he said.

To this effect, Dr Zammit Lewis said that the government is committed to continue to ensure that yacht owners, especially super yacht owners, view Malta as a highly respectable jurisdiction in fields that although not directly related to yachting are important for them, such as the corporate, legal and financial services.

“We need a fiscal regime that is attractive to investors; we need good air connections, state of the art telecoms, high speed broadband and satellite communications.

“I am well aware of the plight of many in the industry constant over a number of years of the need for a connection to the South of France.

“I am committed to look into resolving this matter.  We also need to maintain a good environment and most of all we need to remember that this is a service industry where quality counts,” he said.

Dr Zammit Lewis took the opportunity to congratulate Wilfred Sultana, a yacht enthusiast, for the initiative in bringing together a cross-section of the industry with the aim of discussing the recent and future developments in the yachting industry in Malta.


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