Aircraft leasing has been added to Malta’s aviation cluster as the country seeks to explore new economic niches and complete the services it offers in the aviation industry.

Announced on Wednesday at Transport Malta’s headquarters in Lija, Aircraft Leasing Malta will aim to promote Malta as a jurisdiction for aircraft leasing services, building on an already strong aircraft registration service.

Almost 500 aircraft are in fact registered in Malta, up from 127 aircraft in 2013 – 98 of which were registered this year alone.

Prime Minister Robert Abela said that the initiative is focused on three aims; giving a renewed push to the aviation industry so that it can recover from the economic effects of the Covid-19 pandemic; investing in a high-potential economic niche; and completing Malta’s aviation cluster.

Transport Minister Ian Borg meanwhile said that work had continued in the midst of the pandemic, and also revealed that a Malta Aviation Roundtable Forum bringing together all stakeholders will be set in the coming weeks to continue to discuss and coordinate matters within the aviation sector, which is now consolidated under one ministry.

Explaining the new push, Civil Aviation Director Charles Pace said that Malta was aiming to place itself amongst the strongest jurisdictions for such leasing services – these being Ireland, Hong Kong, and Singapore.

He said that with a score of 85%, Malta is already classified as a high-power jurisdiction in the Cape Town Index, noting that the country is in the Top 10 in this regard.

He said that such a new market will not take up much space or people, but will have a significant economic impact, which is why it is being seen as a step forward.