Artificial intelligence (AI) has sparked intense debate worldwide, with some viewing it as a revolutionary force for good and others as an unnecessary extravagance. In Malta, this discourse is particularly pertinent as the nation grapples with economic priorities and technological advancements.
Is AI a waste of money or a genuine improvement in our lives? I firmly believe that with the right strategies and safeguards, AI can significantly enhance the quality of life and economic prospects for Malta’s citizens.
AI holds the potential to drive substantial economic growth. Local industries, particularly tourism and finance, can reap significant benefits from AI. Imagine AI-powered personalised travel recommendations or virtual tour guides enriching the tourist experience, making Malta an even more attractive destination.
In the financial sector, AI can streamline operations, enhance security, and introduce innovative services, enhancing Malta’s reputation as a fintech hub. Moreover, AI can create numerous job opportunities. While there are concerns about automation leading to job losses, the reality is that AI will also generate demand for new roles in tech development, data science, and AI ethics consulting. The key lies in preparing our workforce for these changes through education and vocational training.
AI can revolutionise public services, particularly in healthcare and education. In healthcare, AI-driven diagnostic tools can enable early disease detection and personalised treatment plans, significantly improving patient outcomes.
Additionally, AI can optimise hospital management, reducing wait times and enhancing the overall patient experience.
In education, AI offers personalised learning experiences tailored to individual student needs, potentially transforming the learning process. By automating administrative tasks, educators can devote more time to teaching, thereby improving educational quality.
The application of AI in infrastructure and sustainability is another area where Malta stands to benefit. Efficient traffic management systems powered by AI can alleviate congestion, reduce commute times, and improve road safety. AI can also play a crucial role in energy management, integrating renewable sources and optimising energy distribution, which is vital for our sustainability goals.
Despite these potential benefits, it is essential to address the challenges and concerns associated with AI. Economic displacement is a significant issue, as automation could lead to job losses in certain sectors. This necessitates proactive measures to reskill and upskill our workforce, ensuring that they are not left behind in the AI revolution.
Furthermore, ethical and privacy issues cannot be overlooked. AI systems must be transparent and accountable to prevent biases and ensure fair decision-making. Robust data protection laws are crucial to safeguarding personal information and maintaining public trust.
AI holds the potential to drive substantial economic growth- Noel Cassar
To maximise the benefits of AI while mitigating its risks, Malta needs to adopt comprehensive policies. Education and training are paramount; we must continue investing in STEM education and promote lifelong learning to prepare our workforce for the future. Public awareness initiatives can help explain AI and encourage ethical considerations.
A strong regulatory framework is also essential, which should be discussed and implemented at EU level. This includes enhancing data protection laws and mandating transparency in AI decision-making processes. Establishing AI ethics committees can provide oversight and address ethical concerns effectively.
Finally, fostering innovation through research and development funding, and supporting AI startups with incentives and incubators, will drive technological advancements and maintain Malta’s competitive edge.
In conclusion, AI is far from a waste of money; it is an investment in Malta’s future. The government already embarked on Malta’s National AI Strategy 2030. With thoughtful implementation and robust safeguards, AI can significantly improve our quality of life, drive economic growth, and ensure sustainable development.
By embracing this technological advancement with a balanced and informed approach, we ensure that the benefits are shared widely and that the challenges are proactively addressed. By doing so, we can secure a prosperous and inclusive future for all Maltese citizens.
Rana El Kaliouby, an Egyptian American computer scientist and entrepreneur, stated that the Chinese and the United Arab Emirates governments are investing heavily in AI because they see AI as a competitive advantage. This leaves us with the thought on whether Malta should follow their example and be a pioneer in this exciting field in the Mediterranean region.
Noel Cassar is a University of Malta visiting lecturer in the Faculty of Finance and Economics.