Every better question can be the drop that starts a ripple of action, innovation and fresh thinking. It can be the small drop that changes everything. For the 15th consecutive year, during the EY Malta Attractiveness Event, we will gather some of the most cutting edge minds under one roof to ask the questions that will drive the next phases of Malta’s economic growth.
Foreign Direct Investment (FDI) inflows are a key source of aggregate demand as well as drivers of economic growth. Through EY’s annual Malta Attractiveness Survey we dig deep to discover whether Malta is retaining its attractiveness to current foreign investors. We shall look at the sectors exercising the strongest pull, what drives these preferences and what kind of transformations are to be expected in the near future.
Malta’s current economic growth points to the reality of today’s digital age – an era in which our small landmass and limited resources should not preclude us from thriving. Our country’s attractiveness to FDI is underpinned by a variety of factors, including our competitive corporate taxation regime, our stable social climate and a sound workforce.
On the other hand, robust regulatory and legislative regimes and enhanced economic and political certainty are among the key ingredients in the recipe for further FDI growth. Malta must also remain assiduous to position itself at the forefront of innovation in order to benefit from countless current and future opportunities. Quite simply, Maltese businesses must prepare to surf the ‘Next Wave’ of transformation.
With this in mind, the stage is being set for immense innovation in various sectors. Besides announcing this year’s survey results, a series of interactive workshops entitled ‘Next Wave: Future Of… Sessions’ are being planned.
Future of Mobility: The next two decades will usher in the biggest changes in transportation in centuries. We will discuss the resultant opportunities and the pressing questions policy makers will face. Businesses, government and regulators need to be on top of these changes to manage congestion, upgrade transport infrastructure and improve movement around the island.
Our country’s attractiveness to FDI is underpinned by a variety of factors, including our competitive corporate taxation regime, our stable social climate and a sound workforce
How are other countries tackling these issues? In Australia, behavioural economics are utilised to improve commuters’ experience by, for instance, allowing them to pay through a smartphone app. In Jakarta, they are using real-time data and analytics from their rapid bus transit system to work out which routes are effective. They then digest and marshal that information to improve performance and passenger satisfaction.
The Future of Cities: Urbanisation is happening faster than at any time in human history and accelerating the scale of challenges ahead. We will explore ways to tackle pollution, housing shortages, resource depletion and over-tourism through a focus on technology and sustainability.
For instance, dozens of cities across the globe have launched sustainability plans that align reducing emissions from transport with other city priorities. Can Malta morph into such a sustainability catalyst?
Future of Making and Trading: For the time being, the global economy remains strong, but certain industries will be tested as a new cycle begins. We will discuss the changing global manufacturing and trade landscape, the impact of Brexit and the key issues companies must focus on as credit cycles turn and technological innovation disrupts the status quo.
One recent innovative example is EY’s Insurwave which is a marine insurance blockchain-enabled platform, integrating and securing the streams of disparate data sources involved in insuring shipments around the world. The future is bound to see more developments that benefit Maltese traders, manufacturers and businesses.
The Future of Financial Services: The ways we make payments and conduct our banking needs are shifting faster than in any other area of financial services. New technology and changing customer expectations are shattering the status quo. In a world where big tech rules, we will explore scenarios relating to new platforms and ecosystems for financial services, new business models and the ways to create value.
From China and the Far East to the US, Australia and Canada, open banking is disrupting money management. Service providers are taking advantage of the opportunity to combine the movement of money with other products and services – raising an inescapable question mark over the future of traditional banks.
Future of Tech: The advent of emerging tech is recasting all industries and requires leaders to embrace new capabilities to turn new tech into competitive advantages. How can organisations get up to speed with emerging technologies and understand how best to leverage their potential?
Artificial Intelligence is not the future. It’s here, now. While some of what can be achieved with AI remains to be determined, many companies are already delivering transformative outcomes through it.
These are only a few of the countless evolving issues which demonstrate that we are living in a time of relentless change. Malta must continue to innovate and consolidate its status as a country which remains at the cutting edge of attractiveness to FDI from around the globe.
The 15th edition of EY’s Malta Attractiveness Event will this year take place on October 25. For more information and to register, visit ey.com/mt/attractiveness. For queries e-mail events@mt.ey.com. This event will be accredited by the Malta Institute of Accountants in accordance with the AB accreditation rules.
Simon Lee Barberi is Director, EU Advisory and Malta Attractiveness Programme, EY Malta.