The Malta Chamber along with the Malta Maritime Law Association organised an amazing symposium bringing together local stakeholders and several international speakers to discuss Malta as a superyacht hub. 

The challenges, the vision and passion of these stakeholders is evident; those in the private sector in this industry are the movers and the doers, the ones that are making things happen. 

It was a refreshing change to listen to how the people in this industry understand the bigger picture, where, as an industry,  they can all contribute and benefit from the potential this sector has. 

The bottom line is: can Malta be a hub destination for superyachts? How can we get there? 

With 1,000+ yachts registered we are yet to see an influx of yachts berthing on our coast. But why? This industry still faces many challenges and we need an immediate and long-term strategy.

This was one of the main issues discussed: how do we want to showcase Malta in order to attract superyachts to our shores? We have many talented people who work in this sector  but is that enough?

We need a clear vision and legislation to support where we want to go. We need to understand the economic contribution this industry gives back to the economy… we need a detailed study of the economic and the multiplier effects this industry has on our gross domestic product. 

We are competing against Greece, the French Riviera, Italy, St Barts, Turkey and others that have the size, space, government funds and logistics to support the industry, something we lack.

I was thrilled to listen to the stakeholders contribute to a very gripping discussion of how each can contribute to the country’s superyacht policy. 

This policy must be done within a very tight time frame; stakeholders want to invest but they need to know that their investment is safe and will reap the desired benefits. A public-private partnership is the model we should aim for.

We need to see Malta as a superyacht industry of the future, with investment in digitalisation and artificial intelligence.

I am disappointed to hear that the government is not heeding the advice given to it by stakeholders to set up an independent authority specifically for this sector.

Stakeholders need stability and want to know that their investment will not be negatively influenced by decisions taken for other transport sectors.

The announcement of a hybrid platform for this sector had me questioning if this is what the industry needs? What would be the impact on the sector? Could using such a model create more uncertainty? 

The maritime sector has proven in the past it can stand on its own two feet. Let us be sure we are making the right choice; a lot of private investment is at stake. 

We are competing against Greece, the French Riviera, Italy, St Barts and Turkey- Ivan Castillo

Superyacht refits are one of many areas where Malta can be attractive for these yachts. Many of the privately-owned shipyards have invested millions in their infrastructure to ensure competitiveness and sustainability but, again, they lack the desired national strategy to understand a clear way forward that will support their investment. 

Should this be a one-stop shop or should they specialise and be more focused? They face increasing expenses related to freight and a lack of skilled technical personnel which may influence the quality as well as their competitiveness. Local tradesmen willing to work in this sector are few and far between, thus shipyards must resort to importing tradesmen.

A superyacht’s maintenance cost is equivalent to 10 per cent of its overall cost per year; this is no small amount. Funds for investment is a huge challenge; we need to provide, if need be, a maritime bank and, yes, most definitely a specialised maritime court. We must move swiftly to make Malta more attractive and competitive. 

This industry can be a source of employment of added value and a clear strategy to entice students to make a career in the area is needed. They need to become aware of the benefits at a very early age and maritime affairs should be part of the secondary school curriculum, just like other subjects which are the pillars of our economy.

National campaigns, an increased awareness, national academic research and targeting Generation Z to understand the potential of this industry are needed. We can go even further by making Malta an international hub for maritime education attracting students from all over the world.

Collaboration and coordination are essential, from the stakeholders to the respective ministries which can help grow this sector. The opposition too has an obligation to do whatever it can to support the growth of this industry.

We must remove the bureaucracy and support the direction desired by the industry. 

We need to invest and to provide the owners and crew of superyachts with a quality and authentic experience. It is high time we start to think out of the box about attracting quality tourism.

We must be proactive rather than reactive. Each sector in the superyacht industry must focus on its strengths and we need to promote Malta as a hub where superyachts will benefit by making Malta their destination. 

Ivan Castillo is the Nationalist Party’s spokesperson on maritime affairs and employment.