Malta could be superyacht hub – Chris Cardona

Growth and competitiveness crucial in Malta's evolution as an industry leader in the superyachting industry.

Chris Cardona, Minister for the Economy, Investment and Small Businesses, said that Malta should strive to become the ‘obvious choice’ in the superyacht industry.
Speaking at a second annual conference between stakeholders, entitled ‘Opportunities for Superyachts’, held at the Westin Dragonara resort and sponsored in part by Fenech and Fenech Advocates and Transport Malta, Cardona said that Malta must continue to evolve in the sector and not risk becoming complacent.
“We must do all we can to create the right framework and environment to attract more business operators,” he said.
“However, this environment must be conducive to sustainable growth and competitiveness,” Cardona said, adding that this should not be done at the expense of the local environment.
Cardona said that in the last year, government had increased its input and effort so as to implement industry-friendly measures such as the new VAT regulations, which will charge charter clients based on the amount of time they spend in EU territorial waters.
“The superyachting sector allows for a great potential in growth, both in terms of making Malta more competitive and in terms of job creation,” he said.
Describing Malta’s geographic position as a ‘serious responsibility’, Cardona said that the government would continue to support the industry and aim to improve port infrastructure and berth capacity.
Citing sustainable development, competitiveness, scientific research and education or training in the form of internships as key areas, the minister said that Malta had already achieved a lot but must not reinforce itself as a leader in the industry. 

More in Business News

Get access to the real stories first with the digital edition

Subscribe