Prime Minister Joseph Muscat this morning promised the "rebirth of a productive maritime related economy", saying Malta's strategic location must regain the importance it deserved.

He was speaking at Falcotrans, a transportation company based in Marsa that celebrated its 30th year anniversary today.

Dr Muscat said there had been considerable national and international interest in the call for expressions of interest to create a maritime hub in the Marsa shipyards area.

"The response has been greater than we expected," he said.

Dr Muscat promised not to turn the waterfront into real estate, stressing that Malta should capitalise on its strategic location, something that had been largely ignored in the past years.

"We can never underestimate our strategic location. We are bang in the centre of all maritime routes and we can do much more in the bunkering, logistics and transport sectors', he said, auguring the family business another 100 years of success.

Dr Muscat also spoke about the importance of a Family Business Act that would assist companies with transitions from one generation to another.