A new public private partnership between the government and the Royal Malta Yacht Club was formed this morning with the aim of putting Malta on "the global yachting map".
The PPP, Yatching Malta Ltd, will be headed by the club's commodore Godwin Zammit and has a two-year rolling business plan.
Speaking at the signing of the formal agreement at the club's headquarters in Ta Xbiex, Prime Minister Joseph Muscat said the PPP was the fruit of several months of discussion and would help to make yachting a major part of the island's maritime industry.
The government will be forking out some €210,000 every year to help finance projects and different yachting initiatives, he added.
Dr Muscat said the industry had been highlighted as a potential economic contributed that had been overlooked in previous years. Highlighting this potential, he said that a race being held over the next few days was expected to generate some €1.6 million.