As we await the appointment of a new Rector at the University of Malta, it is worthwhile considering the relevance of this role in facilitating economic growth. The contribution of the university to the economy, through the education of graduates and through research and knowledge exchange, is the subject of much discussion and debate. However, it is sometimes overlooked that the higher education sector forms a core part of the economic infrastructure of the Maltese islands.

As a relatively large enterprise in itself, the university is a major employer and it generates economic activity, interacts with other key sectors in the economy, and therefore contributes to Gross Domestic Product (GDP). University’s effectiveness in generating economic activity has been all the more important in the economic growth we are experiencing.

Not all aspects of a university’s contribution to the economy can be readily measured. It is quite impossible to measure, for instance, the value of the university’s collaboration with business or the impact of new ideas generated by its academics and graduates.

It is opportune, therefore, to present a timely reminder of the impact Malta’s university has on its economy at a time when a new Rector will shortly be appointed. I shall not dwell on the qualities needed to fulfil this role. The competences were comprehensively summed up by the Minister of Education and Employment in a recent Times of Malta article on the subject. There is also recognition of the challenges but also the opportunities that a new Rector needs to identify, especially in the field of science and post-doctoral research.

I attended one of two consultation meetings on the future of university held last month. These meetings were addressed by the Prime Minister and the Minister of Education and Employment. Such an event would be quite impossible to organise in larger countries. The presence of the Prime Minister and a senior Cabinet minister, however, highlights the considerable attention the role of higher education in our society and its potential contribution to economic growth continues to attract.

The outgoing Rector and his team have shaped much of what has changed at university. Ten years on, it is quite relevant to debate the purpose and nature of higher education, the type of university society wants and, in particular, how university ought to relate with the government in a state of affairs where other institutions, both public and private, also play a key role in Malta’s higher education landscape.

The new Rector will assume the role at a time of increased internationalisation of higher education

Indeed higher education policy is assuming greater importance with increased financial resources being allocated to both university and Mcast. With new opportunities for investment in the private sector, the next Rector will probably need to lobby much harder in future for increased spending by government at the University of Malta.

Though much has changed at university since Prof. Juanito Camilleri took over as Rector, two key factors persist: university’s heavy reliance on state funds and the stipend system. Both represent significant cost to the taxpayer and it will be the new Rector’s responsibility to ensure that the university and its graduates continue to provide a fair return on the investment.

The Employability Index compiled by the Ministry of Education and Employment and the Emloyment and Training Corporation reveals reasonable levels of employability across faculties and very high levels in engineering.

This notwithstanding, the university needs to regularly review both the content and structure of its teaching catering both for Maltese and international students.

Though research is critical for university’s reputation ­– especially internationally and for the dreaded ranking of higher education institutions – the importance of the university as a strong teaching institution cannot be downplayed. A more research-oriented university cannot be achieved at the expense of curriculum content and structure and of internal quality assurance.

And the new Rector will need to continue expanding university’s research programmes in science, technology and innovation. Research is not only critical to the economic and social development of society; it is also critical to the mission of the University of Malta. Numerous opportunities for research exist already but climate change and its impact strikes me as the most obvious.

The new Rector will assume the role at a time of increased internationalisation of higher education. This presents new opportunities for university not least financial. The international student market is expected to grow in the future and university will need to double its efforts to attract more international students despite increasing management and academic challenges. It is somewhat surprising that, as one of the oldest universities in the Mediterranean, there are fewer international students from the Mediterranean number than from other parts of the world.

Whoever is appointed Rector next month will no doubt be aware of the critical role our university plays. That contribution will need to be further enhanced in the years ahead.

Philip von Brockdoff is the head of economics at the University of Malta.