It is hard to believe that, just two decades ago, the two political parties were arguing heatedly about plans for the Cottonera waterfront which had highlighted the need for a comprehensive vision for the area – as well as a proper understanding of what the yachting industry needed.

At one point, an artist’s impression was released showing a sort of carousel along the marina, around which yachts were berthed. It was quite an extraordinary concept as the yachts would probably have had to be lifted in and out of there by crane: they certainly would not have been able to manoeuvre into the spaces. It was symptomatic of the lack of knowledge about the sector, a lack of knowledge which had led a trade union leader to dismiss the highly-specialised coating services for superyachts to being akin with panel beating and car spraying.

At that time, when ministers talked about yachting, the public perception was that this was about berths in marinas for local boat owners, and perhaps the brokerage and chandlery services that went along with that supply. The Royal Malta Yacht Club gave a new dimension to the sector when it got Rolex on board as a sponsor for the Middle Sea Race, as it suddenly showed that yachting events could put Malta on the international media map.

But for it to be viewed as an economic activity which generated jobs and revenue? That did not come easily.

The stakeholders did not help. There were various failed attempts to get some form of association going to represent their views, from VAT on yachts to duty free fuel, from the need for hardstanding space to the potential for clustering.

Unfortunately, when a sector is at its most dynamic, it is also at its most competitive. Stakeholders compete for top brands not yet represented here, and for concessions not yet allocated. They remain focussed on their own growth without being able to step back to realise that there is far more to be gained from pitching in together.

The ‘industry focus’ which recently appeared in The Business Observer (April 7) shows how far things have come as the sector matured. As operators consolidated their market share, they put more energy into building up resources, from training staff to capital investment. We now have a series of yards catering to yacht refits, engineering companies specialising in niche services and companies catering for registration, leasing and even financing. Slowly but surely, as more business comes Malta’s way, the companies are realising that this would never have been possible had there only been one operator, one agent, one yard. Malta has carved out its own little place on the yachting map and companies are already looking beyond Malta’s shores, offering services abroad and coming up with innovative services, from crew training to fractional ownership.

There were times over the past 20 years where the fragmentation of the sector was really holding it back. Now, there is little which would stop it from soaring. Not a moment too soon.

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