Using technology to provide financial services may be the next big thing, as could be the use of Malta as an e-commerce gateway for Asia.

The two proposals form part of a five-point plan drafted by EY Malta, exploring future growth sectors.

The report, 'Beyond This Economic Horizon', was presented this morning, in the presence of Prime Minister Joseph Muscat and Opposition leader Simon Busuttil.

The five sectors, identified after various workshops with industry players, revolve around Malta's geo-strategic location in the Mediterranean and its membership of the EU. The future growth areas are:

1. Financial Technology
2. Commodity trading hub
3. Gateway for Asian e-commerce
4. Regional logistics hub
5. Regular immigrants, turning challenge into opportunity

EY said windows of opportunity existed in each of the identified sectors but more had to be done to make regulation flexible and allow companies the ability to attract foreign talent.

A proposal suggests making it easier for foreigners from outside the EU to obtain entry visas if they worked for at least six months in another EU country, something Spain has already done.

This was particularly important if a commodity trading hub was to be developed, since there was a very restricted pool of domestic talent in this field.

But other proposals include the creation of free trade zones that could be used as logistical centers and warehousing hubs where Asian products could be stored for onward transmission to European customers.

EY called for regular immigrants to be trained and enabled to enter the job market and to this end the document lays out an initiative that will be undertaken by the company to offer training in accountancy.