Advancements in technology are constantly reshaping global eco-nomies and innovation is happening at a relentless pace. Fresh waves of disruptive technology seem to be hitting our shores more frequently and Malta needs to start acting swiftly. Quite simply, responding to disruption is perhaps the most important strategic issue facing businesses and countries today.
As an EU Member State Malta already has a lot to offer to investors. Its location in the heart of the Mediterranean, an English-speaking workforce, excellent climate and a business-friendly culture gives this country a significant advantage over competing jurisdictions. On the other hand, certain physical limitations, particularly the size of Malta’s local market, may be viewed as a shortcoming.
Whatever we do, the march of disruption is unstoppable. Artificial intelligence, robotics, virtual reality, the Internet of Things and sharing economy platforms will create enormous displacements of labour. Not all jobs will be affected, and not all affected jobs will be eliminated. Automation will both substitute and enhance human labour, but jobs that are truly unaffected will be the exception rather than the norm.
Responding to disruption is perhaps the most important strategic issue facing businesses and countries today
In order to keep attracting investors to Malta at the rate we’ve become accustomed to, these completely new realities have to be grasped and acted on. Pioneering ground-breaking policies, updating regulations in key sectors, improving education for a digital economy, and increasing Malta’s innovation environment will be paramount to any future success. With the recently announced blockchain strategy, a growing tech and innovation scene, and a promising start-up ecosystem we are definitely taking steps in the right direction.
In order to figure out where to go from here, it would be wise to find out what current investors think about one key question – is Malta attractive?
For the past 13 years, EY’s Malta attractiveness survey has sought to answer this question by inviting existing foreign investors in Malta to provide their views. It forms part of EY’s global series gauging the perceptions and realities of the different countries and regions. The series is aimed at providing guidance for investment decisions and indicators to governments and policy makers on current and potential barriers to growth.
Throughout the years EY’s survey results have indicated that Malta has consistently remained attractive as a destination for FDI, notwithstanding the turbulent global economic and political environment. Year on year, investors have highlighted the importance of protecting and retaining what already works in Malta, while keeping an eye on the opportunities and challenges that lie ahead.
The 2017 attractiveness survey results will be unveiled on October 25 during EY’s Annual Attractiveness Event. The day-long event is widely regarded as Malta’s largest business and investment forum, and expected to attract over 700 public and private sector leaders and international investors, providing game-changing information on Malta’s investment attractiveness. The conference aims to explore how government and businesses will harness the power of disruptive innovation in order to be the disruptor rather than the disrupted. Listen to global experts on blockchain, AI and other disruptive technologies and interact with industry pioneers in the cutting-edge breakout sessions, live polling and Q&A sessions.
For more information on EY’s Annual Attractiveness Event and to register, visit eymaltaattractiveness.com.
Andrew Vassallo is a Senior at EY focused on EU affairs and FDI.