Malta is strengthening its regulatory regime for commercial yachts and will eventually expand the system to cover all types of yachts, Transport Minister Austin Gatt said.

Opening the 20th session of the Assembly of the International Mobile Satellite Organisation , the minister said that the substantial number of yachts already covered by the existing regime was bound to increase with the introduction of a finer regulatory system that would guarantee better regulation.

The basic fiscal, administrative and regulatory framework was already in place and Malta already oversaw and regulated more than 2,000 yachts on its register.

“What we need next is to reach out to the world with a more effective and credible brand that yacht owners understand is a one-stop-shop for yachting; from registration, to financing, servicing, supplies and the full value chain of this important industry.”

Dr Gatt said tha a great deal was achieved over these last six decades both nationally and internationally. Carriage of goods and passengers by sea remained the most efficient, safest and most environmentally friendly of all modes of transport.

“But your efforts are needed to continue to improve and avoid the loss of even one life at sea,” the minister told participants.