Many acknowledge the success being achieved by our country in the maritime industry. Most importantly, all stakeholders, as major beneficiaries, certainly do.
Despite the positive results we have already achieved over the years, Transport Malta and the government are committed to continue working hard to achieve more positive results in a sector that over the years has remained unified in facing storms that are not brewed in teacups but in boardrooms far ashore.
As an island State, Malta’s destiny is closely linked to the sea that surrounds us. Thanks to our strategic geographical position in the centre of the Mediterranean, as well as our natural harbours and established ports, Malta has steadily demonstrated its resilience to strengthen its maritime economic activities and to thrive as a maritime nation.
We also offer a well-developed economic structure, boasting an advanced legal framework, a highly skilled workforce and well-connected business climate.
A strong legislative foundation lies at the heart of our success as a nation, but its importance to the maritime industry can never be underestimated. A major prerequisite to Malta’s achievements in this sector was the enactment of a robust regulatory structure.
By developing legislation that taps unrecognised opportunities in the market, Maritime Malta managed to bring together many of the factors which attract the industry and which customers value.
Malta has done well in building fiscal, legal, corporate and registration services. While it is imperative that we continue to develop these, we must also focus on improved infrastructure, competence, level of service, reputation and strong relationships. We simply cannot risk becoming comfortable.
Rightly so, Malta has invested a lot in its maritime industry.
We have some success stories to tell and which make us a proud maritime nation but also proud of what we can be in the future. One cannot but mention: the Valletta Cruise Port, which nowadays has successfully managed to attract some of the largest passenger ships afloat; the Malta Freeport, a main transhipment hub in the region, that is an indispensable tool for Malta’s economy since it connects us and our industries to the proverbial seven seas; and the Malta Ship Register, the largest ship register in Europe that is well renowned within the international shipping community, with over 77 million gross tons registered under the Malta flag.
In recent years, the Malta flag has also registered remarkable progress in the registration of super yachts. Another success is the development of marinas and the yachting sector.
Today, there is no more room for sporadic investments which are not aligned with a holistic plan
Nevertheless, it is no secret that the shipping industry is at a cross roads, with major economic and environmental challenges ahead. I am a firm believer that an integral element to overcome these challenges in these difficult times is dialogue.
Maritime issues cannot be conducted in a secular manner, but rather we need a holistic approach. As industry and regulators, we need to demonstrate that it is together that we can deal best with our challenges.
In this context, Transport Malta very much values the concrete contributions and constructive engagement of all stakeholders, to work together on common and competitive solutions to the various challenges ahead.
I am a strong believer in the need to ensure the real and perceived participation of as many stakeholders as possible in policymaking and encourage open dialogue between all those involved so that any actions taken would ensure that our maritime industry remains sustainable.
We are well aware the government is committed to continue investing in the maritime industry through several initiatives, with investment in both maritime infrastructure and human resources.
We need to continue working with the industry to maintain the international reputation we have achieved as a country with a register of quality. We are also aware that this sector generates a substantial amount of ancillary investment in other sectors, substantial income in foreign coin and several value-added employment opportunities for thousands of people in several sectors. Nevertheless, we must keep in mind the social aspect as well.
On a small archipelago such as the Maltese islands, port development and harbour regeneration are indispensable. That is why the Ministry for Transport, Infrastructure and Capital Projects has commissioned a holistic plan for the Grand Harbour that takes into consideration all these aspects.
Over the years, we saw many legislators sharing a common vision for the development of maritime Malta and Grand Harbour, irrespective of their political beliefs or standalone ministerial portfolios.
They certainly did not lack understanding and appreciation of the contribution of this industry. Yet, the Grand Harbour still lacked a concrete action plan that takes into consideration the various conflicting aspects and difficult decisions needed to move forward.
Today, there is no more room for sporadic investments which are not aligned with a holistic plan, a plan that embodies our vision and will enable the industry to continue to flourish. By taking into account the necessary changes and investment needed in both the soft and hard infrastructure, I am very confident that we can reach higher and brighter horizons.
In the coming weeks, the appointed consultants will be meeting with the various stakeholders involved, including the body that represents most of such stakeholders, the Malta Maritime Forum. Our goal is to continue working and investing to strengthen this industry through coordination and consultation with the same industry.
As a firm believer of an industry that I have seen flourishing for the past 40 or so years, it comes natural for me to reaffirm the regulator’s firm commitment to continue providing the necessary support to ensure that the Malta’s shipping industry remains competitive and sustainable.
Joseph Bugeja is the chairman and CEO of Transport Malta.
This is a Times of Malta print opinion piece