Executive Traveller, October 2020
Interview with Dana Farrugia for the Executive Traveller magazine
Malta has become one of the most successful economies in Europe. It has been classified as one of four European Union countries with the biggest advance in the Digital Economy and Society Index (DESI) over the past five years and was one of the few European countries to experience a positive economic performance during the pandemic. Furthermore, Malta has also been described as one of the top emerging ecosystems in the Global Start-up Ecosystem, as an innovation-driven economy by the World Economic Forum and as one of the strongest economies in Europe with minimal unemployment levels by Moody’s, S&P and Fitch. On a European platform, Malta has also recently secured the biggest allocation of EU funds in its history, a mammoth package worth €2.25 billion for the financial period of 2021 – 2027.
Malta has also recently secured the biggest allocation of EU funds in its history, a mammoth package worth €2.25 billion for the financial period of 2021 – 2027.
Technology and digital transformation have been critical in ensuring that Malta’s economy continued to thrive almost uninterruptedly, particularly during the pandemic. While other countries struggled to cope, Malta continued to use its resilient digital infrastructure to adapt to new unprecedented norms.
Malta’s geographical barrier has been counterbalanced with its digital capability and readiness together with its human-centred approach to digitalisation. Couple Malta’s excellence in the digital field with its pro-business legal and regulatory framework and its aggressively incentivised FDI mechanisms to attract investors in ICT and other technology segments, and the result is a reputable and global hotspot for the integration of digital technologies. Moreover, the guaranteed access to affordable high-speed internet, free public Wi-Fi, and the deployment of ICT technologies in areas of health, education and commerce have become an important asset in increasing the attractiveness of Malta.
What does all this mean for Malta’s digital future?
With the inception of Tech.mt, the Government of Malta has confirmed its mandate to invest in the potential of digitalisation and technological innovation. This is a blue stamp for the potential Malta has in acting as the gateway for tech businesses to access the Maltese and European market. With Malta boasting a highly industrialised and service-based economy with a strong regulatory framework, especially for emerging technologies, there is a lot than can be learnt and offered for the future. The exploration in new fields of emerging technologies such as Artificial Intelligence, Robotics, Internet of Things, Distributed Ledge Technology and Quantum indicate exciting times for Malta.
Through its drive to a more diversified and robust economy, Malta is basing its long-term strategy on its digital economy and technological industries. The outcome and magnitude of such a strategy will serve to propel Malta’s economy forward.