Malta's first National Policy for Yachting is expected in the coming months, the government has hinted.
Minister for Transport, Infrastructure and Capital Projects Aaron Farrugia led a delegation which participated in the Monaco Yacht Show, the world's leading superyacht event.
During the visit, the Minister held a number of meetings with key industry players to identify areas how this industry, which brings to Malta substantial economic returns, can be further developed and consolidated, a government statement read.
"This visit continues to build on the launch held last week of the Steering Committee to draft Malta's first ever National Policy for Yachting."
Minister Farrugia also visited the 'Maritime Malta' stand, whereby Transport Malta is providing the local yachting industry service providers and intermediaries with the ideal promotional platform to showcase Maritime Malta as an international yachting service centre.
"This further reinforces Malta's ever-increasing presence in the worldwide superyacht industry and its recognition as the largest ship register in Europe and a popular yachting destination in the Mediterranean," the statement read.
The government is taking a number of initiatives in support of the yachting industry in Malta to further consolidate Malta's position as a leading jurisdiction in yachting, both as a destination and the flag of choice, the statement read.
During the visit, the Minister reiterated the firm commitment that the government has towards this industry and thanked all the Maltese economic players for their pivotal role in placing Malta as the strongest yachting jurisdiction in Europe.
"These initiatives and the clear governmental vision for this industry have resulted in very positive results achieved in super yacht registration under the Malta flag. Over the past five years, the number of superyachts over 24 metres doubled, with an increase of 6% being registered during the last nine months," it read.
Minister Farrugia remarked that these results were achieved thanks to the efforts of all stakeholders as well as the commitment of the personnel at Transport Malta. He claimed that such achievement is testimony that commitment to quality pays and that the Malta Flag Administration has managed to concurrently increase both its growth rate and enhance the technical performance of its registered fleet.
"These positive results encourage us to work harder to ensure that Maritime Malta continues to benefit from the associated positioning within these international sectors and we continue to consolidate Malta as an international centre of maritime excellence in the Mediterranean. This also contributes towards the creation of quality jobs in Malta. It is for this reason that I encourage as many stakeholders as possible to participate in the drafting of the first ever National Policy for Yachting," concluded Minister Farrugia.
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