Malta New Yachting Holiday Hotspot
Malta is one of the latest to join the marina party and news that the government are looking to privatise the maritime industry has been well received by investors and the tourist industry alike looking capitalise on the rise of the yachting holiday. One of the more prominent developments in the tourist industry over the last few years has been the increasing popularity of boating, yachting and sailing holidays. Many countries around the world have noticed the increased profile of water sports and we are seeing more and more countries opening up their coastlines for waterfront development with planned marina projects stretching globally from ports in India to mega marinas in the Bahamas. Now Malta wants a piece of the marina pie !
While the Malta yachting market has always been healthy, the Maltese authorities believe that it is now time to open up the industry to foreign investors, bring in the funding and harness the maritime experience that they can offer, with the plan to turn Malta into a renowned sailing holiday hotspot. As well as taking away the requirement for the government to raise extra capital, it also offers a relatively risk-free way to increase Malta’s tourist attractions and in turn visitor numbers. An increase in tourists to Malta will naturally lead to a more active economy and more tax income for the authorities.
The potential for the private sector was summed up by Alan Richards, HSBC Malta’s CEO, who said: “Malta is, at heart, a maritime country with a fascinating history. Because of the size and location of the island, Malta is an immensely attractive hub for the Mediterranean yachting industry.” There is already talk of increasing the berthing numbers by up to 1,000, and while this will take time and money, the potential rewards are significant.
The government of Malta will play a major part in the forthcoming HSBC Valletta Boat Show 2008, which will give them the perfect platform to announce their plans for the future of yachting in Malta. While the worldwide economy is still very much under pressure, investors will be eager to become involved in genuine growth sectors such as that presented by the Maltese authorities.
