Malta’s maritime potential could increase economic growth by 3%

One of every seven jobs in Malta belongs to the blue economy but the value-added work is marked at below EU and Mediterranean average, economist Gordon Cordina said.

Presently there are 20,100 workers employed in the blue economy generating €576,000 in value added. “The maritime industry, which employs 3.5% of the population contributes to 10% of the local economy but the jobs render less economic value,” Cordina said.

The economist was speaking during the launch of an Integrated Maritime Policy for public consultation.

Comparing Malta with Greece, Cordina said Greece’s robust maritime industry remained resilient against its financial turmoil and today still renders more than Malta’s maritime economy.

“Malta is highly dependent on tourism and, even though tourism is an important sector, we shouldn’t ignore other potential sectors such as marine transport, aquaculture and fisheries,” Cordina said.

He added that sectors including biotechnology and offshore services were underdeveloped when compared to the economy generated across the European Union.

“Blue economy is essential to our economy but the majority of jobs are low in production. There is the potential for a drastic increase in productivity of both current and new jobs. If we were to increase productivity, the maritime economy would contribute at least €195 million a year,” Cordina said.

He added that this would translate in a 3% increase in economic growth. On a per capita basis, this would translate into €489 per citizen.

Parliamentary secretary José Herrera said Malta could serve as a maritime centre of excellence.

“Malta has the opportunity to become a maritime litigation hub, with the setting up of a maritime court,” he said.