Fu­ture growth will de­pend on eco­nomic sec­tors linked to tech­nol­ogy

Malta Independent - - NEWS -

to­gether with the pos­si­bil­ity of find­ing the hu­man re­sources that are fit for the in­dus­try.

Nonethe­less, the re­port ex­plains that Malta has a lack of spe­cialised skills, thus less than half of the in­vestors man­age to re­cruit staff with the re­quired skills from the lo­cal labour mar­ket. For this rea­son, it is sug­gested that new skill sets are in­tro­duced in schools to re­duce this mis­match gap.

Other is­sues which are de­scribed in the re­port are the forces of change that can af­fect both gam­ing and ICT sec­tors. In fact, cer­tain in­vestors are uncer­tain over Malta’s ca­pa­bil­ity to re­tain its suc­cess in iGam­ing, tele­coms and ICT. Nonethe­less, the ma­jor­ity of the com­pa­nies have pre­dicted that they will still be op­er­at­ing in Malta in 10 years’ time.

An­other sec­tor which can be of great po­ten­tial to at­tract in­vest­ment is that of start-ups. The study ex­plains that a seed in­vest­ment given in Malta can last as much as three to five times longer than it would in Lon­don or San Fran­cisco. This way, com­pa­nies have more time to test and re­fine their prod­uct, while build­ing their cus­tomer bases and find­ing in­vestors. This can also help at­tract­ing for­eign tech­no­log­i­cal ex­perts who can ben­e­fit from the 15% flat rate of per­sonal in­come tax.

In the study, re­spon­dents iden­tify par­tic­u­lar ar­eas in which Malta has to in­vest so that it re­mains com­pet­i­tive. These are namely the de­vel­op­ment of ed­u­ca­tion and skills, the sup­port to high-tech in­dus­tries and in­no­va­tion, the im­prov­ing of qual­ity prod­ucts and value-added of ser­vices and the level of pro­tec­tion of in­tel­lec­tual prop­erty rights.

Apart from that, in the study is rec­om­mended that Malta in­vests on its abil­ity to test new tech­nolo­gies, while pro­vid­ing ac­cess to an English-speak­ing mar­ket that has Euro­pean reg­u­la­tions. An ex­am­ple which is de­scribed in the re­port is blockchain tech­nol­ogy. The EY re­port states that there are com­pa­nies who would be will­ing to run these blockchain ap­pli­ca­tions for a gov­ern­men­tal func­tion across an en­tire coun­try.

Melvin Far­ru­gia, MITA So­cial Me­dia, PR and Com­mu­ni­ca­tions Ex­ec­u­tive

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