€678 million generated in Maltese economy by Valletta 2018

Findings show that Valletta 2018 left a total economic impact of over €325 million and generated a total investment of €678 million in Maltese economy.

The Valletta Cultural Agency yesterday published a report carried out by KPMG, providing insights on the impact of Valletta 2018, the European Capital of Culture.

The report was launched during a press conference on Friday morning held at MUŻA, Valletta.

Minister for National Heritage, the Arts and Local Government Jose Herrera said that Valletta 2018 is clear example of how the cultural sector can truly have a positive impact and a legacy for our country. “Together with our social partners, we must stay committed and we must ensure that Valletta remains a cultural city of the arts, the city of creativity, but most of all the city which belongs to the people.”

The city recorded a rise in the number of visiting tourists following effective marketing efforts carried out by the Valletta 2018 Foundation with the collaboration of other entities, the report says.

The capital city registered an increase of over 350,000 tourists in 2018, amounting to a total of 2,600,000 tourists during the European Capital of Culture year.

A total of 8,000 jobs were created in a number of different sectors closely relating to the European Capital of Culture. Jobs ranged from creativity, hospitality, heritage, information technology services and transport.

The European Capital of Culture brought about significant infrastructure regeneration in the city, including the opening of MUŻA, the regeneration of Triton Square, Strait Street and the old indoor market (Is-Suq tal-Belt). The restoration of Palazzo Ferreira and the facade of the Jesuit church also took place during this period.

Jason Micallef, the Valletta Cultural Agency Chairman said that “the successful results of this study are proof that what was started in 2018 kept going at a steady momentum in 2019. This is the legacy which was part of our plan to set up the Valletta Cultural Agency at the end of Valletta 2018.”

The report also shows that Valletta 2018 left a strong legacy for the Valletta Cultural Agency to build on the further nurture. The year 2019 saw the building blocks of the new Valletta Cultural Agency, which was set up in April to sustain and strengthen Valletta’s vibrant cultural life through the creation of an annual programme of creative events.