Future-proofing Malta’s economy

Change can be terrifying and for the most part humans are ill equipped to deal with it. But the days of maintaining the status quo are over.

Traditional organisations have mostly built their strategies for a world that was more stable. It’s time now to reimagine these strategies for an environment that is being driven by disruptive technology and geopolitical change.

Now more than ever before, leaders and the governments and organisations they lead must be prepared to navigate uncertainty and embrace experimentation to thrive in an environment of intense, change-driven ambiguity.

Artificial intelligence (AI), automation, Internet of Things (IoT) and blockchain – these are some of the disruptive technologies that are changing the world as we know it. They are reducing the friction and inefficiencies in markets, and building in added layers of trust and accountability. They are fostering innovations that help people live longer and better lives, as well as helping under-served parts of the world gain access to micro financing, and allowing companies to develop new products and services that their customers are looking for. Through these measures, nations are being assisted in transforming the way they serve their citizens and their place in the global food chain through forward-thinking policy-making and regulation.

Regulators are seeking to understand and embrace change and to figure out how to reinvent themselves in the face of digital disruption. Indeed, regulators have been challenged to respond by numerous developments in recent years. Gig economy platforms, such as Uber and Airbnb, have tested existing regulations in areas ranging from hotel safety to taxicab licensing to overtime pay. The disruptions now looming on the horizon – blockchain contracts, driverless cars, medical algorithms and more – will strain regulatory paradigms further.

None of this should be seen as a threat to Malta’s economy. In fact, there’s already a lot happening that should point to myriad opportunities opening up.

‘Thinking without the box: disruption, technology and FDI’ is this year’s theme for EY Malta’s Annual Attractiveness Event. Through a series of keynote addresses, panel discussions and breakout sessions, the conference aims to explore how government and businesses will harness the power of disruptive innovation in order to be the disruptor rather than the disrupted.

Now in its second decade, the event brings together seminal speakers from around the globe and offers the 600 participating delegates the opportunity to network and feel the country’s economic and financial pulse. Over 60 speakers will address the conference, with keynotes from Prime Minister Joseph Muscat, Opposition Leader Adrian Delia, EY’s Global Blockchain Leader Paul Brody, EY’s Global Digital Tech and Americas AI Leader Keith Strier, and former BBC Chief News Correspondent Kate Adie and many more.

The day-long event aims to spark ideas and discussions centring on the massive paradigm shifts that disruptive technologies are creating across sectors, and their potential to drive investment and shape the next wave of Malta’s growth. Topical breakout sessions, live polling and Q&A sessions will give delegates the platform to share their perspectives and interact with industry pioneers.

Of course, the findings from EY’s Annual Malta Attractiveness Survey among foreign firms and investors already operating in Malta will also be unveiled at the event. The insights are widely regarded by business, the media, politicians and major public stakeholders as the key source of insight into what makes the country attractive for investment on both national and sectoral levels and the challenges that need to be addressed.