TECH.MT

Malta Leading the Way in the Tech Sphere

Tech.mt CEO DANA FARRUGIA is very confident that Malta will be able to service any digital demands which arise out of the Dubai Expo. In an interview with Showcase Dubai, Ms Farrugia is the embodiment of a country and a culture open to ideas and trade – an ally of choice in a strategic geo-political location.

“Although Malta is the smallest EU member state, its location makes it very attractive to foreign investors.” This was the opening gambit which Dana Farrugia, CEO of Tech.mt chose for this interview. Indeed, as she explained, the geo-political location for Malta is the gift which keeps on giving over the centuries. The reasons may change but the central Mediterranean position and EU membership render Malta as very attractive in the eyes

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Testimonials show that they would gladly recommend Malta as a place to relocate, attracting successful business in the technology sector

of potential digital investors, particularly after Brexit. Ms Farrugia said that, coupled with these benefits, the Maltese workforce is also very fluent in English making the country an accessible and vibrant economic hub. “The economy has proved to be resilient and the financial sector robust. Malta has ranked 5th in the Digital Economy and Society Index (DESI) 2020 and 29th globally in Global FDI Country Attractiveness Index 2020,” observed Ms Farrugia. She added that political stability and robust legislation in technological matters also help. Ms Farrugia cited cryptocurrencies as an example. “The regulation with regards to blockchain has been conservative to ensure a good legislative framework,” said Ms Farrugia.

INNOVATIVE APPROACHES

Not all aspects of the COVID pandemic were forgettable. One of the more positive aspects is the rise of the Digital Nomad. Smelling out an opportunity, Tech.mt worked with other government enterprises to create a Digital Nomad Visa. This provides the entrepreneur with a year’s gateway into Malta without having to officially set up shop in Malta. Ms Farrugia said that this has made Malta very attractive in the eyes of the digital nomads. “Together with the Malta Digital Nomad Association - NomadIsland. org, Tech.mt launched a campaign to discover what digital nomads think about Malta. Testimonials show that they would gladly recommend Malta as a place to relocate, attracting successful business in the technology sector,” said Ms Farrugia.

If a company then decides to settle in Malta, or make Malta its base, it can count on high quality graduates. “Malta’s accessible economic environment and tax incentives demonstrate a flexible working setting. It offers numerous benefits to foreign investors who are searching for an attractive and reliable business environment. Current investors are confident about their future business potential on the island,” noted Tech.mt CEO.

SAVVY DIGITAL SAVANTS

With a student population which is increasingly turning to further and higher education, Malta’s workforce is becoming not only increasingly literate but also more digitally savvy. Also, the country manages to retain the services of 95% of its graduates, which is a clear demonstration of the attractiveness of the country in the eyes of its youths. In 2019, the proportion of ICT specialists in employment for Malta was 4.6% which is 0.6% higher than the EU average of 3.9%. The previously quoted DESI analysis noted that almost 60% of Malta’s population have at least basic software skills. “Recently Tech.mt spearheaded a cooperation agreement signed between University of Malta and eight Italian universities. This initiative highlights the importance of mutual co-operation by creating employment networks for graduates, collaboration by way of joint studies, research, training activities and educational exchanges of mutual interest, between University of Malta and each respective university in various fields of related to technology,” said Ms Farrugia. Tech.mt, she emphasised, aims to fulfil its mission to bridge the gap between academia and industry, to ensure that the educational system keeps producing high-quality individuals across industry verticals. In this way it will meet the demand required to keep the local tech sector flourishing.

HIGH SCORES

This is not just wishful thinking, the results which Malta has achieved in the European Innovations Scoreboard 2021 are impressive. Malta’s strengths in this report are mainly in three areas: environmental sustainability, the use of information technologies and the Human Resources area – specifically within the indicator measuring new doctorate graduates. Environmental sustainability looks at improvements aimed at reducing the negative impact on the environment. This cohort assesses three indicators: resource productivity, exposure to air pollution by fine particulates PM2.5, and the development of environment-related technologies. Malta was the best overall performer among the EU member states in this area, with the highest rate of performance increase (57.9%). This, in spite of the fact that overall, the performance between 2014 and 2021 has increased across the majority of the Member States. In the Use of Information technologies, enterprises are actively increasing the ICT skills of their personnel and employed ICT

specialists. According to the report, one of the highest rates of performance increase is observed in Malta (51.5%) as it ranked 2nd overall amongst 23 Member States between 2014 and 2021. In the field of Human Resources three indicators measure the availability of a high-skilled and educated workforce. Performance has strongly increased for Malta, with respective steady increases in both 2018 and 2019. Malta ranks 3rd from 21 member states (30.9%) as a high performer between 2014 and 2021.

THE THREE PILLARS

Tech.mt CEO Dana Farrugia outlined three main areas which are crucial to whoever wants to invest in Malta as a digital hub. With the country in pole position in the international tech world and 4G and 5G available with almost total coverage, the connected lifestyle is easy. Couple this with an energetic population and the result is increased cost-effectiveness. Ms Farrugia added that legislation is also very similar to that of major international jurisdictions such as the EU and the US, so adaptation is not onerous or laborious. Salaries in Malta are also quite competitive as well as rendering a high-quality workforce. While banks in Malta remain risk averse, posing a hurdle to tech companies, a solution has been found. When a tech company seeks financing for a product, the stamp of approval by the digital regulator would mean that the banks would be assured of the viability of the product. Tech.mt also acts as a go-between in these cases and Malta Enterprise also has alternative financial resources.

LOOKING AHEAD

A rising star on the horizon of opportunity is the Arts sector. Take NFTs for instance. Ms Farrugia said that this area is new and ripe for development. To be very simplistic, NFTs are the digital version of copyright and enable the artists, whatever the genre of art, to not only ensure that they monetise their creation but that they get paid each time their creation is used. Artificial Intelligence is another. Ms Farrugia added: “A Strategy and Vision for Artificial Intelligence in Malta 2030, aims to map the path for Malta to gain a strategic competitive advantage in the global economy as a leader in the AI field. The vision is for Malta to become the “Ultimate AI Launchpad”, a place in which local and foreign companies, and entrepreneurs, can develop, prototype, test and scale AI, and ultimately showcase the value of their innovations across an entire nation primed for adoption. The ambition is to create the conditions for AI to springboard from Malta to the rest of the world.”

Mutual cooperation between Malta and Dubai can potentially be explored through trade in services, and the provision of expertise, skills, and training in those areas where both countries require mutual support. “Companies in Dubai operating in Technology may benefit from the opportunity to promote new investment opportunities that will arise for businesses in Malta. Extending their international operations to the Maltese jurisdiction means that such companies can also access other European markets,” concluded the CEO of Tech.mt n

For further assistance kindly contact Ms Dana Farrugia on techmt.contact@Tech.mt Phone: +356 22262100 Facebook: @Tech.mtMalta Instagram: @Tech.mtmalta Linkdin: linkedin.com/company/tech-mt

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The economy has proved to be resilient and the financial sector robust. Malta has ranked 5th

in the Digital Economy and Society Index (DESI) 2020 and 29th

globally in Global FDI Country Attractiveness Index 2020