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PUBLISHING EDITOR

Andrea Trapani atrapani@executivefbo.com Omar Vella marketing@executivefbo.com

ADVERTISING EXECUTIVE

Rebecca Pace adverts@unionprint.com.mt

DESIGN

Robert Caruana rcaruana@unionprint.com.mt

Malta continues to be one of the fastest growing economies in the EU. Although being one of the EU’s smallest nations, it is also one of the most resilient, resulting from a decades-long strategy of ensuring a wide spread of economic activities so as to minimise negative exposure to external developments. the recent government's economic vision for the ten years to come is a clear proof of such strategy. Malta has also demonstrated an ability to prosper, even in difficult global contexts. This has been further consolidated by the recent Moody and Fitch ratings on Malta.

Innovation remains key for the country's growth as well as the consolidation of vital economic niches. A key sector which has grown exponentially over the past years is

Interview with Andrea Trapani

Where to begin about Andrea Trapani?

He is focused, ambitious and uncompromising. But he is also warm, caring and with a smile and a laugh that lights up every room he is in. He is an example of where there is a will, there is a way. An achiever who thanks to his vision, his determination and perseverance is today one of the successful stories in the local private aviation industry.

There is direct connection between the aviation industry and Andrea. They are like salt and pepper, rum and coke or gin and tonic. “It’s a hobby that got out of hand,” says Andrea. Passionate about the airline and aviation industry he always had a goal in mind, to succeed in the industry. Specifically, in the business aviation sector which somehow always attracted him in view of its constant growth. The figures about this industry are astounding and speak for themselves, leaving mere mortals wondering about the wealth in the world. Truly so, because it is estimated that the private jet aircraft industry was estimated at $23.6 billion in 2021 and is expected to reach $36.94 billion by 2028.

Andrea got involved in aviation industry at an early age working with the local commercial airline . Yet after over two decades in the industry, Andrea took the plunge in the business aviation services and aircraft handling as an entrepreneur in 2010 when he set up Executive Aviation Malta. The company was born out of his lifelong passion for the aviation industry. A niche he felt Executive Aviation Malta could excel in by creating and developing high-end services in the private jet business.

The setting up of Executive Aviation Malta was also borne out Malta’s growth in the aviation sector. Since its inception Malta has become a leader in its field attracting highly respected and wellrecognised companies towards the island for aircraft registration and services. While Luxembourg and Ireland have traditionally been Europe’s aviation hubs, key players in the global aviation industry are increasingly relocating to Malta. Corporate charter airlines such as Comlux, Orion Malta and Air X Charter have all registered aircraft in the country. Aircraft management companies DC Aviation and Hangar 8 also established operations on the island, while in 2016, Austrian private jet company VistaJet relocated its headquarters and registered 50 aircraft, adding to the increasing number of private jet companies choosing Malta as an ideal location for the management of their fleets. VistaJet’s move meant that the company registered business jet aircraft worth $1.8 billion on the Maltese registry, making it the biggest aircraft operator in the country. But it is not only European companies setting up shop in Malta; the country equally draws interest from companies in the US and Asia who are keen to access Europe and Africa.

Since then, the company has grown significantly developing into a leader in its field with an unrivalled reputation for delivering high quality service to our clients. We are a full service FBO located right on Apron 3 at Malta International Airport offering general ground handling, into-plane fuelling, flight and customs support, gourmet catering, and concierge services. And there is more to come.

“This opportunity got me my chance to be on the big stage of Malta’s business aviation sector and share my business expertise and vision for the future. An opportunity which I can fairly say is a dream come true.” Andrea adds, “I believe that the business aviation sector offers so much potential for the island as well as Executive Aviation Malta.” He concludes by noting, “I firmly believe that the company can grow further by consolidating what we achieved over the past years and by looking into new areas in the same sector. This vision is not only shared by me but by everyone who works with me. WE all share the same vision and are eager to see what the future has in store for us. The sky is the limit."

A tide that lifts all boats

In Malta, the gaming industry has enjoyed 20 years of growth and success. It now directly contributes more than 8% of the country's GDP. Nearly 10,000 individuals are employed in the gaming sector today, which accounts for about 4% of all jobs with hundreds of professionals employed by the sector's support services.

Closing off a year of global events, SiGMA Group is back on home turf for its flagship event - Malta Week. The week-long summit kicks off events from the 14th to the 18th of November, at the Malta Fairs and Convention Centre in Ta’ Qali and the Hilton Malta in St Julian’s.

Although November is typically seen as a cold shoulder month for Malta, - we’re expecting to welcome 25,000 delegates to Malta Week, where 4 of their biggest brands - SiGMA, AIBC, AGS, and MedTech World - will come together. Seeking to be a tide that lifts all boats, this weeklong convergence of networking, expo, and conference will connect sponsors, affiliates, and exhibitors on an international scale, and boost the island’s leisure and entertainment sectors.

The alignment of these sectors offers investors a unique chance to leverage the significant crossover potential for multifaceted business deals and to double down on opportunities to connect with some of the leading figures in the industry.

No other event offers a more streamlined experience – matching quality content with a fun, relaxed environment that makes for ideal networking. This is a unique opportunity for operators and affiliates to build a friends before business style relationship.

Expert-led, this year’s conferences aim to raise the bar. Top tier speakers include KOLs such as Tim Burd, Scott Stornetta, Carl the Moon, Ivanontech, James Crypto Guru, Davinci, AMCrypto, Kyle Chasse, BTCTV, Nick Spanos, and Crypto Megan and key industry figures such as the Hon. Javier Silvania, Minister of Finance for Curacao, and Oleksandr Bornyakov - Vice Minister of Digital Transformation of Ukraine.

Maltese government officials including Prime Minister of Malta, Robert Abela, and the Hon. Silvio Schembri, Minister for the Economy, are also slated to attend.

A full calendar of events

Looking forward, we realised that unless we innovated as a Group, we risked letting our exhibitors and delegates around us down. As a result, since 2020, our company has expanded its global event portfolio far beyond its comfort zone.

Indeed, 2023 looks set to be our busiest yet. Next year’s lineup will see six main events launching across 5 continents. We’re exploring both emerging and more established markets - starting with Kenya in January, Dubai in March, and Sao Paulo in May. We then head to Manila in July, Cyprus in September, and then back home to Malta in November.

In the two years since the Covid-19 health pandemic, the SiGMA Group has also set up a VC fund called Ikigai Ventures, where we invest in great founders and incubate entire ideas from the ground up. Results here have been incredibly encouraging. We have a global mandate and invest not only in iGaming, but also frontier tech.

Seeing the powerful role startups could play in a more innovative and productive global market, SiGMA has also provided these potential unicorns with their own space to shine - on both the expo floor, as well as through the Startup Pitch competition. Over 100 deserving startups have also been allocated prime spots in the SiGMA Startup Village, giving the opportunity for young businesses to connect with the huge influx of investors and VC's present during Malta Week.

The SiGMA Group has also branched into affiliation. We aspire for our brand to be known as a world authority in internet gambling and believe that turning our website into a portal for news, reviews, education and events is the way to go.

In the spirit of this, this November, AGS is also flying over 300 top affiliates to Malta for an allinclusive trip. Together with a limited number of 12 operators, Affiliate Grand Slam will host the best affiliates from across the globe, putting them up for three nights in luxury accommodation and treating them to a funfilled agenda that include excursions, lavish dinners, as well as some top quality content delivered during the Malta Week Summit.

These are unchartered waters for us, and there’s no blueprint we could follow. But we’re convinced we have the right talent on board; in Belgrade, Cyprus and Malta, to lead the way with this ambition.

For this reason, it's time to revise our old slogan from "The World's Gaming Festival" which focused exclusively on our events, to "The World's Authority in iGaming".

To achieve this we've set up an office in Belgrade that handles SEO exclusively. We're also on a mission to beef up our squad with some 35 new vacancies.

With scores of new nations across multiple continents embracing regulated internet gambling, the future seems bright for the SiGMA Group and its global mandate as a leading authority.

London, 12th May 2022: The premium private jet operator Flexjet today announces it is the Official Private Aviation Supplier for one of the most prestigious moments in the British social calendar, Royal Ascot.

Synonymous with sartorial elegance and high fashion, Royal Ascot has attracted racegoers and VIP guests since the event’s origins that date back to 1768. This year’s event took place from Tuesday 14th to Saturday 18th June at the Berkshire racecourse.

Flexjet’s involvement included hosting the private heliport, where its team greeted those arriving by helicopter and offered hospitality at the exclusive Flexjet Heliport lounge and bar. When the action on the track beckoned, transfers were available throughout the day to take guests directly to the enclosure they were in.

Marine Eugène, Flexjet European Managing Director, said: “Flexjet and Royal Ascot share a long-held commitment to passion, performance and exquisite style, so we are proud and delighted to be an Official Supplier for this year’s event and the coming years. With our group’s services in Europe now extending from private jet travel solutions through to helicopters, we are flying many racegoers into London for Royal Ascot, and providing seamless helicopter flights into the heart of the action at the Flexjet Heliport.”

Felicity Barnard, Commercial Director of Ascot Racecourse, added: “Royal Ascot is a prestigious global event and the high level of experience expected by our customers, as well as Flexjet’s discerning clientele, will be elevated by this service and complemented by this brand alignment. We host some of the world’s greatest names – whether human or equine – at Royal Ascot and knowing we have the right travel supplier offering such a high-quality service to our customers is of paramount importance.”

Flexjet’s sister company Halo Aviation provided private helicopter transfers to and from the Flexjet Heliport at Royal Ascot, on its fleet of the latest twin engine Agusta AW109 and AW169 helicopters. The service was available to Flexjet’s Owners - who invested in a shared ownership programme on its premium fleet of private jets - and other Royal Ascot attendees, flying from Central London (10-12 minutes flight time) or other locations in the south of England.

In addition to providing the heliport and helicopter services, Flexjet hosted some of its Owners at Royal Ascot, including access to the event’s finest hospitality. This is one of a curated selection of experiences and events its Owners enjoy, in partnership with other prestigious brands.

For more details and pricing for Royal Ascot helicopter charter or further information about Flexjet’s European programmes, please contact the team on +44 (0) 203 856 8151.

Media Enquiries

Paul Charles / Michael Johnson / Liz Healey / Gemma Wise / Jacob Mellors at The PC Agency via flexjet@pc.agency or +44 207 768 0001

About Flexjet:

Flexjet is one of the world’s leading providers of private jet travel and a member of the Directional Aviation family of companies. Long-established in the U.S. fractional jet ownership market since 1995, its European operation launched in 2019 based in London’s Mayfair, with a Tactical Control Centre just outside London, and a second Operational

Centre in Malta.

In Europe Flexjet offers shared ownership of its premium fleet of business jets, including the Embraer Legacy 500 and Praetor 600. Internationally the exclusive fleet includes the Embraer Phenom 300, Legacy 450 and Praetor 500, Bombardier Challenger 350, the Gulfstream G450 and G650.

Flexjet’s European operation is compliant with the International Standard for Business Aviation Operators (IS-BAO) and is a Wyvern Wingman Certified Operator. In the U.S. its fractional aircraft programme was the first in the world to be recognised as achieving the Air Charter Safety Foundation’s Industry Audit Standard, is the first and only company to be honoured with 23 FAA Diamond Awards for Excellence, upholds an ARG/US Platinum Safety Rating, and is IS-BAO compliant at Level 2.

In Europe Flexjet holds a 4AIR Silver Rating, recognising its leading approach to sustainability. This includes offsetting 300% of carbon emissions for every flight, with Owners also able to commit to Sustainable Aviation Fuel (SAF) or credits; and invest in the Aviation Climate Fund (ACF) to support future flight research and development projects.

Visit www.flexjet.com or follow us on Twitter @Flexjet and on Instagram @FlexjetLLC.

About Ascot Racecourse:

Ascot Racecourse was founded in 1711 by Queen Anne. The first four day June meeting at Ascot took place in 1768, which became known some time after as Royal Ascot.

Ascot stages both Flat and Jumps races and has 26 race days, including Royal Ascot (now five days) which is Europe’s premier Flat meeting.

Eight Group One races (globally benchmarked championship level events) are staged at Royal Ascot. In total, 13 Group One Flat races are staged at the track, with three Grade Ones (the Jumps equivalents) in the winter months.

Typically, 600,000 racegoers attend Ascot over the year with half of those coming in June to the Royal Meeting, which is broadcast in more than 200 territories.

As well as world-class racing, Ascot Racecourse is also used as a venue for conferences, weddings, banquets, exhibitions, product launches and as a film set, with some 300 non-racing events staged annually.

The land on which Ascot Racecourse sits is adjacent to Windsor Great Park, covering 179 acres.

For more information please visit www.ascot.com

Malta: RESILIENCE THROUGH CHALLENGING TIMES

JEROME CARUANA CILIA

SHADOW MINISTER FOR FINANCE, MEMBER OF PARLIAMENT, MALTA

The last couple of years have been tough. There’s no doubt about that. And they’ve been tough across the whole globe. The unprecedented impact of a global pandemic on the world’s economy was difficult to predict and two years down the line will continue to haunt us for years to come. Just when we thought it was safe to go back into the water, the Russian invasion of Ukraine threatens our much prayed for economic recovery as inflation rears its ugly head and the cost-of-living shoots through the roof!

Obviously, Malta hasn’t been spared from the difficulties brought about by COVID-19. Our breadand-butter tourism industry which for so many years has helped build, strengthen and sustain our economy came to a total and almost immediate halt.

The airport came to a standstill with aircraft gathering dust on the aprons – and as everyone knows, a plane that doesn’t fly doesn’t make any money. The struggling Air Malta continued to cling on for dear life and had to take some extreme decisions to simply try and keep afloat.

Investments in the multitude of hotels that have been built or upgraded to cater for the influx of tourists stopped receiving guests and paying dividends and simply closed their doors. Foreign workers left the island in their thousands as the economy came to an almost standstill and the bottom fell out of the rental market leaving property owners high and dry and hugely out of pocket.

The Nationalist opposition has been consistent in its support to provide any and all types of economic assistance to individuals and to businesses. We always placed an individual’s wellbeing ahead of economic gain and pressed for financial support to be given to business in whichever just and meaningful form this could be given. Amongst other things, we constantly pushed for financial institutions to put profit aside and proved assistance to anyone who found it difficult to keep up with repayment schedules. We did also speak against putting economic recovery before the country’s medical wellbeing and were proven right when hastily taken decisions to reopen our borders too quickly had to be rolled back just as quickly as they were implemented.

When the time was right to start rolling back restrictions, government finally listened to the voice of reason led by the Nationalist party. We are more

than pleased to see that with sense finally prevailing and caution not being thrown to the wind, tourism is back on the upturn, the airport seems to be returning to the busy schedule we have been accustomed to, bars and restaurants seem to be moving towards capacity and life has started taking a turn for the better. That’s great news for us as individuals, businesses and as a nation.

Finance Minister Clyde Caruana has admitted that the blockchain island dream has failed. This was nothing but a buzzword. We need to work harder, together, as seeking to generate new economic niches is imperative at this juncture. Therefore, Government must ensure that new niches of the economy are tapped in and generated to ensure a better quality of life.

We have to always expect the unexpected and while we will probably see a return of different COVID-19 strains, we should be prepared for it, at least from a medical preventive perspective. What we were not prepared for is the sudden and yet again global pressure on our island economy as a result of Russia’s war on Ukraine. With little if any cereals flowing out of Ukraine, and the impact of sanctions on Russia starting to bite, basic commodity prices have started to rise as fuel prices fluctuate wildly, transport becomes more costly and more risky and as raw materials become scarce this again has the potential to hit Malta in a crippling manner.

We’ve already seen studies which have pointed out large pressure points on those who are slightly more vulnerable to small price movements. People have started to adapt to the ballooning cost of living by making lifestyle changes. These changes just when we started to take a breather have the potential to cripple the economy. The Labour Government must live up to its promises and assure a better quality of life in these challenging times.

WELCOME TO OUR WATERSPORTS STORE IN MALTA

We are the ones with a passion for electric water sport devices. We believe in the power of creating memories, and enjoyable moments through water sports enhanced with advanced technology that you’ve never witnessed before. We believe in the power of making our quality of life better through fun and remarkable experiences. This is why we offer training courses, to those who wish to master the art of electric water sports, in addition we offer the renting and sale of electric jet boards, electric water scooters and even electric aquajets. The pleasure of water sports and nature. The perfect balance to an everyday hectic life. After all we only live life once, so lets make it worth living!

“It’s a love affair”

Charles & Ron is a contemporary lifestyle brand; Maltese culture is an integral part of the Charles & Ron design ethic. Our brand’s vision is to inspire our customer to be part of the “love affair” and our instantly recognisable Mediterranean style.

Charles van Maarschalkerweerd Borg was born October 29, 1968, in Malta, and Ron van Maarschalkerweerd Borg was born September 13, 1971, in Holland. Charles learned his tailoring skills as a young boy from his relatives who were expert dressmakers and Ron studied Economy and Human Resource management. Charles and Ron met in Amsterdam in 1992 and Ron moved to Malta shortly afterwards.

The designers are mostly self–taught and are Malta’s leading fashion house. Besides their flagship store in Malta’s capital city Valletta they have 2 more stores in Malta and opened their first Cafe in 2021.

Since 2014 the designers have consistently shown their collections during New York and Los Angeles Fashion Week, and the designers are regular guests at Fashion weeks throughout Europe.

Charles & Ron were one of the few designers that were selected in 2018 to exhibit one of their couture designs at Buckingham Palace for the Commonwealth Fashion Exchange. The exhibition curated by Vogue’s Hamish Bowles also featured Stella McCartney, Burberry and Karen Walker among others. The night was a first at the Palace and guest included: Naomi Campell and Anna Wintour who complimented the designers on their design.

Besides the runway and ready-to-wear collections, key items in the C&R range are Malta inspired by luxury scarves and leather bags. The handbags and small leather goods are made with the finest Italian leather and are handcrafted in Malta.

The Charles & Ron collections are regularly featured on international publications and are also noticed by international colour company Pantone. The designers were featured in two recent Pantone Colour Trend Forecasts and leading trend websites like Refinery29 also featured some of the C&R designs and quoted the designers on their use of colour.

Charles & Ron’s Malta inspired designs truly have an international appeal as they have recently been seen on international celebrities like: Ariana Grande, Avril Lavigne, Chloe Bailey, Torri Spelling, Rauw Allejandro, Nika King, Nicole Ari Parker, Carrie Underwood, Paula Abdul, Jessie J., Kelly Rowland, Brandy, Lauryn Hill, Poppy, Ally Brooke ( Fifth Harmony) Nicole Williams (Wags) Michelle Williams (Destiny’s Child) , Ashanti, and Brigitte Nielsen among many others.

After a two-year absence, Charles & Ron are honoured to announce the debut of the Fall/Winter 2022/23 collection, titled ‘Cynosure’, on the runway at Los Angeles Fashion Week, powered by Art Hearts Fashion on the 20th March 2022.

‘CYNOSURE’

This time round however, one needn’t be in the audience to experience the grander and splendour of the collection. Thanks to the brand’s recent collaboration with ARize Group, fashion enthusiasts can immerse themselves in the showcase through their device – having the ability to discover a selection of the ornate pieces in all their glory in AR/3D format.

Drawing inspiration from the 16th-century palace ‘Casa Rocca Piccola’ situated in Malta’s capital Valletta, the collection highlights the beauty of the eclectic collection of decorative items housed within these walls, whilst seeking to explore the synergy between interior and fashion design. The aesthetic riches of Malta and the traditions of Maltese nobility, with specific focus on the aristocratic De Piro bloodline, is brought to life though the digital manipulation of prints featuring crystal glassware, gilded baroque frames, antique furniture, porcelain pottery, cross stitch fabrics, gold and silverware.

The rich opulent prints make their way onto the less rigid surfaces of Silk, Organza, Mikado and Velvet, with Baroque inspired patterns being used for prints on tulle, and as a bleached out effect on washed denim pieces. Hand-

beaded elements, feathers, and gold paint effects on velvet and tulle are also used to further enhance the feeling of opulence and lavish decor. A focus is made to the sculptured tactile tailoring, with the garments’ shapes mimicking the decorative aesthetic of interior design, making the dress and the wearer “the cynosure of all eyes” – the centre of admiration in the room.

Gold, Slate, Silver and Steel Grey, Bottle and Olive Green, Ivory, Red, Lilac, Plum, Flamingo and Denim Blue and Black hues make up the palette of this collection, paired with a selection of new bag designs which are hand-made in Malta in 100% real Italian leather, featuring graphic prints, laser engraving techniques and 3D leather cutout details.

To truly encapsulate what it means to “do the extraordinary when you are least expected”, this collection is dedicated to our team of seamstresses in Malta and Ukraine and Head of Design – Marian Gofre – who despite going through personal turbulence, managed to create a collection that is simply – cynosure. In a time when fashion feels frivolous and extra, we also dedicate this collection to the courage of the people of Ukraine.

A detail, a concept, an artefact are the source of inspiration of any Lucentini tile.

Yet talented artists are also inspired by the country’s cultural heritage, the island’s history and also contemporary Malta. Every piece of Malta is spelt out in the beautiful tiles that adorn the walls of many local and foreign homes.

Lucentini handmade tiles are the new trend in the local interior design industry. They are bold, colourful, artistic, distinct and truly bring to life any empty space in a house or any other living space. Indeed, their stylish and elegant kick make them the logical choice for any wall project.

Ever since he was a young boy he has been fascinated by far away countries and travelling. Aged just ten he spent time travelling with his parents in Djibouti, Ethiopia and Yemen, unwittingly retracing the paths of renowned travel writers. His career as a photographer began quite late in 2006. But his success has been startlingly rapid. Soon after first posting his pictures on the website Flikr he began to get professional commissions, and within just a few years he has come to be regarded as one of the world’s best travel photographers. He is perhaps best known for his work on North Korea, Papua New Guinea, and the tribes of Ethiopia. The 47-year-old French traveller took a moment to share his own story with Executive Traveller.

The Travel Photographer

Interview with Eric Lafforgue

What inspires you?

People from different cultural backgrounds are a true source of inspiration. It is amazing how the world is so diverse notwithstanding the fast pace of globalization.

You spent time in Africa when you were ten years old. Could you tell me more about how that experience influenced your later career path and passion for travel photography?

When I was ten, in 1974, I lived for two years in Djibouti, in the horn of Africa; my father was serving in the army. Djibouti was a French colony then. I met local tribes like the Afars, very impressive people with big hair and camels. I travelled in Yemen and Ethiopia with my parents—those countries were at the time untouched by tourism. As soon as I could, I came back.

I was working in the mobile industry, but the company was bought by a big Japanese company and I was fired. I didn’t know what to do, so I travelled a lot and took pictures of what I came across because the more I travelled, the more I understood that what I saw will disappear, for good or bad reasons. This is why I try to visit countries that will change in the next few years.

Photography offers me the possibility to travel to remote places. It also offers me the possibility to come across people and learn about their habits, their cultures and their traditions.

photographs?

I’m lucky to travel, to take pictures and be paid. And most of the time, I try my best to explain what’s behind a picture. Even in the most controlled countries, like North Korea, you can speak to people, even if you read in the newspaper that it is forbidden. There is always something to learn from the other. My challenge is to show that behind the headlines on the television are humans—not only economic struggles or dictators.

What inspired you to pursue travel photography?

What is the most rewarding part of being a photographer?

What is the most challenging aspect of travelling around the world to shoot

I really loved the people I met there . They are really warm. Totally different from my original impression. When I refer to North Korean people, I mean civiilians, the villagers and not the officials. Unfortunately, North Korea has developed into a touristic destination which thus losing a lot of its original character.

From a personal point of view, it was an opportunity for me to go back to my archives. I have over 55, 000 pictures online and it was good to take time to review some forgotten!

Do what you want and do and do it your own way. Do not try to copy the “masters” as you never know how they took the photos.

What made North Korea one of your preferred destinations?

How has the COVID-19 pandemic affected the travelling photographer?

What’s one tip that you would share with someone who’s just picking up a camera?

THE RHINE WINE STORY

We prefer quality over mass production and therefore we only work with the best winemakers from the wine region RheinHesse in the Rhineland-Palatinate.

This is a type of handcrafted art that many winemakers can do, but only a selected amount of them do it with the passion that bears exquisite and tasteful wine.

It was 1945, the end of World War II. Here lies the core of our story. My father, a Dutch sailor, had landed in Nierstein because mines in the Rhine made it impossible to go ahead.

There in Nierstein, he met my mother, a skipper’s daughter.

Out of this romantic encounter is where I came from. And since then I had been living in Nierstein in the Rhein- Hesse region. The years went by until I met the love of my life in 2019 on this beautiful island in the mediterranean.

The woman from Malta enchanted me and took me with her to her home country and island. Malta, the little and beautiful island in the southern European area. The beauty of it is that we both share the love for our home countries and origins. Therefore, the idea of combining our regions and what they stand for, was born. After some visits in Malta, where we often went to restaurants for dinner with our family, after some trips to grocery stores and wine retailers, we sadly realized that there was no German wine in stock on the island – The idea of the Rhinewine Store was born.

Quality and taste…heart and mind…together in harmony in Malta, this is how we live on this beautiful island, and it is this same love that we want to pass on within our products.

Terroir is situated in the heart of Attard a few metres away from the Parish Church. The restaurant is housed in an antique building which reveals the skill and the style of the local stonemasons of the previous century. To be precise, it is located next to an old horse trough which echoes the times when horse drawn carriages on their way to Valletta or vice-versa, stopped at this strategic location to quench the thirst of their horses.

Andre describes this fine dining concept as one that has a unique combination of tastes. In his own words – “The taste of a place”. Upon asked why Terroir, of all the names in the world, he instantly replied, “I intend to promote local produce and the use of top-quality ingredients from the local terra”. His partner in crime Nicholas added, “Terroir reflects the characteristics of a specific time and place.”

Terroir’s skilful young chef and co-founder of Terroir Andre Borg, is driven by a passion for excellence. After completing his studies in Malta, Andre ventured to London where he acquired valuable experience as a commis chef at multiple restaurants owned by the renowned Gordon Ramsey. Throughout his spell in London, Andre exhibited an intense ambition and superb culinary skills. His remarkable consistency routed him to the Orangery at Rocklife Hall Restaurant, in Darlington where he was appointed as sous chef. During his time, the Orangery was awarded 4AA Rosettes, making it one of the 43 restaurants in UK which have this label.

Andre reached another milestone in his career when he was chosen for the popular programme MasterChef.

When he returned to his homeland, Andre’s desire to share what he had learnt and experienced enthused him to co-found Terroir, a fine dining concept with specific characteristics. At Terroir, taste of what’s provided on earth (terra) during the different seasons, is of utmost importance. This is further flavoured by the character of the location and the hospitality of Andre’s brother-in-law and co-founder Nicholas. Nicholas’ zeal at the front of house complements that of his brother-in-law and his approach with the patrons clearly reflects the number of years he clocked up in the industry as commis chef at St. Mellion International Resort and as head server at multiple 5-star hotels in Malta.

Beau La

Natalia Galea is one of the hot names in the local modelling industry. She is beautiful, young, bold, incredibly photogenic and with that sense of chic and glamour very few possess.

It is by no coincidence that she has recently been crowned Miss World Malta.

Oh, and she is a lawyer and also finds time to fit in charity work in-between.

Natalia spills her beauty rules, tells us what it takes to be a successful model and how she juggles her busy agenda and her personal life.

Interview with Natalia Galea

MUA: Karl Zammit Nash

How did you start modelling?

From a very young age, I was always inclined to the media and the arts. So much so that as a child I used to play pretend as an actor and newscaster. Then, in 2015 I took a step toward this dream of mine and I enrolled in a local pageant. However, it was in 2018 when I achieved the honour to represent my country in an international grand slam pageant. This experience then launched my career as a fashion and commercial model.

What is your beauty regimen?

I strongly believe that drinking lots of water and having healthy and balanced eating habits while also exercising regularly alongside a basic skincare routine is the way to go.

What is your favourite season?

I personally don’t have one season I prefer, as all of them have different treasures to enjoy. Even so, I do think that in Summer the island life here in Malta is truly at its peak.

Tell us about your personal style.

My personal style is very broad in my opinion. I enjoy being casual and natural on my days off. Still, I also relish the glam and artistic side of me when going out.

Who are your favourite designers?

My favourite duo locally are Charles & Ron. Internationally, I admire the work of Alessandro Michele.

What advice would you give someone starting out?

Never stop working hard for your dreams. Always keep moving forward especially when you are struggling and facing setbacks. Remember that only you can hold yourself back from doing something that you set your mind to do. The industry is tough, but with perseverance, determination and hard work, there are no limitations to what can be accomplished.

THEECOLOGICALSIDE OF THE STORY

It’s not every day you get the opportunity to meet someone whose work has contributed and impacted not only the global architectural industry but also Mother Earth itself. Named by the Guardian newspaper as “One of 50 people who could save the planet”, Dr. Ken Yeang is one of the founding figures in sustainable architecture. Describing himself as an “Ecologist first, architect second”, Dr. Yeang is behind many of the design principles architects use today when creating ecologically sustainable buildings.

Interview with Ken Yeang

Solaris

We have contaminated the environment to an extent that the plants and the vegetation are not sufficient to continue to absorb pollution. We only have about 20 or 30 years left to save the planet. In this short timespan, we have to rectify what we’ve done, to recover and rejuvenate the natural environment. This means reinventing what we do with the natural environment. Ecology has to drive the process and output of design.

We must design in a way that the natural environment and the built environment integrate as a whole. Architects should undergo a more rigorous study of the ecological processes, so that their creativity can be based on sound scientific principles. In this way, sustainable architecture is much more than just planting vegetation inside a building but involves a deeper understanding of what constitutes a biodiverse and living system.

I believe architecture should serve five main purposes; It has to work, meet criteria, must be green and must be beautiful. Above all, whatever you design, must make people happy, and it doesn’t cost much to make people happy.

You have recently noted that “we have now reached what is called the ‘race and rescue’ mission stage.” Why?

What should a young architect focus on in order to build the city of our future?

In what way do you feel that ecology must drive the process and output of design?

Is society ecologically literate?

No. If it was, it would certainly stop damaging the environment. Our social, economical, political and Institutional systems need to change. I am not an influencer; I can’t do that because I lack the power to do so. I can only lead by example through my design.

What are the common misconceptions regarding ecological architecture?

There is a fundamental difference between using greenery in architecture and being “green” in the metaphorical sense of the word. Green design has everything to do with nature yet there are those who only link it with technology such as energy efficiency, low-impact building materials, recycling systems and what have you. These cause confusions. Everything we do takes place in nature and nature is all about ecology. Contrary to popular belief, the presence of foliage plays little to no significance to a sustainable way of building and living.

How do you hope to impact the next generation?

I think the next generation should be trained in ecology, I gave up on my current generation, but if we start teaching ecology with architecture there is hope. Unfortunately, there are very few architecture schools that teach about ecology. My hope is that my books will be beneficial to the young generation by persuading them.

MALTA’s DIGITAL INNOVATION HUB

By MDIA’s CEO Kenneth Brincat

The digital transformation of Malta’s economy is a key factor in the country’s ability to retain it international competitiveness.

With this in mind, our island’s private businesses and public sector organisations should implement digital technologies in their operational procedures, products, and services in a timely manner. This will enable them to reap the full benefits of any gains in productivity and innovation that these technologies bring, while also maintaining their commitment to environmental sustainability and cutting their greenhouse gas emissions.

In particular, the strategic application of data may be a strong lever to drive economic development, produce new employment possibilities, and unlock brand-new business models and avenues for innovation.

Four years since the launch of the Malta Digital Innovation Authority and three years from the launch of the National AI Strategy, the Maltese digital economy has made significant progress.

Significant Digitisation Progress

Four years since the launch of the Malta Digital Innovation Authority (MDIA) and three years from the launch of the National AI Strategy, the Maltese digital economy has made significant progress.

Both of these developments have contributed to substantial advancements in the Maltese digital economy. In fact, according to the European Commission’s Digital Economy and Society Index for 2021, Malta ranked sixth out of the 27 EU Member States.

However, the degree of digitalisation achieved is still not uniform across industries or business demographics. In Malta, for example, just 28 percent of small and medium-sized enterprises (SMEs) are highly digitised. On the other hand, Malta is ranked first in Europe when it comes to the Big Data Index and, as a result, approximately a third of businesses locally carry out big data analysis.

eGovernment services in Malta have been well-adopted it seems, with one of the best take-ups from across Europe putting the island in a strong position in this category. On the other hand, though, Malta lags behind in its provision of open data, which necessitates investment in the modernisation of national portals so they can become the primary gateways to open data across the country.

Going forward, Malta’s European Digital Innovation Hub (EDIH) will play a key role in addressing these gaps, and others.

The Post-COVID Digital Agenda

There’s no denying that the COVID-19 pandemic has thrust digital adoption to the forefront of the majority of European and national organisation agendas.

And, although a significant number of Maltese businesses have made strides towards greater digitalisation, there are still many companies – particularly SMEs – that lag behind.

Thus, increasing local competency in digital technologies may provide local businesses with the access they need to embrace previously unavailable opportunities and markets. In fact, the rise of digital capabilities has the potential to shield businesses from the expected upcoming economic strain.

With this in mind, Malta will continue to build on its existing digital strategy and improve digitalisation and digital transformation in the local economy thanks to the MaltaEDIH – all in accordance with the requirements of local SMEs, small mid-caps, and organisations in the public sector.

The Malta-EDIH, which will be guided in its efforts by the MDIA, will focus on achieving the following goals:

- Delivery of a comprehensive range of services for the MaltaEDIH, focusing on the following five pillars:

1. Support for Digital Entrepreneurship

2. Support for Technical ‘Test Before Invest’

3. Support for Digital Skills and Training

4. Support for Innovation Ecosystem and Networking

5. A Comprehensive Policy and Strategy for Digital Innovation.

- The establishment of Digital Entrepreneurship Support Services, which will offer mentoring and consulting services, with a particular emphasis on artificial intelligence (AI), cybersecurity, and high-performance computing (HPC), as well as the administration of an Entrepreneurship Programme (incubator, pre-accelerator and accelerator).

- Improvement of accessibility to financial resources and the encouragement of a mixed funding model.

- Aiding in the identification of competency gaps and digital maturity levels through the utilisation of the Digital Maturity Assessment (DMA), in accordance with the Digital Transformation Accelerator (DTA).

- The establishment of Technical ‘Test Before Invest’ Support Services, with a primary focus on AI, Cybersecurity, HPC, and other contemporary developing technologies (Augmented Reality, Virtual Reality, 3D Printing, Drones and Robotics). The establishment of experimentation facilities connected to the Malta-EDIH, the specialisation of which is intended to hasten the process of making the greatest use of the available technology.

- Commitment to being the driving force behind educational, cross-industry upskilling and reskilling efforts for digital proficiencies, with an emphasis on advanced digital capabilities.

- Assisting public administration in accelerating its digital transformation and continuing to build on the solid foundation it has established inside the Digital Economy and Society Index (DESI).

- Spreading awareness about the idea of Innovation Communities, while also helping to make it easier for other EDIH hubs to form networks and work together on projects while exchanging successful strategies and specialised information.

- Serving as a consultative policy platform that enables communication, and drives new strategies and policy recommendations to enhance Malta’s digital transformation and bridge the gap between the EU/national government and the private sector.

The MDIA has applied for EU funds dedicated to the creation of EDIHs around Europe. If selected, our Digital Innovation Hub will form part of the network of EDIHs. This opportunity to network with other hubs will help to share best practises and specialist knowledge, will bring companies into contact with other companies of their value chain, and will seek out synergies with innovators and early adopters. These innovators and early adopters include artists and other creatives who can test solutions in novel experiments and foster the adoption of digital technologies in working and business environments in a way that is more human-friendly.

In addition to this, EDIHs will act as intermediaries between public administrations and the private businesses that develop eGovernment technology.

Preparing for tomorrow, today

An economy is a living system and like any other system it needs to adapt to survive especially in view of changing environments, contexts, and trends. To remain competitive and attractive in an ever more interconnected world, Malta needs to constantly reassess itself, its economic direction, and its vision.

There is no doubt that the current economic environment is challenging to say the least. The global economy is currently going through a confluence of negative risks and supply shocks that are dampening a full recovery. The inflation rally is probably the most severe risk which in fact has already changed the course of a historically low and accommodative monetary policy stance. On a European level, there are three shocks that have combined to push inflation to record highs. First, we have faced a series of shocks to input prices and food prices. These include the failure of OPEC+ to meet production targets, rising natural gas and hence fertiliser prices, and now the ramifications of the war in Ukraine. Second, we have faced shocks to both the demand for and supply of industrial goods, which has shown up in record-high industrial goods inflation. Third, we have had the shock from economies reopening after lockdowns, which has triggered a rapid rotation of demand back to services – all while input costs have been rising and companies in the services sector. These drivers confirm that there is no short-run fix for this inflationary period that we currently experiencing, and it might subdue following a period of adjustment which is structural in nature.

In view of this, Malta’s drive to remain attractive, productive, and competitive becomes even more critical. I still believe that Malta needs a long-term, 10 year plus, economic vision for the island which highlights niche clusters that the economy will target.In building a vision and in steering a country’s economy, one must build on several foundational elements or pillars to ensure that the chosen path is robust and holistic. Given Malta’s current state of play, there are four pillars which I believe are critical for Malta to focus on in the coming months.

Institutions. The FATF’s decision to whitelist Malta is welcome and confirms the reforms that were undertaken as well as the readiness and ability to push through reforms through a short period of time. A governance transformation reform process should be started to ensure that institutions are truly digitally transformed and able to leverage the full benefits of technology to become digital to the core. This will bring about several benefits to society at large especially businesses that deal so often with institutions and regulators. Special focus needs to be given to financial institutions, especially the banks, as the private sector is feeling that it is not being wellserved by the current set-up. Several market failures exist and although institutions such as the Malta Development Bank exist, such failures still exist and are hampering the market to fully develop. Malta’s smallness can truly support this transformation which will not only support efficiencies in time but also in quality of institutional and regulatory interactions. Such quality is important as it is a key determining factor in good governance, investment attractiveness, economic productivity and finally competitiveness.

Investment. A country’s investment comes primarily from either the private sector or from Government. Over the past few years, Government has invested substantially across various sectors. The private sector has too invested across

different sectors and continues to invest. What is now crucial is for Government to truly steer in which direction and areas the private sector should really invest in. As a country, the need for a green transition has been internalized and Government is focused on delivering a zero-carbon economy by 2050. To this end, various incentives and schemes were launched to support investments in green technologies and infrastructure. Also, investments in the digital transformation are being supported. As the Government starts to roll-out funds from the Resilience and Recovery Fund as well as Malta’s contribution from the Multi-Annual Financial Framework of the European Union, absorption capacity will be critical if we really want EU funds to truly contribute to investment and economic growth.

Innovation. Innovation is going to be critical for Malta’s economy to remain competitive and attractive in the future. Malta needs to further strengthen its innovation ecosystem at all levels especially business investment in research and development. Given the risk involved, there currently exists a market failure in the financial and banking system in their ability to finance such investments. Here again, the Malta Development Bank needs to play a key role in making available patient finance to finance research and innovation projects. Government has launched numerous schemes in this regard but even here I believe that more needs to be done to develop the ecosystem holistically and to ensure that SMEs can truly invest in research and innovation. A key point for the ecosystem to fully-develop and thrive is to ensure the right number of students and workers with a science, technical or engineering background to be engaged in research projects. The University of Malta is already doing a lot of good work in this area with several centres of excellence existing in various fields. However, innovation needs to be further engrained with local companies to truly ensure that it will translate into economic activity.

JP Fabri

Infrastructure. Over the past few years, a lot of investment has gone into the hard infrastructure, primarily roads. Government has also announced investment in industrial infrastructure through the upgrading of various industrial zones. However, Malta requires investment across a broad spectrum of infrastructure including the educational system. Malta needs an educational system that is future-ready and can meet the demands of industry. There are other elements that Malta needs to focus on in its infrastructural requirements including transportation, banking infrastructure and digital. From a built environment perspective, it is critical to start focusing much more on renovation and regeneration. The focus on urban spaces and green infrastructure is also expected to yield a positive contribution to quality of life.

An economy requires nurture, adaptation, and a vision. The current economic situation remains highly volatile, uncertain and complex. Malta has displayed resilience, adaptation, and agility in the past. Going forward, we need to enhance our competitiveness to remain attractive for investment. A longterm vision is a good place to start from.

JP Fabri is an economist and a co-founding partner of Seed. www.seedconsultancy.com | jp@seedconsultancy.com

During the past few years, Malta has experienced unprecedented economic growth. Most argue that this growth was mainly brought about by an increase in the work force, which was mainly driven by an increase in immigration. However, although, no one can argue against the fact that the foreign population increased in Malta over the past number of years, the debate on whether we grew our economy solely on numbers still remains. In this article we will have a look at how the composition of the Maltese economy changed between 2010 and 2019 as well as how the productivity in each sector of the economy changed during the same period.

If we now look at the values of Full Time Equivalents (FTE), we can see that these mirror the values of the GVA, with a few exceptions. For example, the size of sectors J and K in terms of FTEs is much lower than the size in terms of GVA. This indicates that some sectors generate far more GVA per FTE than other sectors. In this case this is to be expected as sector J represents the information and communications sector while sector K represents the financial services sector.

Impjiegi Ekwivalenti Full-Time

2019 FTE 2010 FTE

The below graph shows how much Gross Value Added was produced by each economic sector in 2010 and 2019. By looking at the shape of the below graph one can get an understanding of the composition of the Maltese economy. Also the size of the below shapes indicates the magnitude of the economy in the corresponding year. It is evident that although growth was experienced in all bar one sector (sector A), the rate at which each sector grew differed significantly.

O to Q

M to N

Malta kibret biss fuq iż żieda fl impjiegi, jew kien hemm xi fatturi oħra li effettwaw it tkabbir aħħar snin, Malta esperjenzat tkabbir ekonomiku bla preċedent. Ħafna jargumentaw li dan it miġjub l aktar minn żieda fl impjiegi, li kienet immexxija prinċipalment minn żieda fl Madankollu, għalkemm, ħadd ma jista’ jargumenta kontra l fatt li l popolazzjoni barranija matul dawn l aħħar snin, għad baqa’ d dibattitu dwar jekk kabbarniex l ekonomija tagħna biss F’dan l artiklu se nagħtu ħarsa lejn kif il kompożizzjoni tal ekonomija Maltija inbidlet bejn l 2010 kif inbidlet il produttività f’kull settur tal ekonomija matul l istess perjodu. wiehed jista jara kemm il Valur Miżjud Gross (GVA) ġie ġġenerat minn kull settur ekonomiku fl tħares lejn il forma tal grafika ta’ hawn taħt wieħed jista’ jifhem il kompożizzjoni tal kif ukoll it-tkabbir tal ekonomija fis sena korrispondenti. Huwa evidenti li għalkemm kien tkabbir fis setturi kollu barra wieħed (settur A), ir rata li biha kiber kull settur kienet differenti Added Gross Value

R to U

L

10,000 20,000 30,000 40,000 50,000 60,000 70,000 A B to E C F G to I J K

Jekk inħarsu purament lejn il kompożizzjoni tal ekonomija f’termini ta’ impjiegi, ninnutaw li s 2010 u l 2019 ma nbidilx u baqa’ sostanzjalment l istess. L unika eċċezzjoni hija s setturi M sa tagħhom żdied minn 9.7 % fl 2010 għal 16.9 % fl-2019. Għalhekk, nistgħu nikkonkludu li l bidla kompożizzjoni ekonomika f’termini ta’ GVA bejn is setturi seħħet prinċipalment minn bidla fil

Kompożizzjoni tal impjieg

If we look purely at the composition of the economy in terms of employment, we notice that the share between 2010 and 2019 did not change and remain substantially the same. The only exception being sectors M to N where their share increased from 9.7% in 2010 to 16.9% in 2019. Therefore, we can conclude that the change in economic composition in terms of GVA between sectors was mainly brought about by a change in productivity.

R to U

jirriflettu l valuri tal GVA, eċċezzjonijiet.

(FTE), nistgħu naraw li

5.0% 10.0% 15.0% 20.0% 25.0% 30.0% A B to E

O to Q

M to N

R to U

L

Fil fatt, din iż żieda fil produttività kienet tammonta għal 111%. Is setturi li rreġistraw l ogħla żieda fil produttività kienu s setturi B sa E, eskluż is settur Ċ, madankollu, dan is settur huwa pjuttost żgħir fid daqs assolut.

analiżi tneħħi l inflazzjoni biex ma tattribwixxix żieda fil

Nota: din l analiżi tneħħi l inflazzjoni biex ma tattribwixxix żieda fil produttività lill inflazzjoni.

40,000

20,000

-

-20,000

-60,000 -40,000

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% A B to E C F G to I J K

To answer the question in which economic sector GVA per employee changed the most, a simple analysis was done whereby GVA in each sector was divided by the number of Full time equivalents in the corresponding sector. The result of which can be found in the graph below. It can be seen that all sectors of the economy bar two increased in productivity, these two being Sector A (Agriculture, forestry and fishing) and sectors R to U (Arts, entertainment and recreation, repair of household goods and other services). Surprisingly, the gaming sector falls under sectors R to U, however, the decrease in productivity in this sector was registered due to the inclusion of other, low productivity sectors that are rather small in size.

In 2019, Sector J (Information and communication) had the highest productivity at over €100K, per full time employee. Moreover, this sector registered a drastic increase in productivity between 2010 and 2019. In fact, this increase in productivity amounted to 111%. The sectors that registered the highest increase in productivity were sectors B to E, excluding sector C, however, this sector is rather small in absolute size.

120,000

60,000 80,000 100,000

40,000

20,000

-

-20,000

Bidla fil produttività

Bidla fil produttività

Change in Productivity

140,000 A B to E CF G to I JK M to N O to Q R to UTotal

100%

80%

60%

20% 40%

0%

-20%

-60% -40%

120% 140% -60,000 -40,000

2019 Change

Note: this analysis takes away inflation as to not attribute an increase in productivity to inflation.

Biex nikkonkludu saret analiżi biex tiġi kkalkulata l-GVA ipotetiku tal ekonomija fl 2019 kieku bqajna fil livelli ta’ produttività tal 2010. Il GVA totali kien jammonta għal €5.5Biljun u €11.1Biljun fl 2010 u l 2019 rispettivament. Dan jammonta għal rata ta' tkabbir annwali ta' 8.0%. Madankollu, kieku bqajna fl istess livelli ta’ produttività bħal dawk esperjenzati fl 2010, il GVA totali tal ekonomija fl 2019 kien ikun jammonta għal €8.1Biljun. Dan kien jirriżulta f'rata ta' tkabbir annwali ta' 5.1%. Għalhekk, id differenza ta '2.9% fis sena tista' tiġi attribwita għal żieda fil produttività. Għalhekk għalkemm il mutur ewlieni fit tkabbir ekonomiku kien tabilħaqq iż żieda fl impjiegi, xorta sar titjib sostanzjali fil produttività.

tingħata risposta għall mistoqsija f'liema settur ekonomiku l GVA għal kull impjegat inbidel l aktar, saret sempliċi fejn il GVA f'kull settur ġie diviż bin numru ta' FTEs fis settur korrispondenti. Ir riżultat ta 'din jjinstab hawn taħt. Wieħed jista’ jara li s setturi kollha tal ekonomija minbarra tnejn żdiedu fil dawn it tnejn huma Settur A (Agrikoltura, forestrija u sajd) u setturi R sa U (Arti, divertiment u tiswija ta’ oġġetti tad dar u servizzi oħra). B'mod sorprendenti, is settur tal gaming jaqa' taħt is

2010 2019 Change

Biex nikkonkludu saret analiżi biex tiġi kkalkulata l-GVA ipotetiku tal ekonomija fl 2019 kieku bqajna ta’ produttività tal 2010. Il GVA totali kien jammonta għal €5.5Biljun u €11.1Biljun fl 2010 u l 2019 rispettivament. Dan jammonta għal rata ta' tkabbir annwali ta' 8.0%. Madankollu, kieku bqajna fl istess ta’ produttività bħal dawk esperjenzati fl 2010, il GVA totali tal ekonomija fl 2019 kien ikun jammonta €8.1Biljun. Dan kien jirriżulta f'rata ta' tkabbir annwali ta' 5.1%. Għalhekk, id differenza ta '2.9% fis tiġi attribwita għal żieda fil produttività. Għalhekk għalkemm il mutur ewlieni fit tkabbir ekonomiku tabilħaqq iż żieda fl impjiegi, xorta sar titjib sostanzjali fil produttività.

To conclude an analysis was done to calculate the hypothetical GVA of the economy in 2019 if we had stayed at the productivity levels of 2010. Total GVA amounted to €5.5Billion and €11.1Billion in 2010 and 2019 respectively. This amounts to a compounded annual growth rate of 8.0%. However, if we had stayed at the same productivity levels at those experienced in 2010, the total GVA of the economy in 2019 would have amounted to €8.1Billion. This would have resulted in a compounded annual growth rate of 5.1%. Therefore, the difference of 2.9% per annum can be attributed to increase in productivity. Hence although the main driver in economic growth was indeed the increase in employment, substantial improvements to productivity were still made.

List of industries

NACE section Agriculture, forestry and fishing A Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply; sewerage, waste management and remediation activities

B to E Manufacturing C Construction F

Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities

Information and communication J

G to I

Financial and insurance activities K Real estate activities L

Professional, scientific and technical activities; administrative and support service activities M to N

Public administration and defence; compulsory social security; education; human health and social work activities

O to Q

Arts, entertainment and recreation, repair of household goods and other services R to U

pu ekonomija f’termini ta’ impjiegi, ninnutaw li s sehem bejn l 2019 ma nbidilx u baqa’ sostanzjalment l setturi M sa N fejn is sehem żdied minn 9.7 % fl 019. Għalhekk, nistgħu nikkonkludu li l bidla fil kompożizzjoni ekonomika f’termini ta’ GVA bejn is setturi seħħet prinċipalment minn bidla fil produttività.

produttività lill inflazzjoni.

A Vision of a Green Financial Centre of Excellence

Recently the FATF has issued a very clear statement in support of Malta’s commitment to the action plan that will lead to the country’s exit off the grey list.

I do not recall another instance in which the FATF gave such positive feedback, so soon after a greylisting decision. The hard work that is going on behind the scenes, by various entities and financial services practitioners is paying back as Malta is now clearly on the right path.

We should leverage on this momentum, however, to ambit for more than just a reversal of the greylisting decision. This generation has an unprecedented opportunity – we can use this challenge to rethink our financial services sector and model it in such a way to become an enabler of a greener economic model for the years to come.

There was a time in this country when the financial sector was deemed as a subject of common consensus. Being a central pillar of an otherwise resource-absent economy, this sector was historically shielded from the political crossfire.

The entire financial and banking sector as we know it today was the result of consensusbuilding and a bipartisan understanding achieved in the mid-’90s. This ability to speak with each other led to a unanimous parliamentary agreement on the Financial Services Act, a key milestone upon which Malta built a financial centre in the next decades.

by Steve Ellul

Today, we have yet another opportunity to work together, to create a coalition of like-minded people, across the entire societal spectrum and beyond political leanings to make out of our financial sector an enabler of a modern, fairer and greener economic model.

Those privileged to lead and represent the people’s interest in parliament following the recent general election need to have the courage to reach out to the other side. Perhaps more than ever, we need to engage in a broad national consensus to level up our economy.

We can build a stronger economy that targets more than just economic growth but better prosperity and an improved quality of life for all those living and working in these islands.

We need not to reinvent the wheel. This country has accumulated a wealth of experience in financial management over the last three decades. We can use this know-how and experience, to redirect the current financial structures and transform this sector in such a way for Malta to become a vibrant and dynamic international jurisdiction for sustainable financing.

Doing so would enable us to unlock the much-needed flow of private capital for green corporate projects that could be implemented by the local business community and our economic operators. This will make it possible for our economy to decarbonise and for our country to reach our carbon neutrality ambitions.

We can grasp this opportunity to reposition Malta as a European financial centre for green financing. With a solid regulatory framework, we have the potential to attract international assets from the growing sustainable finance industry across Europe and beyond. A step which would allow our financial services industry to flourish, to do well whilst doing good as we carve for ourselves an important niche that will enhance the competitiveness and the reputation of the nation on a European and global perspective.

A New Way of doing politics

Interview with Alex Borg

Alex looks the way you hope a progressive politician would. Frank, focussed, ambitious, charismatic, open minded and fluent on the issues that really matter.

“If you are really passionate about something and raise your voice, you can make a difference.”

A New Way of doing politics

Drawn into politics as a student activist, he recently won a Nationalist Party seat where he focuses on Gozo yet also advocates other key macro issues. “If you are really passionate about something and raise your voice, you can make a difference.” A difference he seeks to make as a member of parliament. A difference he seeks to make with his views and political initiatives. He is a breath of fresh air and a true example that Malta’s young political generation is alive and wants to leave its mark.

Alex notes; “I went to university and studied for a Bachelor of Laws degree yet my professional career was not the only goal on my mind. I felt my active involvement in politics would be a great opportunity to put my values, my views, my ideas into action. I also felt it was a way how I could do something more for a better society, for a better Malta.” Truly so, because Alex feels that the young generation of political enthusiasts can be the game changers for this country. They can break the status quo. They can instigate and implement change. Yes, the young generation Alex believes so much in. The young generation of which he is one of its representatives in the political sphere.

Alex points out that to make a difference in the longer term, it is essential that young people are engaged in formal political processes and have a say in formulating today’s and tomorrow’s politics. “Inclusive political participation is not only a fundamental political and democratic right but also is crucial to building stable and peaceful societies and developing policies that respond to the specific needs of younger generations.” He adds that for young people to be adequately represented in political institutions, processes, and decision-making, and in particular in elections, they must know their rights and be given the necessary knowledge and capacity to participate in a meaningful way at all levels.

Above all, he feels that the young generation can stimulate discussion on key issues. Something he fondly does such as the country’s need to find the right balance between progression and the protection of its social soul. Something he feels we have failed over the past years to do. He points out that such balance is fundamental both for today’s society but also for the young and coming generations. “We have a moral obligation to do so. We cannot act irresponsibly or selfishly because our actions can determine the fate of Malta’s today and tomorrow.”

When addressing society matters, he touches on its various strata focussing mainly on the middle class. A segment of our society which has recently shrunk due to various factors and which carries consequences because empirical researchers are increasingly finding that a strong middle class produces higher levels of growth. “The middle class has shrunk and this phenomena has been exacerbated by the uneven impact of the pandemic, and now the war in Ukraine. We need focus and promote policies that will foster economic growth and alleviate the middle class squeeze.

Alex believes that economic growth should be stimulated by innovation. Truly so, because as once noted by Li Keqiang, “Changes call for innovation, and innovation leads to progress.” Alex notes that one of the important lessons of the past two decades has been the pivotal role of innovation in economic development. “The build-up of innovation capacities has played a central role in the growth dynamics of successful developing countries. These countries have recognised that innovation is not just about high-technology products and that innovation capacity has to be built early in the development process in order to possess the learning capacities that will allow “catch up” to happen.” He adds that likewise innovation is fundamental for Malta. “Our country’s ability to succeed in the maritime industry, in the aviation sectored in other key niche segments is a case in point.” Innovation, a key word which he feels can help Gozo stand out of the crowd. Innovation, a key term which can help Gozo highlight its uniqueness.

Innovation though must be be supported by human capital. A challenge our country constantly faces. “From catering to retail and everywhere in between, businesses are struggling to find enough people.” Alex adds, “This is a multi-faceted economic problem and there isn’t one single solution but there is a lot we can do in the immediate and also in the long term.” He points out that education is key and that means not only education the young generation but also the reselling and up-skilling process to ensure the country has enough resources to thrive.

And in this challenging process to develop a better Malta he wants to take an active role both as a citizen, as a politician and as a member of parliament. Quite a challenging task given what it entails, given his age and above all his busy agenda. Yet that is what makes Alex Borg stand out of such a busy political crowd. He is resilient, determined and wants to succeed no matter what it takes.

Yachting Malta is set host the thirteen edition of Yacht Racing Forum, later on this year between the 21st and 22nd November. Malta won the bid to host the event in 2021, and is the result of Yachting Malta’s efforts to consolida te Malta’s position as an international hub for major events.

The Forum is an annual conference for the business of sailing and yacht racing and welcomes a veritable list of some 300 of the most influential individuals and key personalities of the yachting and sailing community, hailing from all four corners of the Globe. Their purpose is to network, do business and look at development possibilities for the sport and racing industry.

One of the event’s official partners is World Sailing. The endorsement by the governing body of sailing is a testament to the high esteem this event holds within the sailing population. Representatives of World Sailing include David Graham, World Sailing’s CEO, who will present a keynote address, while Scott Dougal, the new Director of Communications and Digital, will share his views with the audience. Alastair Fox, Director of Events, and Alexandra Rickham, Head of Sustainability at World Sailing, will also actively contribute to the conference. The latter topic is of particular interest and one that has been given attention by Yachting Malta.

Amongst other topics for discussion are the Design and Technology symposium where the latest trends are presented by some of the world leaders in the area, Sport Governance and the highly current subject of declining participation in yacht racing, the Americas Cup, as well as the latest trends in media and marketing.

Amongst the guests present, participants can look forward to rubbing shoulders and mingling with Don McIntyre, Founder and Race Chairman of the 2022 Golden Globe Race, 2023 Ocean Globe Race and the 2024 Mini Globe Race, Shirley Robertson OBE – Yacht Racing Forum Chair and who made history by becoming the first British woman to win Olympic Gold Medals at two consecutive Olympic Games. Dee Caffari MBE the first woman to have sailed single-handed and non-stop around the world in both directions and the only woman to have sailed non-stop around the world a total of three times Dee Caffari has a special connection with our islands as she has Maltese lineage. Loïck Peyron, Pro sailor, Round the world sailor and America’s Cup finalist and Gianguido Girotti, Deputy CEO in charge of brand and product strategy, Bénéteau, just to mention a few.

During the two day conference, the prestigious Mirabaud Yacht Racing Image Award, which is a yearly photographic contest and exhibition, will be announced. The Award seeks to recognise the very best yacht racing image taken during the year, and that which best represents the essence and excitement of yacht racing as a sport. Amongst candidates for this prize are a number of photographers who captured the beauty of Malta in a several sailing contexts. Malta’s very own Kurt Arrigo was the recipient of the Award in 2012.

Y achting Ma lt a Yachting Malta is proud to welcome the Yacht Racing Forum

The leading annual conference for the business of sailing and yacht racing Malta | 21 – 22 November 2022 www.yachtingmalta.org