Govt allocates €100,000 for innovative initiatives in the maritime sector

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The ‘Maritime Proof of Concept Fund’ has been launched. This fund is a government budget measure and offers €100,000 for innovative initiatives related to the maritime sector. Every project can be awarded up to a maximum of €20,000.

A Memorandum of Understanding between Transport Malta and the University of Malta has been signed which sealed the agreement.

In a statement, the University of Malta’s Director for the Corporate Research and Knowledge Transfer Office Anton Bartolo said that the Maritime Seed Award seeks to encourage and spur researchers and entrepreneurs to embrace their innovative ideas and steer them forward.

Transport Minister Ian Borg said that, this sector is a pillar of Malta’s economy, which generates more than 14% of our Gross Domestic Product and creates thousands of jobs.

Minister Borg explained that the registry alone has almost doubled in tonnage in the last 7 years, and in just 2019 there was a 7% increase in registrations of both merchant ships and superyachts.

This initiative started in 2017, with €300,000 allocated for the last three years and another €300,000 allocated for the coming three years, €100,000 per year, including 2020.

The Ministry for Transport said that applicants are invited to attend the relevant mandatory online orientation session which will provide further information about the Maritime Seed Fund (MarSA) and offer advice on how to prepare and complete the written applications.