The Yachting Services Business Section within the Malta Chamber of Commerce gave an insight on the Malta yachting industry and the work carried out in the past two years during a press conference on Wednesday.
The conference was addressed by Minister for Finance, Profs. Edward Scicluna, President of the Chamber of Commerce, Frank V. Farrugia and the Chairperson of teh Yachting Services Business Sector, Dr Alison Vassallo.
In his address, Frank V. Farrugia discussed the synergy between the Ministry of Finance and the Chamber’s Yachting Services Business Section and how it was instrumental in solving issues of direct interest to the Chamber members, and referred to the section as the backbone of the Malta Chamber.
Dr Alison Vassallo, chairperson of the Yachting Services Business Section, said that the yachting sector had over the past 12 years experienced gigantic leaps.
“Malta has become a go to destination for yachting both from the point of view of the flag which currently homes over 750 yachts over 24 metres in length and also for the level of logistical and legal services that are offered by our jurisdiction.” Dr Vassallo noted. “Leaving aside the flag and legal services, the number of sectors that feed off the yachting sector is striking. One need only mention refit yards, agents, distributors, suppliers and manufacturers, surveyors, marina facilities, and brokerage and yacht management firms” she said.
Referencing a study conducted by the YSBS in collaboration with Ernst & Young last year with the aim of collecting industry statistics as an important tool in gauging the value of the industry, Dr Vassallo stated that this reflected a good spread and representation having a span of 50 operators.