Drawing on your more than 40 years of experience in the Maltese business landscape, how has the relative importance of Malta’s tourism sector changed over the years?

The tourism sector has been an essential mainstay of our economy since we achieved independence in 1964. Thanks to significant financial incentives extended by the then-Government, Malta was able to attract global companies such as Hilton and Sheraton to invest here. We had a number of Maltese-owned hotels, which increased as tourism developed in the 1960s. The Corinthia Group, now an international brand with locations across Europe and beyond, owes its origin to that time.

It is certainly unquestionable that the country’s economic growth is due to the development of the tourism sector, which has many facets. Some of these facets, such as educational and health tourism, can be developed further if we pay more attention to quality. We also need to keep in mind that the tourism sector has a positive impact on other economic sectors, such as retailing, transportation and even manufacturing.

“Further investment in tourism should be focused exclusively on upgrading our product and service.”

As Chairman of Grand Harbour Marina, one of Malta’s top berthing points for superyachts, what synergies or overlaps are there between the yachting and tourism sectors?

In the last 20 years, one of the niches that has been developed is the yachting sector. This is distinct from yacht registration services which a number of professional services firms offer. Grand Harbour Marina, through its parent company Camper & Nicholsons, has put Malta on the map for superyachts. Over the years we have invested a significant amount of money in promoting Malta’s attractiveness as a location for superyacht berthing.

Malta has several natural harbours which are an important attraction. However, in this regard, we need to ensure that the product and service are continually upgraded. Investment in infrastructure is also a must.

You have also served on the Board of Directors of Malta International Airport (MIA). As the main entryway and exit point for the vast majority of visitors to Malta, what is its role in the country’s tourism sector?

Traditionally, the role of an airport was to provide a service to passengers on arrival and departure. The role of airports changed drastically in the last 30 years or so. They became important players in attracting airlines to a country or region, and Malta has been no exception. In fact, when MIA was privatised, one of the strategic objectives of the Government of Malta was that the operator would help to develop Malta’s connectivity. Thanks to its strategic investment, I would say that MIA has achieved this fully.

What one key piece of advice would you share with a foreign investor looking to invest in Malta’s tourism sector?

Further investment in tourism should be focused exclusively on upgrading our product and service. Malta’s size means that there is a limit to our capacity and the time has come for us to take stock of the situation to make sure that further investment is directed toward improving the quality of our product. Having more of the same would be a waste of resources and money. Certain niches are not yet fully tapped. This does not mean increasing tourism arrivals but rather replacing some existing segments with higher value-added ones. My advice to a foreign investor is to identify these niches and focus on developing them.