Since its entry to the EU in May 2004, Malta has been developing its credentials as a centre of innovation while capitalising on its unique geographical and political advantages to attract business and promote technological development. Due to Malta being a small island nation, the necessity to diversify its economy across various sectors other than traditional ones has become evident with the aim of developing a knowledge-based economy. There are initiatives and collaborations that serve as a backing for this strategy, working together to improve the country's innovativeness.
Supporting initiatives in the Government
The Government of Malta has rolled out a number of innovation-inducing and sector-agnostic policies over the years. For instance, the National AI Strategy has set forth a vision of Malta being at the forefront of artificial intelligence by 2030. It encompasses 72 action points along with pilot projects in traffic management, education, and healthcare. Through these priorities, Malta seeks to leverage the potential of AI to enhance public services and the economy.
Furthermore, the creation of the EIT Community in Malta has allowed for the long-term investment of local scaleups and innovation-based projects. The EIT grants have reached new heights, with €1.38 million made available in 2022 alone, focusing in the first instance on higher education and SMEs. These investments are essential for creating an ecosystem of innovation and entrepreneurship.
Partnerships with educational institutions
The Government's partnership with academic institutions is of critical importance in Malta's innovation strategy. MCAST is engaged in multiple R&D initiatives. Through key partnerships with local businesses and international organizations, MCAST also closes the gap between academia and industry, providing students with the tools they need for an innovative economy.
Attracting new online casinos
Malta has been attracting new online casinos to take advantage of its regulatory environment. The Malta Gaming Authority (MGA) boasts a reputation for a stringent licensing process that maintains fair play and protects consumers. This excellent reputation has turned Malta into a top destination for online casinos, bringing a lot of operators looking for a stable jurisdiction to set up their new businesses. There are now new online casinos emerging to help boost the economy through new jobs and local taxes.
In addition, it ensures that these gaming companies will continue to build a competitive market that encourages innovation in the sector. This naturally encourages operators to create advanced technologies and gaming experiences to attract players, which in turn results in innovations in mobile gaming and the integration of blockchains.
Future prospects
Going forward, Malta's focus on innovation will be supported by its strategic partnerships with a number of Knowledge and Innovation Communities (KICs). Focusing on targeted sectors (health, food, urban mobility) that represent shifts towards local adaptation of global megatrends and driving sector-specific advances, Malta can also advance its economic resilience while being a leading player in important new research and development efforts to meet global challenges.
To sum up, the Maltese market is cemented as an innovation hub thanks to Government initiatives, educational cooperations with and a substantially smooth regulatory environment for online organisations and gaming in general. With continued investment in technology and entrepreneurship, the nation is also making strides toward establishing its mission of a global innovator.
Main Image:Maltese Government | themayor.eu
