Dana Farrugia, CEO at Tech.mt, says the organisation’s mission revolves around the fundamental principles of enhancing Malta’s attractiveness for foreign direct investment (FDI), as well as facilitating international business development and innovation to the local industry.

“One of the main aims of Tech.mt is to promote itself locally and create a dialogue and understanding of the current posture of tech companies and start-ups in Malta, and the type of assistance they may require for funding or other resources to take their innovations further and expand their potential on an international platform,” says the CEO.

Tech.mt’s team of professionals provides client relationship management through personalised advisory services, guiding businesses to understand the first steps of internationalisation, while recommending the best existing market opportunities and reducing the challenges involved in moving and establishing local contacts.

As digital hubs across the world compete to attract investment and business to their shores, Malta is up against some major players, but the country’s economic growth momentum over the past years provides a solid track record – and the outlook so far still shows signs of growth, with the European Commission forecasting Malta’s economy to register 4.1 per cent growth in 2021.

“Credit rating agencies keep upgrading Malta’s rankings, making it the strongest and most stable economy in Europe, while the European Innovation Scoreboard 2020 ranks Malta as one of the countries with the highest score in innovation systems. Our high-skilled resources are deemed as the most attractive in Europe with a high calibre of professionals and a superior workforce,” says Ms Farrugia.

Adding to the list of recognitions is the 2020 Digital Economy and Society Index (DESI), which ranked Malta fifth among 28 countries for its advancement in the digital economy. “Malta’s geographical barrier has been counterbalanced with its digital capability and readiness together with its human-centred approach to digitalisation,” she states.

“Couple Malta’s excellence in the digital field with its pro-business legal and regulatory framework, and its aggressively incentivised FDI mechanisms to attract investors in ICT and other technology segments, and the result is a reputable and global hotspot for the integration of digital technologies.”

On a European level, Malta has also recently secured the biggest allocation of EU funds in its history, a mammoth package worth €2.25 billion for the financial period of 2021-2027. “Malta has consistently strived to be ahead of the curve, where technology and innovation are concerned with tech sector growth approaching 4 per cent in the second quarter of 2020,” says Ms Farrugia.

“Malta’s foreign policy seeks to be a catalyst in the creation and in the furthering of business opportunities to draw foreign direct investment to Malta and to provide the private sector with more opportunities for business networking and for export of goods and services.”

A persistent challenge which practically all companies have or will face at some point or other is that of a skills shortage. Locally, this was cited as a major obstacle by tech-driven companies based on the island in recent years, but the phenomenon is not limited to Malta. As Ms Farrugia explains, attracting talent is a key factor for the success of tech companies, and it is a challenge to find and retain such talent worldwide.

“The scarcity of available talent and the challenge of retaining it is a recognisable feat that one has to tackle head-on. Tech.mt in fact identifies a few tactics it can use to bridge the human resource skills gap and aid growth in the technology sector. Tech.mt plans to partner with education institutions to position Malta as a vibrant location for tech talent and in turn attract human capital to our shores,” says the CEO.

“Furthermore, Tech.mt is working closely with academic institutions to better understand how the local STEM and IT curricula can be made more attractive to be chosen as the basis for a career in technology. We also need to consider new areas of specialisation revolving around digital and creative technology, possibly even partnering with academic institutions abroad.”

Switching the focus to the current reality, as Malta, along with the rest of the world continues to deal with the presence of COVID-19 and the economic and social impacts it has had on the country, Ms Farrugia asserts that, from a tech standpoint, while Maltese households have one of the highest rates of internet access in Europe, a small but significant fragment of society has been left behind.

“Unreliable and unaffordable access to internet or the inability to utilise digital platforms make it almost impossible for the underprivileged or disadvantaged tiers of society to stay abreast during the pandemic. Tech.mt has firmly pledged its commitment to ensuring that those left behind receive opportunities that enable them to cope with the digital transformation COVID-19 has brought to bear.”

As local businesses too have suffered as a direct result of the pandemic, one of the lessons learnt from the crisis is the dire need for businesses to go digital and offer e-commerce solutions for consumers.

“When speaking about narrowing the digital divide, Tech.mt also believes in limiting the divergence between tech-savvy businesses and small businesses which struggle to cope with offering their services online,” says Ms Farrugia.

“To this end, Tech.mt has proactively encouraged businesses from all sectors of the economy to adopt the process of digitisation by organising informative webinars and providing advice and support to all businesses. It is evident that as the economy continues to reboot, we will see a more digital economy and society. As Tech.mt, we yearn to see such transformations but also pledge to drive such transformations in the most inclusive and resilient manner possible.”

As CEO of Tech.mt, at a time when uncertainty across all areas prevails, Ms Farrugia acknowledges that certain sub-sectors in the tech industry are struggling, namely wholesalers, hardware providers and even service providers. “With prolonged economic recession topping the list of predicted effects of the pandemic, these are uncertain times for governments, businesses and societies. But with uncertainty comes opportunity. In fact, I believe that among all this insecurity lies a unique but prominent window of opportunity to shape a more resilient economy.”

While many conferences and large gatherings have been cancelled due to COVID-19, nurturing local growth and attracting FDI remained top of the agenda for Tech.mt through regular participation in online conferences, summits and webinars, giving local tech companies the opportunity to showcase their work and provide them with a platform to celebrate their successes. “This also presented us with a unique opportunity to emphasise our mission of promoting Malta as the investment-friendly and tech-savvy jurisdiction, whilst virtually connecting with hundreds of investors and innovators.”

The CEO adds that the pandemic has been a wake-up call that highlighted the need to transition to a more digital economy. “If we truly want to have a resilient and effective recovery, we need to bring all stakeholders from all levels at the table with Government to design the kind of future we want for our country, our economy and our people. And without any doubt, the future Tech.mt envisages is digital.”

Ms Farrugia adds that it is inevitable that the integration of technology in Malta’s economy will eventually become an essential component of ensuring a healthy recovery from the pandemic. “It is up to us to explore technology’s full potential,” she concludes. “The circumstances are uncertain but on the positive side, this is the golden opportunity to restore faith in technology and prove that it can enhance or replace activities that normal life, for the next few months at least, cannot. Perhaps this is the silver lining for businesses in the age of COVID-19.”

This interview was originally published in the Summer/Autumn issue of Guide Me magazine.