Post Event Commentary for the MIM Yacht and Superyacht Symposium

Client Services Manager, Samantha Snow from our Malta office, represented Abacus at the Malta Institute of Management Annual Yacht and Superyacht Symposium, held in Malta on 9 June, which is now in its second year.

The purpose of the symposium was to highlight and discuss the strengths of the Maltese superyacht market, how the industry benefits the local economy and to explore the industries growth potential, threats and weaknesses.

The symposium was attended and addressed by prominent players in the industry. It was also addressed by the Minister for Finance, Prof Edward Scicluna through video conference who said; “The main aim of our economy is to diversify across as many sectors as possible, to use the few resources that are available, and to make the most of them. Yachting and super yachting fits the bill well. In order to raise the standard of living we need to go up in value.

“We need to increase our added value; whether it is tourism or whichever sector you can think of, you can’t go higher than in the yachting industry. We need to take this industry seriously, plan ahead and have as much discussion as possible to see what the competition is doing.”

Malta has made great strides to be put on the super yachting map and greater steps are still required. Those in the industry must work together to assist in the understanding of the benefits and importance of the industry. This was the main message of the event.

Malta was a relatively unknown player in the superyacht industry, even though it has a rich seafaring history. However, Malta has become a flag of strong repute and it is now an active council member of the IMO’s legal committee and the Comite Maritime International.

Abacus offers yacht services from IoM and Malta offices, provides ownership structures, yacht registration and VAT services along with other support services to the yachting industry. The growth of the Maltese yachting industry will continue to be supported by us.