“This inauguration is not only that of the building itself, but also symbolises technology-led crucial thinking, a drive forward in every aspect” – Minister Schembri
Minister for the Economy and Industry Silvio Schembri inaugurated Tech.MT’s new offices, an entity established in 2019 by the government of Malta and the Chamber of Commerce to promote Malta within the innovative technology and digital sector.
“Today’s inauguration is not only that of the building itself, but also symbolises a welcome stance which signals that technology is being driven in every aspect. Now more than ever, we are coming to the realisation that the pandemic has rapidly propelled us into the future and has shed light on the valuable role of technological advancement. Demand for telecommunications services has increased, the need for teleworking has developed and strengthened. Where previously teleworking was considered as a luxury, this unprecedented situation has reinstated teleworking as a necessity. This rapid evolution of how we view the workplace has brought about numerous challenges, but also a sense of stability and continuity. Adapting to this scenario is an ongoing process for our workers, but it is now inevitable that businesses must and are being led to cater for new technologies,” said Minister Schembri.
Minister Schembri referred to the recent statistics by Eurostat showing that businesses have adapted and adopted to new technological methods, particularly cloud computing. In fact, during 2020, 53% of businesses based in Malta made use of cloud computing, a significant increase when compared to the 35% registered back in 2016. This number significantly surpasses that of the European average.
“This number sends a strong message – the commitment and change of mindset of our businesses, which are now using technology for their operations. It is through this line of thinking that we want to nurture and sustain with more resources the strong foundations we have carefully set down earlier,” said Minister Schembri.
Tech.MT Chairman Mark Bugeja said that, over the years, we have seen Malta successfully diversify its economy, with the technology sector not only establishing itself as a key player for the local economy, but also as a sector that supports the growth of other important sectors. The technology sector showed resilience during the pandemic, so much so that it still recorded a positive trend. “It is estimated that 70% of the gross added value that will be created in tomorrow’s economy will all come from the digital economy and technology platforms. Therefore, it is crucial that our country continues to invest in the sector in order to truly be prepared for the challenges and opportunities that this will bring,” stated Bugeja.
David Xuereb, President of the Chamber of Commerce, said that the founding of Tech.MT through a collaboration between the government and the Chamber of Commerce is essential in view of the fact that digitalisation amalgamated with the economic aspect is key for economic recovery, as well as to aid businesses adapt to changing circumstances. “Now, more than ever, businesses must incorporate technological methods in their operations, hence why businesses will be guided, through Tech.Mt, to explore the opportunities the digital economy holds,” said Xuereb.