Smart City to Contribute €690m Yearly to GDP

MEDIA ROOM

Smart City Malta should be contributing about €690 million a year to the GDP when in full swing apart from another €100 million in taxes, conservative estimates show.

The estimates form part of a report that was presented to the parliament when the mega projects was discussed and approved unanimously, SmartCity Malta’s new appointed CEO, Claudio Grech, told The Times Business in an interview.

SMEs in knowledge-based industries in Malta stand to benefit from Smart City Malta, Mr Grech said, as they will be assisted to realise their potential and grow into international players. He believes that in the coming years malta will have a new generation of SMEs in the knowledge-based industries.

“This is the top-most target which all the stakeholders should have: the creation of local intellectual property and its dissemination into global markets,” he said.

Mr. Grech said the project will give a face-lift to the Maltese economy, will catalyse the ICT and media industries to become economic pillars together with tourism and financial services.

He is confident SmartCity Malta would attract serious companies also because the project will provide a “real state-of-the-art facility”.

“Today, it is a known fact that a major flaw in our national selling proposition is the lack of availability of top-tier office space …,” he was quick to add.

Asked about the benefits to Malta, Mr. Grech said the main spin-off would be the international reputation of Malta being a business destination.

He avoided going into detail when asked specific questions about employment.

Is it not about time that one would say exactly how many people will Smart City Malta employ, in what categories, how many will be locals and how many will be expats, whether the country can meet the demand and whether in could deplete other industries in Malta from much-needed skills, he was asked.

“I believe taht the country can reach the demand – proof of this is in the huge strides made in this sector in the last years.

“I am confident that, with the positive and pro-active approach adopted by the local educational institutions and the private ICT training industry, these opportunities will be grasped and realised into quality jobs,” he replied.