VALLETTA (MALTA) (ITALPRESS/MNA) – Malta is positioning itself to tap into the rapidly expanding global space economy, as policymakers and industry leaders gathered for a specialised conference exploring the sector’s impact on financial services.
Representatives from banking, insurance, legal and government sectors discussed how space technology — particularly satellite data — is reshaping regulatory compliance and risk management within the European market.
Discussions also focused on opportunities emerging through collaboration with the European Space Agency and the European Union, as the industry continues to grow.
Dr James Catania, Director of the Space Science Malta unit, outlined progress on the Malta Space Activities Act, which has reached its final stages and is set to be presented to Cabinet following revisions.
The legislation will regulate the use of space-related data, registration processes and other activities linked to the sector.
Steve Stivala of KPMG said Malta could benefit significantly even from a modest share of the global market, currently valued at around €600 billion and expanding at a rate of 9 per cent annually. “Even a small fraction of this market would generate added value for Malta,” he noted.
Finance Malta Chairman George Vella highlighted the sector’s potential to create specialised jobs and reinforce the country’s regulatory framework.
Dr Bernice Buttigieg stressed that space represents a niche yet promising field, particularly for financial services seeking to maintain competitiveness.
Parliamentary Secretary for Youth, Research and Innovation Keith Azzopardi Tanti said the space economy is no longer a distant vision but a realistic avenue for sustainable, high-value investment.
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(ITALPRESS).
