In anticipation of the national Budget which is to be presented to Parliament on October 11, the MMF submitted a set of concrete proposals to the Minister of Finance.

The MMF deems it crucial for the government to recognize and offer to support for the development of the maritime industry to reflect (i) its ranking and importance at a global level and (ii) its systemic strategic and economic importance.

As an overarching objective for the 2022 Budget, the MMF proposed the recognition of the role of private investors in the maritime industry – both local and foreign – and their economic contribution in the generation of prosperity, jobs, tax revenues and other economic multipliers.

More specifically, the MMF proposed that the 2022 Budget earmarks specific funding support available to all forward-looking economic operators including those in the Maritime Industry that are willing to render their business models more:

o  economically, environmentally and socially sustainable;
o  digitally prepared and orientated, and
o  resilient to shocks;

through the adoption of tangible climate change/energy-efficiency initiatives and/or competitiveness enhancing measures through concrete innovation and digitalisation initiatives.

The MMF also made proposals related to the promotion of skills and competencies required in the maritime industry within the educational programmes of the country. It recommended better alignment of the various initiatives in the education sector by local providers concerning Maritime studies into one cohesive unit with a view to building synergies and consolidation. It also called for the accreditation of courses in the Maritime sector to be aligned to the national EQS programme whilst rendering maritime studies eligible for sponsorship opportunities/grants and inclusion within the MyJourney programme

Author: MMF