#TheEconomist

It is hard to think of an industry for which Malta is as promising a location as it is for aviation.

Seven years after the global financial meltdown, economies are on sounder footing. But not all the damage has been repaired, and industry insiders say the financial system remains vulnerable to new threats.

Economic diversification has long been high on Malta’s agenda. However, to sustain the growth output, the Mediterranean country is identifying critical factors for success while strengthening its unique competitive advantages.

Malta is setting the benchmark for foreign investment in the Mediterranean basin through a broad range of rewarding business opportunities right across its diverse and fast-growing economy.

As North African countries went through revolution and unrest, southern European countries came under severe pressure in the context of the euro crisis. While views remain mixed on whether southern European countries are out of the woods financially, the post-revolutionary transitions in the Arab world have not been smooth.

As countries are getting ready for the virtual revolution, cloud computing and big data are quickly moving from being mere buzzwords to becoming key parts of the digital economy. But the change has not come without challenges.

With European parliament elections launching a new legislative cycle, and many European countries trying to find their feet after the economic crisis and recession, politicians, academics and thinkers reflect on which Union Europe wants, how it should function and what could be done to invigorate investment and growth.

The Mediterranean tourism industry is in good health, hosting more than 30 per cent of the world’s tourist arrivals, but the sector has to step up its efforts if it is not to lose its competitiveness, tourism stakeholders agreed.

Cruise tourism is one of the fastest-growing sectors in the worldwide holiday industry, and Europe has not been sidelined from this boom. But there are some clouds on Europe’s cruise industry’s horizons that might force cruise lines to look elsewhere for growth.

As Malta’s maritime sector is on expansion mode, the country’s maritime experts stressed the need to fully exploit opportunities as well as to address key challenges to tap the sector’s full potential.