The gaming industry in Malta is strong but Joseph Muscat, the island country’s prime minister, doesn’t want the economy to depend on it solely. And that’s why in a recent speech, he talked about increasing the country’s investment in cryptocurrencies, medical marijuana, and visa reforms to boost international tourism.
He started the question and answer session talking about medical marijuana. He said that Nuuvera, a Canadian medical marijuana firm is interested in setting up a laboratory in Malta that will also double as an export location to European Union countries. If the company decides to open the laboratory, local cannabis farmers will be able to obtain a good manufacturing practice certificate according to European Union norms, which will boost their wealth. If everything goes right, Malta will become the first country in EU export medical marijuana.
One of the most significant challenges the tourism industry in Malta faces is the unavailability of diplomatic offices in all countries. Some country nationals have to travel to other countries for their visa approval, which costs them a lot more than visiting Malta. Therefore, the government will soon start an e-visa service and reduce the processing costs as well. Also, since Malta is facing issues of labor shortage, the government is also going to boost the country as an immigration-friendly nation.
Investing in cryptocurrencies
For long, Malta has been a supporter of cryptocurrencies. The prime minister strongly believes that cryptocurrencies are the future and encouraged people to invest in them. He said that if it doesn’t work out, people are going to blame him but if it works, they will take the entire credit. Muscat is okay about it because that is one of the things about being a prime minister.
Muscat quoted Nouriel Roubini, a famous economist, who said that investing in bitcoins is a risk but not investing in them is a bigger risk.