‘Reengineering Malta’s economy’ in 2024 is both an ‘opportunity and a big challenge’ – MD Julian Mamo

GasanMamo Insurance Managing Director (MD) Julian Mamo has stated that even though reevaluating and reengineering Malta’s economy in the coming year is an opportunity for stakeholders, it is also a significant challenge that must be tackled effectively.

Much has been said about Malta’s economy over the past few months, with it experiencing rapid growth that has led to the present economic model to be deemed “unsustainable” by industry leaders. Government is set on conducting a number of changes in this respect, especially after Finance Minister Clyde Caruana earlier this year stated that Malta would need its population to grow by 55 per cent to 800,000 in the next 17 years to maintain its current rate of growth.

Malta has been an appealing destination for many foreign workers over the years, and local businesses, in the fight against mounting labour shortages, have turned to talent from outside of Malta to fill their vacancies. This is especially the case for third-country nationals (TCNs), a reliance that Government has pushed to shift away from, especially through the introduction of a skills card for non-EU workers.

Speaking to MaltaCEOs.mt for our end-of-year series, Mr Mamo at one point highlighted that 2024 needs to see an overhaul in the way Malta’s economy operates, not simply in terms of growth, but also when it comes to sustainability.

Mr Mamo has been MD of GasanMamo for more than 10 years, having witnessed the growth of the business from two agency operations to one of Malta’s leading insurance companies. Even though he has been working in the insurance industry for over 30 years, 2023 was a year he is particularly proud of, having seen those close to him achieve various accomplishments.

What 3 words would you use to sum up your 2023? Why?

Energised, proud and frustrated.

Energised because one must keep up with life’s fast pace. Proud of the achievements of those around me and those dear to me. Frustrated by the irreversible environmental damage that is being done to Malta and Gozo.

What personal accomplishment from the past year are you most proud of?

I am most proud of my children. I recognise that this is an indulgence of many parents.

What are you most grateful for this year?

I am grateful for another year of good health. This is a blessing that one often takes for granted.

How are you going to spend the New Year?

I will be spending it at home with family and friends.

What are the biggest opportunities and challenges you believe 2024 will bring?

The biggest opportunities lie in reengineering Malta’s economy and making it more sustainable. Naturally this is both an opportunity and a big challenge.

The geopolitical tensions around the world are another massive challenge. I hope that in 2024, tensions cool and we will be able to pull back from total disruption of world order.

Is there a particular skill you’d like to develop in the new year?

I would like to learn a new language.

Is there something you’d like to change about your daily routine?

No.

Where do you see yourself in a year’s time?

If I am where I am today, registering steady progress on all fronts, I will be a very happy man.