Issue link: https://maltatoday.uberflip.com/i/1512069
5 NEWS 23.11.2023 FROM PAGE 1 "erefore, the Commission invites Malta to wind down the energy sup- port measures as soon as possible in 2023 and 2024." e previous council recommenda- tion, published in May this year, had recommended that the government wind down its energy support meas- ures by the end of 2023, and to use the related savings to reduce the govern- ment deficit. In the event that increased energy prices necessitate fiscal support meas- ures, the Council instead suggested us- ing targeted measures to protect vul- nerable households and firms. e Commission's 2023 Autumn Forecast predicted that Malta's net budgetary cost of energy support meas- ures at 1.6% of GDP in 2023. is will increase to 2% in 2024 and 1% the year after. "e energy support measures are not projected to be wound down as soon as possible in 2023 and 2024. is risks being not in line with what was recommended by the Council." Budgetary projections have indicated that the government will spend around €320 million in fuel subsidies every year until at least 2026, or until Malta fixes its electricity supply. Finance Minister Clyde Caruana has committed to maintaining the fuel subsidies until necessary to keep ener- gy prices stable. €320 million in fuel subsidies every year until at least 2026 DESPITE the challenges that the bluefin tuna industry in Malta is facing in the year 2023, as a result of the current situ- ation in the Asian market, most notably Japan, the year 2022 saw a remarkable 40.7% surge in the production of farmed Atlantic bluefin tuna, the latest NSO fig- ures show. In 2022, the industry generated a to- tal revenue of €319.4 million, a signif- icant increase of €92.4 million com- pared to the previous year. However, expenses also increased, resulting in a marginal increase in the industry's gross value add- ed when compared to the previous year. ese statistics come hot on the heels of a major breakthrough in the Chinese market, as Malta's bluefin tuna has now been approved for im- port into China. is development has further in- creased the industry's gross value, which now stands at €81 million, up from €79.7 million in 2021. roughout 2022, Malta success- fully produced 15,816 tonnes of fish, a 2,267 tonne increase in Atlantic bluefin tuna from the previous year. Notably, over 95% of this prized fish is exported to Japan. In contrast, Malta imported 10,618 tonnes of fish last year, a slight in- crease from the 10,000 tonnes of bluefin tuna purchased in 2021. e process of catching bluefin tuna involves using purse seiners during the fishing season, followed by towing the fish back to Malta for farming. e bluefin tuna are then fed with high-quality fish feed to enhance their biomass and fat content, ulti- mately leading to their harvest to- wards the end of the year. e National Statistics Office re- cently released these figures, which were met with caution by Dr. Char- lon Gouder, the Chief Executive of Aquaculture Resources Ltd. is organisation serves as the op- erational arm of the Federation of Maltese Aquaculture Producers, rep- resenting 75% of tuna farming opera- tions in Malta. Gouder said the industry continues to thrive and grow despite the inter- national challenges. "Malta's tuna, as the number one tuna in Japan, has now been intro- duced to China. However, the suc- cess behind this major breakthrough is yet to be realized, as the industry believes that entering a new market requires massive investment and hard work," he said. "Despite tuna already being highly regarded in Japan, and now having a vast market in China to cater to, the next couple of months will be cru- cial for us to consolidate our pres- ence. e industry is advocating for a national effort to increase Malta's exports and diversify from its de- pendence on a single, albeit reliable, market." 40% increase in fish exports, but 'fresh challenges ahead' Charlon Gouder