Maltese firms need to continue investing and restructuring if they want to fight off competition, said Parliamentary Secretary Edwin Vassallo yesterday.

Speaking during the opening of the Fourth Networking Workshop of the ForLink project, Mr Vassallo said Maltese micro enterprises, which constitute 96 per cent of Maltese businesses, only contribute eight per cent to the country’s investment in Research and Development.

In the 2007-2010 Strategy for Maltese Industry, the government devised a strategy to upgrade the level of industry so that it gains added value of higher quality leading to success in domestic and foreign markets.

Mr Vassallo said the government’s efforts are not enough and that firms must do their part to raise their standards. “Malta must turn into a knowledge-bases economy. However we need our carpenters, mechanics and craftsmen to embrace the trend.”

Mr Vassallo said ForLink project, which is financed by the European Structural Funds, can assist such businessmen to obtain funds which help them improve their business.