Malta Enterprise approved investment projects worth over €130 million last year, a figure which, according to Economy Minister Chris Cardona, proved that the government's policies were achieving results.
This morning, Dr Cardona paid a visit to two companies who have had their expansion approved by Malta Enterprise last year.
The first visit was at Empav Engineering, a small precision engineering firm which specialises in the manufacture of pharmaceutical tooling, has expanded its operations in the Corradino Industrial Estate. He then went to Hotset Malta, a subsidiary of a German manufacturer of industrial heating elements and temperature sensors which employs 110, and which has moved to new premises in Ħal Far which are some 2.5 times larger than their previous base of operations.
The visits were followed by a press conference, where Dr Cardona explained that the projects approved by ME comprised new foreign direct investment worth €33.4 million, expansions of existing FDI projects worth €55 million, new local investment worth €4.2 million and expansions of existing local operations worth some €50.6 million.
The minister noted that the number of expansions of local investments which were approved by ME last year - 73 - was nearly three times as much as the number approved between 2010 and 2012, stating that this was a key indicator of economic optimism.
Dr Cardona said that in the past two years, 20 new projects resulting from foreign direct investment have already begun operating, while others are still in a preparation phase, including 12 which are awaiting works on their premises to be concluded.
A total of 79 industrial spaces - with over 100,000 square metres of floor space - were allocated to companies, but the minister stressed that lack of available space would be a key challenge in the coming years. He said that a number of approved projects were still waiting for a suitable space.
The government, Dr Cardona added, was seeking to address this through several measures, including proposed legislation which would facilitate the eviction of those who are illegally using industrial space. He said that over 20 evictions have taken place since June 2013, and pledged to do everything necessary to address the lack of space as quickly as possible.
On his part, ME chairman Mario Vella emphasised that expanding industrial activity was no easy task, as it required heavy investment, adequate infrastructure and also skilled s employees. He said that this complicated process took up a lot of the agency's time.
Dr Vella also said that the day's visits were meant to emphasise that ME did not simply involve itself in huge investment projects, but also small and medium-sized ones, as well as the expansion of existing operations, which he said was as important as attracting new investment.