While addressing a press conference at the Ħal Far industrial estate, the Minister for the Economy, Investment and Small Business, Chris Cardona said that 2014 was a very successful year for Malta Enterprise.
Whilst it continued to attract new foreign direct investment to Malta, during 2014 the corporation also worked hard to promote Maltese direct investment. In fact 94 Maltese projects were approved during 2014, of which 73 were expansion projects.
In total, between FDI and local projects, new and expansions, an estimate of €143.2 million worth of investment was approved during 2014, which in turn is expected to generate 2,531 new employment opportunities.
Minister Cardona said that the government's optimism is not only based on the results being registered by Malta Enterprise and on the general level of optimism being expressed by economic operators, but also on the findings of the European Commission.
"This optimism clearly emerges from the studies carried out by the European Commission amongst industrial operators since in February, the level of confidence shown by Maltese and Gozitan enterprises was the 3rd highest in the European Union," said Minister Cardona.
This is also based on the fact that 42% of industrial operators stated that they are expecting an increase in the orders they will be receiving over the next months and 39% of industrial operators said that they will be increasing their labour force.
During 2014, Malta Enterprise focused its energies on consolidating sectors such as the medical, pharmaceuticals, aviation and electronics sectors. Malta Enterprise has also worked on tapping new opportunities for Malta particularly in the sectors related to the environment and waste management, information technology and robotics.
Speaking to the press, Malta Enterprise chairman, Dr Mario Vella, said that the major investments attracted to Malta are in the sectors of engineering, aviation and life sciences. He said that seeing these sectors expand sends a very positive message about the national economy and about the ability of Malta not just to retain existing investment but also to stimulate its growth.
During 2014 Malta Enterprise was also involved in coordinating foreign direct investment in the medical, healthcare and higher education fields.
A case in point is the Barts and Queen Mary University of London investment announced the previous week.
The press conference addressed by Minister Cardona took place following a visit to Empav Engineering Ltd. and Hotset Malta Ltd., two companies which have both had expansion projects approved by Malta Enterprise, allowing them to continue to grow, increase their work force and cater for the requirements of their clients.
Both companies operate within the precision engineering sector, a sector which Dr. Mario Vella, Chairman of Malta Enterprise, who accompanied Minister Cardona on the visits, described as a dominant one in the Maltese manufacturing industry, partially responsible for the 7.6% growth in industrial production being experienced in 2015.