Nylon Knitting has just announced a €6 million investment in an extension to its product facilities in Malta.

Speaking at a visit to the company's premises this morning, the Prime Minister said that it is no secret that the fabric and clothing industries across Europe suffered a sharp decline in recent decades as cheap imports from the Far East came to dominate the market. He said that this is why the Nylon Knitting success story most remarkable.

In the past fifteen years, there have been a series of substantial investments, amounting to nearly one hundred million euros on the most modern plant, machinery and equipment.   The latest investment of six million euro on a finishing department will be completed in the next two years.

This puts the company in a good position in the marketplace and secures 220 jobs in Malta, the Prime Minister added. He said that Nylon Knitting is also testimony to our excellent economic relationship with Italy. In the first nine months of this year, exports of goods from Malta to Italy amounted to nearly one hundred million euro.

"Every business in Malta needs to have broad horizons when it comes to the market place. Just as we attract investment from China to the United States, we can sell Maltese products and services anywhere."

Joseph Muscat said that the country must work hard to keep up the momentum of our economic success.