They applauded Mr Cremona’s initiative and described him as a pioneer in the industry.

Dr Vassallo said: “Mr Cremona is a success story that all of us should be proud of and more entrepreneurs should follow suit in making a success out of sustainable businesses.

“The olive oil industry was revived only a few years ago, and thanks to Mr Cremona we have been able to taste and enjoy Maltese olive oil.

“Mr Cremona has identified new varieties of Maltese olive, some with exceptional pest resistance, and has been a prime mover in obtaining recognition and developing this important agricultural sector in respect of European Union law.”

Mr Cremona spoke about the dividends to be gained from such industries and how the specific industry of olives can grow and develop.

“From Maltese olives we can produce not only first-class olive oil but also other products such as olives, soap and food supplements.

“The olive industry can only progress if we are given the necessary backing from the authorities involved and if a detailed plan is in place.”

Professor Cassola has helped us time and time again to obtain information and has been of great help in the progress of our venture.”

Prof. Cassola added: “Mr Cremona is a prime example of how sustainable activities can also be profitable.

“He has shown how private entrepreneurship can easily go hand in hand with sustainable development.

“This sector can develop further if the government invests carefully and keeps an eye open for all opportunities the EU offers.

“The EU has subsidised up to 150 tonnes of olive oil produced in Malta.

“The Maltese government failed to take the opportunity to apply for EU funding for roads in Gozo and lost up to Lm1.7 million.”

Prof. Cassola pointed out that Malta might also lose funds for the agricultural sector, as the government submitted an application in respect of this sector on 5 May – five days late.