The Ministry for Investment, Industry and Information Technology, together with the Italian firm Finultra SpA, recently announced the setting up of a new manufacturing plant in Malta for the production of specialised equipment used by the maritime industry.

Commenting on the announcement, Investment Minister Austin Gatt said: “Once again we have been successful at selling Malta as a destination for the manufacturing sector. When we focus on sectors in which we have a tradition and a competitive edge our efforts reap rewards.”

“This particular project will create 16 jobs,” said Dr. Gatt, and added: “Its significance, however, is greater than this number suggests. We have secured an investment that successfully combines two of our most significant target sectors: the electronics sector and the maritime industry.”

The new manufacturing plant is expected to commence with operations in January under the Malta registered Maresi Ltd. Finultra, its Italian mother company has been in operation for over 70 years, and registers a turnover of over EUR 37 million.

The Maltese plant which will be located at the Bulebel Industrial Estate will be manufacturing magnetic compasses and other electronically controlled devices used in the maritime industry. These products will be exported to European and North American markets. Maresi will also be conducting research and development of new electronic products in this sector.