Economy Minister Chris Cardona today said that the PN had ‘placed’ bets that the manufacturing industry would ‘die’ but on the contrary, it is registering growth.

This, he said, is evident from the results issued in June which reflected production levels registered during the previous months.

Dr Cardona was addressing the media on rating agency Standard & Poor’s positive outlook for Malta.

S&P revised its outlook on Malta to positive from stable late last week. The 'BBB+/A-2' ratings were affirmed. In its report, it said it expects the Maltese economy to expand by close to 3% annually on average in 2015-2018.

Dr Cardona said that for the first time in 20 years, the rate of unemployment decreased signficantly whereby 5,330 persons were registering for work. He said youth unemployment had also registered a decrease as a result of the Youth Guarantee Programme.

He said that the retail sector also registered significant increases, particularly in January and March. He said the "PN used to criticise us over this sector but has registered the highest increase in 13 years".

Dr Cardona also highlighted that Malta Enterprise has attracted foreign investment to Malta - a total eight projects – which will create a great amount of new jobs.

On the White Rocks project, he said that the Privatisation Unit is working on an “advanced” Request for Proposal (RfP) to ensure this project is implemented.

As for the Life Sciences Park, he said that the project will soon start to receive its first ‘tenants’.

Maritime hub: Dredging works to start soon after ‘reputable’ firm gives green light

Dr Cardona said, when asked, that dredging works will soon start on Marsa’s former shipbuilding facility where a Maritime Hub will be created. He said that the process took a bit longer than usual for the simple reason that the government wanted to ensure that the impact on the environment is minimal due to the silt which accumulated.

“We tasked a reputable firm to conduct tests to ensure that the impact on the environment is the least damaging. The tests were positive and the dredging works will start very soon,” he explained.

Asked if he is concerned over the fact that bank loans stood at 9.5%, he said he would be worried in the event the banks failed their stress tests. He said that the risk factor is not significant although it is vital the rate is decreased.