“From the annual report by Malta Enterprise published today, the pivotal role that domestic start-ups and SMEs play within the local economy is unmistakable,” was the statement Minister for the Economy, Investment and Small Businesses Chris Cardona shared during today’s business breakfast organised by the Ministry and Malta Enterprise (ME) during which the annual report for 2017 was presented.
“Our indigenous businesses are our greatest generators of prosperity and employment. Together with Malta Enterprise, we remain committed to provide efficient and effective support to the business community, which will in turn create economic and social value to Malta.”
Mario Galea, CEO of Malta Enterprise outlined how Malta Enterprise’s role is now not only synonymous to the attraction of foreign direct investment, but also in keeping it here and finding solutions to local market needs. This stance is being driven by the conviction that sustainable economic growth cannot be achieved solely by the stimulation of private investment, but also necessitates direct influence on factors effecting Malta’s competitiveness as an investment location in its widest sense. Malta Enterprise is investing in tools and resources in order to provide further input in relation to policy advocacy, regulation and general business environment improvements.
Investment aid approved by Malta Enterprise during last year grew exponentially to €40.5 million. This is in no small part due to the introduction of seven new incentives and widening of successful existing ones, designed to cater for the needs of local market. These incentives include family business support services, catering capacity building, start-up finance, tax credits for R&D and Innovation, innovation aid for SMEs, aid for research and development projects, support for development of Ta’ Qali Artisan Village and updates and widening the eligibility for micro invest and in investment aid tax credits.
During 2017, projects approved by Malta Enterprise totalled 128, of which 33 were new and 95 were expansions. Together, these projects had a forecast investment of €249.3 million and were envisaged to create 2,251 jobs. Foreign investors accounted for 19 new and 12 expansion projects, whilst local investors accounted for 14 new and 83 expansion projects. The new projects carried out by foreign and local entrepreneurs had a forecast investment of €54.4 million and are envisaged to generate 573 additional jobs over the first 3 years from their respective year of approval. The corresponding figures for local and foreign expansion projects stood at €194.9 million in terms of forecast investment and 1,678 for new jobs to be created.
Source: Press Release by the Ministry for the Economy, Investment and Small Businesses