News

New €15 million investment in the pharmaceutical industry

CETIC Pharmaceutical Ltd has chosen Malta as the location for expanding its operations in Europe.

Minister for the Economy, Investment and Small Businesses Chris Cardona announced that the total investment of this project will amount to €15 million over a 3-year period, and will create over 60 new jobs. 

Minister Cardona stated that Malta’s economy has maintained its positive momentum, registering an impressive growth of 7.2% when compared to the corresponding period in the previous year. Malta has a strong record of good quality and regulatory excellence in the pharmaceutical industry. The sector contributes to 5.2% of the total full-time employment in the manufacturing sector and has generated more than €200 million in exports during the first months of 2017.

During the signing of a letter of intent between Malta Enterprise and CETIC Pharmaceutical Ltd it was agreed that the company will be set up in Malta to manufacture pharmaceutical products. The plant will also include packaging facilities for these products.

Minister Cardona concluded by saying that this project will add to foreign direct investment in Malta, hailing from all over the world, and once again confirms the positive outlook and discerning optimism that investors have in relation to Malta’s economy and future.  

 

Source: Press Release by the Ministry for the Economy, Investment and Small Businesses.

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