Malta En­ter­prise ap­proves 45 projects over last 10 months

Malta Independent - - NEWS - He­lena Grech

Be­tween Jan­uary and Septem­ber, Malta En­ter­prise ap­proved 45 cap­i­tal in­vest­ment projects worth €170 mil­lion with the prospects of cre­at­ing roughly 800 new jobs, Econ­omy Min­is­ter Chris Car­dona said. He was vis­it­ing Trelle­borg – a seal­ing so­lu­tion com­pany.

He also an­nounced the re­moval of need­ing a trad­ing li­cense to set up a busi­ness, and spoke of up­com­ing 2017 Bud­get mea­sures.

Trelle­borg Seal­ing So­lu­tions is a com­pany based in Malta that em­ploys over 500 em­ploy­ees. Ear­lier this year it cel­e­brated 55 years in Malta.

Speak­ing of the progress car­ried out by Malta En­ter­prise and the up­com­ing projects to hit Malta’s shores, Dr Car­dona said that four of the ap­proved projects stem from for­eign di­rect in­vestors, 10 projects re­fer to ex­pan­sion works of pre-ex­ist­ing for­eign com­pa­nies such as Play­mo­bil and a fur­ther 27 ex­pan­sion projects of lo­cal com­pa­nies.

“When eval­u­at­ing the fig­ures, these con­firm the pos­i­tive sen­ti­ment that ex­ists among lo­cal and for­eign in­vestors,” said Dr Car­dona.

He re­ferred to the an­nual EY at­trac­tive­ness sur­vey which con­firmed that Malta re­mains highly at­trac­tive among for­eign in­vestors.

“Over the past 10 months, a num­ber of mea­sures and as­sis­tance scheme were un­veiled, as was laid out in the 2016 na­tional bud­get.

“Among them was the BSTART scheme – through which mil­lions of Euro of as­sis­tance was ap­por­tioned to start-up busi­nesses.

“Apart from this, schemes that en­cour­age women to en­ter en­tre­pre­neur­ial roles were also em­ployed, so were rent sub­sidy schemes, Train­ing As­sis­tance Schemes and Knowl­edge Trans­fer and Tax Cred­its for En­ergy Ef­fi­ciency projects.”

Bud­get 2017

Dr Car­dona said that the up­com­ing bud­get that will be pre­sented next Mon­day will con­tinue to strengthen the port­fo­lio that con­tains as­sis­tance and sub­sidy schemes of­fered by Malta En­ter­prise – such as schemes that ad­dress the skills gap.

“All in all, the 2017 Bud­get will mark an im­por­tant step in re­duc­ing bu­reau­cratic pro­cesses to set up busi­nesses.

“This is a gov­ern­ment that al­ways ac­knowl­edged how bu­reau­cracy pre­vents busi­nesses from be­ing set up.

“To­day I can an­nounce, fol­low­ing Cab­i­net ap­proval, the re­moval of the re­quire­ment to have a trad­ing li­cense from the Com­merce De­part­ment.

“This is a mea­sure that we ex­pect to im­pact roughly 30,000 busi­nesses, many of which are SMEs.

“These busi­nesses will be sav­ing from any­where be­tween €70 and €1,000 in an­nual ex­penses,” Dr Car­dona said.

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