Malta Enterprise attracted 35 foreign direct investment companies in 2020

Economy Minister Silvio Schembri credits Malta’s economic success to the adaptability shown by companies in the country

Minister Silvio Schembri said that Malta Enterprise has attracted 35 foreign direct investment companies in 2020, despite the pandemic’s effect on the economy.

Schembri was addressing a conference titled ‘Future Realised’ hosted by Ernest and Young.

“The companies vary from manufacturing to digital games, artificial intelligence and blockchain. As a nation, we must maintain this momentum by ensuring that we’re providing the ideal ecosystem for operators, as well as stand shoulder to shoulder with local and international businesses who call Malta their home,” he said.

In 2019 Malta attracted 32 companies in 2019, three less than in 2020.

During a Q and A session, Schembri laid out Malta’s long-term economic vision based on five main pillars: economic growth, education and employment, better infrastructure and investment, sustainability and carbon neutrality by 2050 and good governance.

Economy Minister Silvio Schembri speaking during the EY event
Economy Minister Silvio Schembri speaking during the EY event

He credited Malta’s economic success to the adaptability shown by firms in the country.

“Key amongst them is our manufacturing industry, wherein some firms even managed to switch their production lines to other products to accommodate new demand. We have some exceptionally good success stories, particularly in the production of PPE and other COVID-related products, particularly in our textiles and plastics sectors,” he said.

He went on to say that amid adversities, Malta sought to seize opportunities and maintain its competitive edge, resulting in the attracting of new investment.

“Since we announced the economic regeneration plan, the Maltese private sector has responded very well. We have had four consecutive months during which the unemployment rate fell, to the extent that now, for the first time in our history, we have the lowest unemployment rate in the euro area,” he concluded.

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