[WATCH] 'ICT sector strengthening the local economy' - Herrera

ICT continues to diversify the economy and contributed to Malta's improved international credit rating.

The ICT sector had already left tangible effects and would continue to do so through future investment, said parliamentary secretary for competitiveness Jose Herrera, at a press conference held at the Malta Information Technology Agency.

Talking about the positive results achieved by the international credit rating agency Standard & Poor's report, Herrera said that the government had taken note of the comments made by this agency.

"The classification went from stable to positive, which confirms the positive results achieved by this country."

Herrera said that the improvement was attributable to various sectors like energy, employment, health, tourism, foreign investment and ICT. 

"The report shows that ICT is continuing to diversify the local economy."

He added that there were over 200 international companies in the country that had recognized the promising qualities the country has to offer. 

Herrera said that the government had pushed for investments in the energy sector through the Electrogas consortium. He also added that investments were also going towards the health sector and much needed infrastructure, as well as education and research opportunities. 

Looking back at the agreement with the multinational Huawei, which employs some 170 million people around the world and which had an income of some $40 billion in 2014 alone, Herrera said, "This agreement offers extremely promising perspectives and opportunities for young students."

He also said that the agreement had shown the company's commitment to research and develop and test 5G technology and subsequently create a data research and recovery centre.

"This unprecedented technology will make Malta a leader in the field," he added. 

Herrera stressed that the company had agreed to contribute to Malta's digital plan, which suggested a number of initiatives, 82% of which had already been fulfilled. 

He said that 16% of SMEs had chosen to sell products online in the country as opposed to 10% last year, and that some 44% of the population had used e-gov services, compared to 30% last year.

"ICT is one of the pillars of the country and Huawei will help to strengthen this industry in the country."