Last Updated on Monday, 3 April, 2023 at 7:04 pm by Andre Camilleri
103 local and foreign direct investment projects will create more than 1,000 new careers
In the last 12 months, Malta Enterprise approved 103 local and foreign direct investment projects, resulting in €75 million in new investment in the Maltese economy. The implementation of these projects will create more than 1,000 new careers.
This was announced by Minister for the Environment, Energy, and Enterprise, Miriam Dalli, and Malta Enterprise CEO Kurt Farrugia during a visit to Torrent Pharma in Ħal Far, a new company within the pharmaceutical sector that last March announced a €22 million investment in the opening of its EU base in Malta.
Within a few months after the announcement of the investment, Torrent Pharma has already implemented 30% of its work on the facility, where each year it will release millions of medicinal products.
“Torrent Pharma Malta’s investment is one of the quality investments we are proud to attract to our country. This multi-million project is another quality investment we want to see for Malta and Gozo. Thanks to Malta Enterprise, in the last year, €75 million in investments were approved by local and foreign companies,” said Minister Miriam Dalli.
She explained how the government is working to facilitate investment from local and foreign companies to create more quality employment while offering quality careers for youth.
“Our vision is to continue diversifying our economy and attract biotech companies, medicinal technology companies, and pharmaceutical companies, as well as digital sectors such as AI and VR, and those operating in the blue and green economies.”
Malta Enterprise CEO Kurt Farrugia said that “the total approved investment is a strong one, as well as the total of 1,000 new employment. These will create different professional careers in different sectors, from lab scientists to artificial intelligence specialists to those who code digital games to those who work on robots in the maritime sector.”
It is crucial to attract such investments through various schemes led by Malta Enterprise, such as Bstart, Startup Finance, INVEST, Microinvest, and the Smart and Sustainable Scheme, among others.
Torrent International Vice President Amul Agrawal thanked the Maltese Government, Malta Enterprise, and the regulatory authorities in Malta for their commitment to making this investment a reality.
“On behalf of Torrent management, we thank the Maltese government for welcoming us to this country. We are truly impressed by the level of support from the Malta Medicines Authority and Malta Enterprise. We are confident that our Malta operations will contribute to Torrent’s European growth, and we look forward to making Malta central to our European operations”, said Vice President Amul Agrawal.
The press conference was also addressed by Torrent Pharma Malta Managerial Director Frederick Schembri, who said, “The Torrent Malta project gives recognition to local talent; it is a truly made in Malta project, with local architects, engineers, and employees involved in every stage of the project. The design is unique and innovative for the Maltese manufacturing industry since the focus is on sustainability with a special emphasis on verticalization. In a 3,800 square-meter footprint, we are constructing approximately 9,000 square meters of facilities, making optimum use of the available land.”