Malta needs economic diversification not just in new sectors, but also existing ones – PM

Last Updated on Tuesday, 16 April, 2024 at 11:48 am by Andre Camilleri

The expansion of Pharmadox Healthcare Ltd, a Maltese factory that tests medicines, including some of the best international brands, was inaugurated Monday by Prime Minister Robert Abela who observed that the investment was a result of the high calibre of Maltese workers and the commitment of the investor.

Following a visit to the Maltese factory, Abela interacted with its workforce, comprised of scientists and specialists. The factory, owned by Maltese individuals, manages the testing of various medicines, sourced from top international companies. Abela emphasised the importance of not just discussing the diversification of the economy across various levels, but also recognising the need for diversification within existing sectors, alongside the establishment of new ones.

The PM said that this is why the country needs to keep strengthening the pharmaceutical industry, which already is one of the strongest as a result of solid economic politics that allowed Malta to have jurisdiction of excellence, and that now the country must continue pushing even onto a European level the need to strengthen production of medicines in Europe.

“I want to see the EU offer more funds for research and innovation in this sector so that this industry keeps on strengthening the automation and have more environmentally sustainable processes,” he said.

Abela highlighted the emphasis for the country to consolidate the investment it has, and that is why the expansions and operation growth of companies such as Pharmadox is important. He added that Pharmadox was a company which began with few workers but now has nearly 200 employees in employment positions of quality.

The country must never take economic success for granted, said Abela, even following credit ratings that noted the great economic gains of Malta, but we must be careful that we capitalise on new opportunities. He said that we can do this even with investments in the education sector that prepares students for specialised jobs in emerging sectors.

Abela added that the country has a strong level of Maltese and Gozitan workers who are the reason that investment in Malta keeps on increasing and faith in the country keeps on growing for the investor. He said that this is why investors are placing their money in sectors that leave a high value added to the Maltese economy.

Pharmadox Healthcare Ltd has invested more than €6.5m, Silvio Schembri, Minister for Economy, Enterprise and Strategic Projects, said before adding that Pharmadox’s expansion is an exhibition of faith in the private sector of our country’s economy.

“This augurs well for our country’s future. Expansions like these can be done as well, thanks to the joint effort between various entities within the economy sector, such as Indis and Malta Enterprise, who showed, in this case, that they are working shoulder to shoulder with the private sector with the help and schemes that they offer. This supports businessmen and investors who know that they have an ecosystem in Malta that they can rely on,” Schembri said.

Abela and Schembri officially opened the expansion of the factory located in the Corradino Industrial area on Monday. They then proceeded to visit another factory within the same industrial complex that is currently undergoing renovations.

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