The establishment of a stakeholders’ partnership will proactively foresee and overcome any challenges before they become issues and it is necessary for maintaining Malta’s competitive edge in this growing and increasingly competitive industry, the minister said. In fact, the seminar hosted by Malta Enterprise was held with the goal of bringing together the current letter of intent (LOI) holders together, in order to start a longstanding partnership.

“Present efforts are concentrated on establishing an enabling infrastructure that ensures smooth operations. At the next level, we want Malta to be a research centre for medical cannabis, and to this effect, we want to see research into product development, new therapeutic strains, new product formulations, and clinical research happen in Malta. We also want to make sure that intellectual property generated in Malta can be protected in Malta,” said Mr Cardona. “The creation and consolidation of a strong peripheral industry which can service and supply both the local cluster as well as facilities beyond our shores will then be pursued,” he added.

“All of us are aware of the fast-changing scenario within the medical cannabis space. Malta Enterprise, together with our stakeholders, needs to keep a watchful eye to ensure that Malta consolidates its position as a leader in the sector”, said Mr Cardona.  

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The SUM foundation is a public organisation and is to be run by a board of administrators, where the Maltese government will be represented by Malta Investment Management Company Limited (MIMCOL) as a creator of the foundation.

In order to position Malta as an ideal location for the creation of startups, entrepreneurship and innovative ideas, the SUM foundation will be a major policy driver in the implementation of the national start-up strategy, the government expects.

“Malta’s economy has changed and will continue to change thanks to our hard-working entrepreneurs. These entrepreneurs create jobs, contribute significantly to economic growth and boost innovation. Fostering entrepreneurship must become a visible part of the government’s economic policy,” said Mr Cardona.

The main objectives of the foundation will be to promote, research and analyse startups, and invest in the creation of an entrepreneurial culture. The foundation will advise the government through feedback and information gathered from the general public and from stakeholders, in order to improve and promote Malta’s entrepreneurial journey through various stages. Starting from awareness, all the way to ideation, enterprise initiation and development, international networking and growth.

“We are confident that this will allow for sounder policy-making and improve Malta’s standing as an attractive place to set-up and grow a business,” Mr Cardona said.

Although the startup ecosystem in Malta is in its infancy, the foundation will propel its development putting strategic efforts in areas which can effectively yield to the creation of more start-ups, and tackle known challenges such as the lack of venture-capital culture and access to finance, as the DOI press statement says.

“Fundamentally, the SUM Foundation will be a learning organisation that supports innovative entrepreneurship and the community behind it. We believe that enormous potential still lies locked and undeveloped in our economy,” added Mr Cardona. “We know that entrepreneurs must lead the start-up community.”

The post Minister Cardona launches the ‘Start-Up Malta Foundation’ first appeared on The Malta Business Weekly.

Minister Cardona said that he believes that the productivity of innovative companies will increase who will be able to grow and provide new jobs. This might drive change to established businesses, health and care, transport, energy, built environment and creative industries.

HandsOn mainly develops software that allows GPS tracking of vehicles and fleet management. The company has strengthened and diversified its business through government grants and incentives and made international contacts through Trade Missions organised by Trade Malta and Malta Enterprise, according to the DOI.

Between 2014 and 2017 the company has experienced a 57% growth increase. It has recently moved to a new facility within the Mosta TechnoPark that allowed for more workspace to research and develop their products, as the press release says.

“Our economy has grown steadily and has reached unprecedented levels. Our next challenge is to aim for better, not bigger. To move away from mere economic growth and toward equitable and sustainable well-being. Success will be judged in new ways and the government acknowledges the importance of innovation and technology in the shaping of that future,” said Mr Cardona.

The post Maltese gov’t vows further support to innovative firms first appeared on The Malta Business Weekly.

The agreement between the company and the government includes the construction of a modern multi-bay hangar facility for narrow and wide-body aircraft at the Malta International Airport (MIA). With a size of 30,000 sqm, including workshop space, the new infrastructure will enable SR Technics to increase its capacities to up to six narrow-body aircraft at once for maintenance such as C-checks, modifications and retrofits, the DOI press statement says.

SR Technics expects to hire and train approximately 350 new employees in various positions, such as B1 and B2 engineers, structure mechanics and technicians to join the workforce to service existing and future customers.

“We have developed a long-term growth strategy directed towards the expansion of our global market position through services to our customers across the entire Maintenance, Repair and Overhaul (MRO) value chain. These conditions can only be reached with a supportive government willing to hear the needs of the aviation industry,” said Arthur Magri, General Manager for local operations for SR Technics, at the groundbreaking ceremony today.

Chris Cardona, Minister for the Economy, Investment and Small Businesses, insisted that the government is ambitious and keen to reach higher and wider goals, and sees MROs as a first crucial building to reach to wider opportunities in the aviation industry.

​“The global aviation industry is set to continue to experience rapid growth for the near future. Malta too has a role to play in that growth trajectory. This is a vision this Government shares with its local partners and stakeholders,” said Mr Cardona. “This €40 million investment will be instrumental in bolstering Malta’s aviation portfolio,” he added at the event in Ħal Farruġ, where the new centre will be located.

The expansion is another step made in the framework of Malta’s aviation strategy developed by Malta Industrial Parks and Malta Enterprise. The strategy aims to make better use of the area which the government expects could be leveraged to the country’s advantage in expanding the industry further.

“We fully appreciate that the speed at which the industry is growing poses challenges, particularly in regard to human resource needs and safety and congestion. Significant investment will be needed in all areas of aviation to ensure it will be ready to meet long-term demands,” added Mr Cardona.

The post SR Technics breaks ground on €40m investment in Malta first appeared on The Malta Business Weekly.