Building the Industries of the Future
Malta's Prime Minister Dr Robert Abela announced that the nation will invest €470 million over the next eight years in an industrial infrastructure programme to boost local businesses and attract foreign investment.
This programme was announced in the budget in October and has the objective of upgrading industrial estates to provide additional space for industrial purposes. The program continues the strategy of successive governments to provide solutions for investors looking to start business in, or move operations to Malta. Increasing the supply of space available for industry is critical as the present space is in high demand with several new investment projects in progress.
Some €100 million will be committed to extend the Life Sciences Park, that will add five new blocks to the three existing ones, thus increasing the available space by 30,000 square metres. The Life Sciences Park has proved immensely successful and has already established itself as a leading industry hub, supported by its proximity to both Malta's General Hospital and the airport and other logistical links.
A civic amenity site in Luqa will be organised and rehabilitated into premises suitable for small to medium enterprises. Construction waste currently located at the site will be recycled and processed into a new kind of Maltese brick that has been developed by local researchers.
A €15 million project will accommodate start-ups and small businesses at the Kordin Business Incubation Centre with a complete refurbishment and the addition of 10,000 square metres over multiple levels.
The Ħal Far industrial estate will benefit from numerous upgrades, with €80 million allocated for premises for SMEs and light industry. Some 60,000 square metres will be reclaimed through the demolition of old factories in the area, to be reconstructed as facilities for medium to large industrial plots. A further 84,000 square metres will be redeveloped into an SME park including a logistics facility to cater for the storage needs of businesses that will operate in the area.
Road infrastructure in industrial areas will be upgraded to include new car park facilities , while public-private partnerships will be developed with entities that already own land in industrial areas and wish to upgrade it for improved use.
This ambitious investment program cements Malta's position as the ideal jurisdiction to do business in the European Union and MENA region, and adds to the existing benefits of investing in Malta, including financial grants and funding support, mentorship programs and a business-friendly tax regime.
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