TECOM Investments said that talks about the SmartCity project in Malta are still under way with the Maltese government and, it added, it is keen to reach an agreement.
In a statement TECOM, a subsidiary of Dubai Holding, said that this is a major strategic project entailing substantial long-term investments and obligations and the remaining issues needed to be resolved to the satisfaction of both parties.
The TECOM statement comes in the wake of comments made in Parliament recently by Investment, Industry and IT Minister Austin Gatt that he had told TECOM's chief negotiator that Malta would withdraw from the SmartCity project if talks continued to drag on without agreement.
"Should it come about, the advantages will be huge but we cannot submit to all of the investor's conditions," the minister was quoted as saying.
The talks have been dragging on for seven months and they have been extremely complex but the time has come for decisions to be taken, Dr Gatt continued, observing that the differences were few, but crucial.
In its statement yesterday, TECOM said the discussions are focused on structuring this deal so that it is a win-win situation for all stakeholders.
TECOM are also keen to make sure that the project will benefit the economy and the people of Malta. An investment of this nature has many complex aspects and each and every issue needs to be addressed comprehensively, TECOM said.
It added that the understanding and commitment of the Government of Malta is critical to the long-term sustainability of the project. TECOM sees the Government of Malta as a key partner in its larger global aspirations.
TECOM believes the Smart City project will help tap the exceptional economic potential of Malta.
By developing SmartCity Malta into a strategic platform for global knowledge-based companies to target markets in southern Europe and North Africa, the Maltese people, in their own right, can further harness the geographical Mediterranean potential of Malta.
TECOM said it is planning to develop a network of knowledge-economy centres around the world, and Malta will be a key point in this network across the globe.
As part of this extensive and far-sighted plan, TECOM is also currently negotiating with three states in India and Pakistan since the sub-continent is an important element in its overall plan.
The Ministry of Investment, Industry and IT yesterday expressed satisfaction that further talks are currently under way with TECOM Investments on the SmartCity@Malta project.
The ministry noted that the positive attitude of TECOM Investments towards negotiations and its understanding of Government's position is encouraging both sides to seek a final agreement without further delay.
The ministry added that over the coming days the negotiations will be intensifying and will be entirely focused on addressing and resolving the final issues that remain outstanding, in the context of the eligible parameters within which Government has to operate.
There can be no doubt that the successful conclusion of discussions would signify an important development in Malta's effort to continue to be recognised on the global level as an ICT Centre of Excellence.
"A partnership with TECOM Investments, and the creation of 5,600 jobs in Smart City would be of immediate benefit to our economy and to its future prospects, as well as a winning strategy for Tecom Investments itself in its expansion programme," the ministry said.