Lufthansa Technik to pump €367m in economy - report

Lufthansa Technik will contribute €367 million to the Maltese economy within 30 years - excluding the investment being made by the government in the necessary infrastructure, the hangar and training, according to a Malta Enterprise report to the Investments Ministry.

The ministry said in a statement the government was financing the building of the new hangar, which would then be rented to Lufthansa Technik for 30 years. The rent will yield the government an income of €63 million.

The government is also financing the training of Maltese students who, on graduating, would join Lufthansa Technik.

Lufthansa was also given investment and recruitment assistance in line with the Business Promotion Act.

The ministry said that, on the other hand, Lufthansa was binding itself to employ 55 people and to keep this level of employment for at least 15 years. Between them, these would be paid €347 million in wages. Another €29 million would be paid in stamp duty.