Prime Minister Joseph Muscat spoke on the investment plans of the Malta-China joint venture on renewable energy when this morning he attended the opening of Eco-Forum Global Annual Conference in Guiyang, China.
"This joint venture creates the synergy between China as a leading manufacturer of these technologies and Malta, a member of the European Union, and its business ties to North African countries that go a long way. The combination of knowhow in technology through Shanghai Electric Power’s experience and an excellent performance of the EU laws on competition and market barriers to entry and cultural issues from the Maltese side, will prove to be a sure formula for success," Dr Muscat said.
He said the project project aims at achieving 100MW of power generated from Solar Farms and 200MW of power generated from Wind Energy. Projects range from Greenfield to direct acquisition of existing renewable energy farms.
At present more than 30 potential opportunities have been identified. These could yield more than 600MW capacity. This project is planned to start by the fourth quarter of this year and aims to achieve the projected capacity within 3 years from start date.
"This joint venture will create a win-win situation for both China and Malta. Through Malta, China will be expanding its horizons in geographical markets that are highly competitive and have high barriers to entry. On the other hand, Malta will not only be gaining the intellectual knowledge on renewable technology but also become a significant player in establishing the 21st century Maritime Silk Road for a strengthened maritime economy, environment and scientific co-operation."
Dr Muscat later also addressed the Green Silk Road sub-forum.
He underlined the importance of connectivity, saying the revival of the Silk Road to instill stability through connectivity in trade posed a momentous opportunity in a world where social, political and economic contexts have evolved dramatically over the centuries whilst the physical geography remained practically the same.
Malta was posed to assume the role as the Western most end of the Maritime Silk Road, providing a platform for trade and economic cooperation with Europe and North Africa.
He stressed that global action to combat climate change would fail in the absence of international co-operation.
"The establishment of a green, and blue, silk road requires the creation of a common vision supported by commitment by all concerned."
Dr Muscat spoke on China-Malta collaboration. "Our co-operation goes back in time and together we are now aiming to forge a new blue dimension to the meaning of the silk road. We can secure the extension of the silk road by bridging two-cross roads: the far eastern borders of Asian with Europe and the other between Europe and Africa."