Cutting energy costs will not be enough on its own to support the manufacturing industry but it is an important step forward, according to the Prime Minister.

Joseph Muscat said the government was committed not to create surprises for industry and will adopt an open-door policy to deal with problems that may arise as a result of a globalised economic system.

He was speaking after visiting De La Rue, a money-printing factory, in Bulebel this morning.

Dr Muscat said the government took note of some of the critical findings in the EY survey this week that showed how very few foreign entrepreneurs saw manufacturing as a main contributor to growth in the next couple of years.

Similar findings in Europe put manufacturing on the top rungs as a growth driver.
"The EY survey also had some encouraging news, which we took note of," he said. Among other figures, the survey found that 79 per cent of respondents saw Malta as an attractive place for foreign direct investment.

The Prime Minister noted that the reduction in energy costs by 25 per cent for businesses in March would significantly help to reduce costs and bolster competitiveness but acknowledged more had to be done. The government would also have to factor in new EU rules on State aid.

Dr Muscat was given a tour of the high-security facility and after spoke to employees, some of whom have been working for the company since opening in Malta 40 years ago.