Malta Enterprise has approved €663 million in direct foreign and local investment during the last 12 months, Economy Minister Chris Cardona told Parliament this evening.

The investment was a record figure and would create 2,000 new jobs within three years, he added. 

The minister told parliament Malta Enterprise had also allocated more than 6,000 square metres to 27 companies in the Life Sciences Park while, at the same time, strengthening and launching new business schemes.

Xewkija Industrial Estate was being expanded thanks to a €16 million investment and 25 enterprises would create 150 new jobs there, he said.

Dr Cardona said that the former Dowty factory at Mrieħel had been pulled down and a food manufacturing centre would be built instead. The Crane Currency investment would not only offer alternative jobs to former De La Rue employees but also open up new careers in the printing industry.

Dr Cardona acknowledged challenges in the manufacturing industry remained - even though 2,000 new jobs would be created, he added.

He said that when discounting fuels and lubricants, exports in the first six months of the year were €360 million higher than during the same period of the last year of the PN government.

Turning to the World Bank’s Ease of Doing Business Report, Minister Cardona said Malta was in the 102nd place back in 2012. Since then it had moved up to 26th place. 

Malta's competitiveness was also improving, he said, pointing to a World Economic Forum report that saw Malta climb eight places to reach 40th place.

Malta was also the EU country with the highest percentage of rapidly-growing firms, as measured by companies growing their workforce by more than 10 per cent every year.

Turning to White Rocks Malta, the minister said a preferred bidder had been chosen and negotiations would start shortly. This project would seek to attract high-quality tourism.

The most recent economic sentiment index put Malta 114th - 21 per cent higher than the ranking registered during the last year of the previous, Nationalist administration, Dr Cardona said. Malta had also registered the highest optimism rate in the eurozone, he added. 

Concluding, Dr Cardona said that the European Commission survey confirmed that economic growth was filtering down both to business and families, leading to more investment and consumption.