The financial services sector has so far achieved a record increase of nearly 12 per cent over last year.
Economic Affairs Minister Chris Cardona said in Parliament yesterday that coupled with an increase of more than 19 per cent in gaming, this had led to increased employment.
He said the logistics policy which the government was setting up would guarantee that industry would no longer depend on services and manufacturing. The policy was at a very advanced stage and would transform into a logistics hub in the .
The government was working on two tracks: strengthening sectors already present in the economy and looking beyond. The first was centred on the achievements of various administrations and of the present one, with success having been brought about by focusing on industrial sectors that made sense in Malta.
So far this year Malta Enterprise had approved €7.3 million worth of projects over the next three years, besides the €140 million approved last year with promises of more than 2,500 new jobs over the same period.
The logistics policy will guarantee that industry will no longer depend on services and manufacturing
As for the second track, the government was looking at various sectors and its approach had already been proven right. Projects in health tourism and intellectual property were under way with the help of international legal firms, with a view to setting Malta up as a hub.
The Malta Gaming Authority had restructured its operations and was now looking into new niches while enhancing the government’s tax revenue. It was attracting more investment to Malta and results would continue to improve.
The government had nothing against foreigners working in the gaming sector in Malta, so long as steps were taken to foster a supply of Maltese skills.
In this sense the Malta Gaming Academy would prepare Maltese youths to come into the industry and quench Maltese and foreign operators’ thirst for trained human resources.
The government was working on a clear, strong platform with a three-year horizon.