A Research and Development Incentives Package for industry was launched today by Finance Minister Tonio Fenech, who said its purpose was to help enterprises create new products and remain competitive.

Mr Fenech said the package, administered by Malta Enterprise, consists of five cash grant schemes and three schemes based on tax credits. They are open to all enterprises.

"Research and development are very important for Malta's economic development. What these schemes aim to achieve is to encourage enterprises to get more involved in research, in order to come up with new products and to make Malta more competitive," Mr Fenech said.

He explained that the schemes include a €3.5m Industrial Research and Experimental Development Scheme that will provide cash grants to companies to carry out industrial and experimental research. The maximum grant for a single project is €300,000.

The Eureka Scheme will assist Maltese enterprises with research and development held in collaboration with other European enterprises. The scheme will fund between 40 and 60 percent of the costs depending on the size of the enterprise.

The Preparatory Technical Feasibility Studies Scheme will assist companies with studies on the financial viability of their work.

Another scheme will assist companies which need to import expertise.

An Innovation Clusters and Collaboration Scheme will encourage collaboration between enterprises.

The three tax-based schemes cover industrial research, experimental development and industrial property rights. Companies will be eligible to between 25% and 80% tax refunds depending on the size of the company and the scheme.

Applications will be received by Malta Enterprise up to October 2.

Further details can be seen on 20millionforindustry.com