11 - 17 April 2001
Foreign investment accounts for 53% of MDC projects
By Kurt Sansone
Foreign direct investment accounted for more than half of the new projects approved by the Malta Development Corporation (MDC), last year, according to the MDC.
The Corporation approved 45 new projects out of which 204 fed into the economy the crucial foreign direct investment.
Additionally, five expansions were approved by the MDC involving foreign investment already established in Malta.
The total number of projects approved by the MDC last year amounted to 57, including both the new projects and 12 expansions to existing enterprises.
When asked by The Business Times, the MDC explained that the projected capital investment for these projects would reach Lm20.4 million over the next three years, while it is expected that they will generate over 1,600 new jobs over the same period.
26 projects have commenced operations, while five were withdrawn. The MDC currently has 30 pending projects waiting for approval by the board.
The sector has also registered an increase in employment of 600 over the same period, while exports by the sector rose markedly, by almost Lm265 million, last year to nearly Lm977 million and local sales increased by more than Lm2 million - reaching Lm195 million.
The MDC has approved 14 new projects and four expansions so far this year, which will account for a projected capital investment of Lm3.4 million and an additional 638 new jobs spread over a three-year period.