€100m foreign investment in Malta industries
Malta has attracted a €100m foreign investment to its manufacturing industry. Malta has seen a €330m foreign investment increase in the past three years.
The Government of Malta has signed an agreement with Crane Currency whereby the company will open a new state of the art facility in Malta. Crane Currency is a large American company from Boston which stands as a global player with 200 years of experience in the business of producing and printing money, particularly the American dollar. This agreement will spell out a $100 million foreign investment and the creation of a minimum of two hundred jobs in Malta.
Besides serving as a printing factory using high-tech equipment, the Crane Currency facility in Malta will also operate as a world class customer experience centre where central banks from all over the world will visit Malta in order to design their next generation currency.
Crane Company plans to begin works by the end of 2016 and to be in production in the first quarter of 2018. The company has commended the Maltese Government and Malta Enterprise’s professional business conduct and business-friendly attitude which allowed for an agreement to be reached within just six months.
When asked why the company chose to invest in Malta, Stephen De Falco, Crane Currency’s CEO, attributed the decision to Malta’s long-standing reputation as a prime jurisdiction for banking and printing. Malta’s skilled workforce was another strong reason which prompted this large company to invest in Malta. Malta’s access a vast pool of various skills, a pro-business government, the island’s strategic location which allows the company to easily access clients in the Middle East and Africa were other incentives which led the company to choose Malta as its second European base after Iceland.
The agreement signed between the Maltese government and Crane Currency marks the largest foreign investment carried out by Malta in the manufacturing industry within the last 35 years, marking a true milestone for the manufacturing sector as well as the Maltese Economy.
The Maltese Authorities are seeking to expand Malta’s horizons for foreign investment in order to promote Malta on a truly international scale, not just to its European neighbouring shores. In the last three years, Malta has attracted foreign investments from China, Turkey, Singapore Iceland and the US, which translates into a €330 million increase of foreign investment in Malta’s industries. Time and again, Malta is proving itself as a prime jurisdiction for foreign investors as it has fostered a perfect environment as a platform to carry out business. Its location, skilled workforce and advantageous corporate tax regime have proven to be key components for Malta’s success as a centre of business excellence.