'5,000 jobs saved thanks to government intervention' - Fenech

Finance minister Tonio Fenech visited a producer of switch gear at the Bulebel industrial estate earlier this afternoon.

Fenech spoke of the importance of the industrial sector to the Maltese economy, particularly those involved in value added production.

The company visited has managed to weather the financial and economic crises without requiring any assistance from the government. Fenech pointed out that during the crises the Maltese government had assisted 18 firms, saving over 5,000 jobs.

"The companies saved have since invested close to €110 million in the economy following on from our intervention. Companies in the manufacturing sector require more liquidity than certain industries in order to invest in capital intensive production," Fenech said.

"€200 million in tax credits have already been granted to companies operating in Malta, and these have invested a total of €500 million in the economy."

"The government has invested €17 million on embellishing the four main industrial zones in Malta. The Bulebel industrial estate has a childcare centre, which has allowed for a number of women to work in the manufacturing sector, as evidenced by the female dominated workforce of the factory visited," Fenech said.