[WATCH] Energy tariffs reduction to help businesses grow - Muscat

Energy tariffs reduction to help businesses grow - Muscat • Video by Ray Attard

Pharmacare Premium Malta started producing oncology drugs at its premises in Hal Far, as it looks forward to expansion and penetrate new markets in the Middle East.

The announcement was made by Pharmacare director Bassim Khoury in a meeting with Prime Minister Joseph Muscat, who toured the company's laboratories together with junior ministers Chris Fearne and Jose Herrera and Malta Enterprise chairman Mario Vella.
Announcing the manufacturing of the oncology tablet in Malta, Khoury said he was very pleased "at the changes happening under this government".

"The cut in electricity tariffs will help us become more competitive and help us grow and employ more people. It's been a long road but things are maturing nicely and we are very grateful for the work done by the different ministers," Khoury said.

Pharmacare Premium includes investors from Palestine, Germany, Jordan and Syria.
Muscat said businesses were one week away from the pledged reduction in utility tariffs which would help them become more competitive and savings made will be used to invest in their company.

"We will soon announce an investment which will help cement our position as a centre for pharmaceutical companies and a medical centre," Muscat said, adding that a synergy between different entities could help support growth further.

Enemalta is set to start procuring electricity through the interconnector by latest end of April, a new source of electricity supply that will see Enemalta making use of both the interconnector and the power station.

Asked whether the tariff reductions was made possible through the switching on of the interconnector, Muscat said the government had a long-term savings plan "and a slippage of a few months didn't affect the bottom line of savings."