MOU between MIP and Chamber of Commerce ensures further collaboration

A Memorandum of Understanding signed between Malta Industrial Parks (MIP) Chairman Tony Zahra and the Chamber of Commerce, Trade and Industry President Anton Borg, ensures long-term relationship and mutual goals for both entities.

 “Our focused and diversified successful economy is underpinned by a high quality, dynamic, productive and innovative private sector,” said economy minister Chris Cardona presiding over the signing of the MOU.

The MOU also maps out mutual goals in how to further devise and implement together for the proper maintenance, support and promotion of the development of industrial parks and related facilities, a press statement reveals.

“The alliance allows the fostering of a business-friendly environment which can only be achieved through exchange and understanding between the relevant stakeholders in the public and private sector,” it adds.

The government and the chamber have been collaborating ceaselessly, leading to resolutions that safeguard the commercial players making up the local economy.

“In recent years, several significant decisions have been taken, worthy of note being that of the establishment of Trade Malta. The entity established between the government and the chamber offers guidance to all locally based companies who wanted to make the most of broader possibilities overseas and attracting foreign investment.” Cardona said.

He added that MIP has a prime function in directing economic growth with the administration of the country’s industrial estates.

“MIP holds €103 million worth of investment property, making up more or less two percent of the whole country’s surface area. Together with Malta Enterprise, MIP allocates factories for new economic investment projects, as well as embellishment and upgrading of infrastructure within industrial zones.”

He added that various projects that have been completed such as the LifeSciences Park, together with the most recently announced investments at Safi Aviation Park and Playmobil Ltd, which continue to cement Malta’s position as a business hub in the Mediterranean basin.

Cardona noted that the country is currently experiencing an economic high, and that the maintenance of this economic momentum is the government’s responsibility in order for it to serve as a facilitator and enable investment and growth.

 “After a stronger-than-expected 2015, growth is projected to moderate somewhat but to remain robust in 2016 and 2017,” he added.

 “This collaboration between the private and public sector we are witnessing today allows our economy to be more sensitive, flexible and responsive to the market needs, and I have no doubt that will lead to fruit-bearing projects and initiatives.”