PRESS RELEASE BY THE MINISTRY FOR THE ECONOMY, INVESTMENT AND SMALL BUSINESSES: Budget for 2019 ups fiscal incentives for local industry to Euros 24 million from Euros 16 million

Minister for the Economy, Investment and Small Businesses Chris Cardona addressed a special dialogue session organised by the Manufacturing Economic Group of the Chamber of Commerce, Enterprise and Industry, to share plans and measures for local industry following last month’s budget speech, as well as to listen to industrialists’ reaction to the new measures.

Minister Cardona stressed that the budget is an economic document which sets out the Government’s macro-economic policy for the country, and the needs of the industry are addressed not only with the publication of this document. Constant work is being done by the Ministry and Malta Enterprise on comprehensive policies, new measures and incentives to make sure that the local industry is sustained and given the support it requires to grow. So much so that the amount for grants in fiscal incentives to the local industry for 2019, has increased from Euros 16 million to Euros 24 million through Malta Enterprise.

In reaction to questions from the Chamber members, the Minister elaborated on the Night Shift Promotion scheme. Later next year, Malta Enterprise will be introducing support measures to enterprises to operate during the night in an effort to increase national efficiencies. The projects would have the aim to increase efficiency in the use of specific infrastructural resources by shifting operations to times when the resource was under used, increasing efficiency through technology and collaboration.

Minister Cardona concluded with the call for wider discussions focusing more on how to increase the industry’s competitiveness, rather than the mere reduction of operational costs. The Minister also suggested the option for frequenter meetings with Chamber members and industrialists.

As a Government, we have and will continue to foster a culture of continuous dialogue, said Minister Cardona.

Source: Government of Malta


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PRESS RELEASE BY THE MINISTRY FOR THE ECONOMY, INVESTMENT AND SMALL BUSINESSES: Budget for 2019 ups fiscal incentives for local industry to Euros 24 million from Euros 16 million

Minister for the Economy, Investment and Small Businesses Chris Cardona addressed a special dialogue session organised by the Manufacturing Economic Group of the Chamber of Commerce, Enterprise and Industry, to share plans and measures for local industry following last month’s budget speech, as well as to listen to industrialists’ reaction to the new measures.

Minister Cardona stressed that the budget is an economic document which sets out the Government’s macro-economic policy for the country, and the needs of the industry are addressed not only with the publication of this document. Constant work is being done by the Ministry and Malta Enterprise on comprehensive policies, new measures and incentives to make sure that the local industry is sustained and given the support it requires to grow. So much so that the amount for grants in fiscal incentives to the local industry for 2019, has increased from Euros 16 million to Euros 24 million through Malta Enterprise.

In reaction to questions from the Chamber members, the Minister elaborated on the Night Shift Promotion scheme. Later next year, Malta Enterprise will be introducing support measures to enterprises to operate during the night in an effort to increase national efficiencies. The projects would have the aim to increase efficiency in the use of specific infrastructural resources by shifting operations to times when the resource was under used, increasing efficiency through technology and collaboration.

Minister Cardona concluded with the call for wider discussions focusing more on how to increase the industry’s competitiveness, rather than the mere reduction of operational costs. The Minister also suggested the option for frequenter meetings with Chamber members and industrialists.

As a Government, we have and will continue to foster a culture of continuous dialogue, said Minister Cardona.

Source: Government of Malta


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