In the coming years, we can expect to see more growth and innovation in the Maltese business landscape.
A combination of continued financial support for foreign direct investments (FDI), the growth of local enterprises, and the emergence of startups as contributors paints a promising picture. Moreover, the government’s dedication to providing resources and support to all these sectors underscores its vision for a diverse and resilient, future-proofed economy.
“Provisional statistics serve as a testament to Malta’s ongoing commitment to fostering a vibrant and diverse economy that benefits both its residents and the global business community,” a spokesperson from Malta Enterprise, Malta’s economic development agency, told The Journal.
The Maltese economy has witnessed a robust performance by its businesses and entrepreneurs over the past year, with substantial investments pouring in from both domestic and foreign investments. Malta Enterprise has again played a role in supporting these investment plans and continued to synergise the vibrant industrial and tech players as they advanced their individual projects or joint projects.
New FDI investement and expansions
Malta’s appeal as a hub for foreign businesses remains bouyant. In the past year, another 20 foreign companies have benefitted from Malta Enterprise support in making Malta their home, injecting a total of €12,691,100 into the local economy. This statistic serves as a testament to the country’s favourable business environment as well as the efforts being made by the government, including its entities, to create visibility and interest for Malta’s business proposition.
Furthermore, another 10 FDIs that already have a productive presence in Malta chose to expand their operations locally. This investment will contribute an added €11,745,506 to the economy. These decisions embody their confidence in the stability and growth of Malta, as well as the ease of doing business in the country.
Local business growth
The growth of local businesses is equally vital to the Maltese economy and a priority for the government and its entities, and the figures indicate a flourishing ecosystem. In the last year, 48 local companies expanded their operations, bringing an impressive €32,938,873 into the local economy. This is a testament to the business aspirations of the local business scene but also the government’s unwavering support for indigenous enterprises.
These statistics continue to show that the Maltese government’s commitment to fostering innovation and entrepreneurship is yielding tangible results. By providing financial support through various schemes and fostering an environment conducive to business development, Malta is well-positioned to continue its economic growth and diversification.
The ongoing success of these initiatives can be attributed to the collaborative efforts of the government, industry representatives, unions, and the entrepreneurial community. The symbiotic relationship between these stakeholders has helped create a conducive environment for SMEs and larger Maltese companies to thrive.
Startup ecosystem support
Malta has been and will continue to make significant strides to nurture and bolster the growth of its startup ecosystem. From the beginning of 2023 until today, 13 startups have benefitted from the Startup Finance Scheme, receiving a total of €4,610,000 in financial support. This is the most robust scheme that Malta Enterprise has to offer to startups which are advancing into scaleup status. The support ecplises the €11,000,000 granted over the last two years under this incentive only.
If we had to look at more startup schemes over the last 2 years another 20 companies have benefited from the B.Start Scheme, with a total investment of €1,163,000. B.Start is the entry point support scheme for innovators who want to start working on their idea. The Kick Start Scheme, which is tied to participation into accellerator programmes, has also played a pivotal role in fostering innovation and business growth. In 2023, 21 companies received a total of €1,848,200 in support, an increase from the €650,000 invested in the previous year.
This growth in take-up indicates the growing popularity and effectiveness of these programmes, which offer startups the necessary boost to get off the ground and scaelup.
As the world continues to evolve and adapt to new challenges, Malta’s commitment to nurturing its business ecosystem will ensure its continued success on the global stage, the Malta Enterprise spokesperson assured.