Current Affairs
Indian company in Malta to invest €3 million for research in cancer treatment

Prime Minister Joseph Muscat has stated that Malta welcomes a number of businesses with Indian interests. Dr Muscat explained that the pharmaceutical industry has developed in a niche of reciprocal collaboration between Malta and India. Indian companies have become aware of the advantages offered by Malta to this industry, have invested and now employ hundreds of staff in their Malta facilities. The Prime Minister announced that one of the companies, Aurobindo, is to make another substantial investment in Malta this year.

Dr Muscat stated that “Aurobindo, of the the major Indian pharmaceutical companies in Malta, is to invest another three million euro to launch another research project related to cancer treatment.”

On the other hand Dr Muscat referred to the good reputation of the Malta Medicines Authority which carries out inspections in India, including in the state of Gujarat, where this investment summit and trade fair are being organised.

“The Malta Medicines Authority is well known in India, as Indian companies call on it to carry out examinations to enable them to sell their products in the European Union,” the Prime Minister stated.

Speaking to an audience from different sectors of the Indian trade community, the Prime Minister gave a presentation on what Malta can offer. Dr Muscat mentioned the agreement for freedom from double taxation, trained human resources, knowledge of the English language and the country’s geographical position. Dr Muscat also referred to his Government’s strategy to facilitate trade, which he pointed out had been translated into 111 new foreign investments approved by Malta Enterprise.

In the Prime Minister’s opinion, blockchain will change from the ground upward the way public and private enerprises operate. Dr Muscat expressed the opinion that instead of resisting new digital industries, one should exploit their potential. In this context the Prime Minister spoke about Malta’s vision as a blockchain island, with Malta at the forefront with a legislative framework which regulates new technologies for financial services like blockchain and virtual currencies.

In India, the Prime Minister was accompanied by the Minister for the Economy and Investment, Chris Cardona, and by a trade delegation.

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