PM announces that De La Rue will be building its largest plant in Malta, creating 100 new jobs

PM Robert Abela has announced that the international company De Le Rue which produces currency, will be building its  largest plant here in Malta. Dr Abela said that this multi million Euro investment will be carried out with the help of Malta Enterprise, leading to 100 new job opportunities in Malta.

De La Rue, which has a 45 year history in Malta, will be building its largest plant for the production of currency, passports and other security products.

This investment will start within the next few weeks and will be spread over 29,000 square metres of land.

During the launch of this investment, it was stated that this new facility will make the company more efficient while improving its capacity, flexibility and the efficiency of the entire De La Rue plant.

The company will be doubling its capacity for security products and will develop the largest facility for the production of different currencies.

The PM said that the news of this investment represents the work being done by the Government for a better quality of life for the Maltese people. He said that through this investment, the company will be producing more than 2 billion bank notes annually.

He said the Government believes in the manufacturing sector and, in fact, today it is manufacturing our future. He said this investment is a confirmation that resilience can make all the difference.

Dr Abela added that over the last 18 months, it was not easy for anyone because of the pandemic crisis. He said that many were predicting a difficult time for exporters in Malta, also due to the financial and economic crisis of 2008 which had led to a reduction of €100 million in VAT. He said that eight years had to pass for investment to recover to pre-crisis levels. He said that Government never accepted the prediction that 50,000 would end up unemployed. He said that the decisions taken from March 2020 onwards has led to our country becoming a leader in the provision of financial aid in Europe, which included the wage supplement of €40 million a month. This money was well-spent because it protected families and businesses.  He said that instead of increasing bills and fuel prices, schemes were introduced to help businesses and reduce the price of fuel.

The PM said that it was this pro-active mentality which has led to positive results.  He said the Government showed that Maltese businesses had vision beyond the pandemic. He said that instead of increasing taxes, the Government had committed itself to working hand in hand with businesses to keep investing in the industrial infrastructure of the country.

He said the Government also provided peace of mind when in July of last year it obtained the largest funding package from the EU.

The PM added that today we are reaping the fruit of the decisions taken over the last few months and that is why today there are the least number of people registering for work, the greatest amount of investments ever registered in three months and a record investment in the manufacturing sector fo the first six months of this year.

The PM expressed his appreciation to De La Rue for the confidence it is has shown in the Maltese employment sector,

Dr Abela added that Budget 2022 will provide an economic and financial framework to keep strengthening the economy of the country and for Malta to keep attracting foreign investment in various sectors of the country’s economy.