Malta’s industrial infrastructure is set for a massive €400 million facelift with industrial areas set to get more floors and more space to take up, Prime Minister Robert Abela revealed.

Speaking during an unveiling of measures to kickstart the Maltese economy following the COVID-19 shutdown, Abela explained that enormous funds will modernise Malta’s economy for the years to come.

The funds will be focused on areas like life sciences, business incubation, and the SME park. The construction sector will also be getting guns to turn their industry green.

Government said that areas for improvement are already earmarked and would not take up any ODZ land. Rather, the plans would make better use of underutilised industrial zones and eat up already developed space.

A similar project had already been on the government’s agenda. However, they feel now is the opportune time to kickstart plans and prepare for any major foreign direct investment that may come the countries way.

Brexit, government sources explained, was a missed opportunity for Malta as while many businesses sought out of the country to cut costs, the country was not equipped to take them. The new plans will make Malta ready for a similar fallout during the incoming global recession.

Government’s economic plans do not stop there. Tax deferrals will continue until the end of August. However, those related to employee taxes like NI or income tax will stop on 1st July.

Payment of these taxes can be paid by May 2021 with no added interest or fees.

Malta Enterprise will also reveal plans to covert tax credits into grants that will allow businesses to recoup up to €2,000 and €2,500 if the business is based in Gozo.

The state will also provide aid to businesses who will need reengineer the company to cater to a post-COVID climate with a €5,000 grant for consultancy to make a digital transition.

Skills developments scheme for employees will also get a much-needed €5 million boost.

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