MDC, Metco, IPSE to merge into Malta Enterprise Board

The framework of the new Malta Enterprise Board, formed by the merger of three key current government agencies, is to be finalised by the end of next month, Economic Services Minister Josef Bonnici said.

The Malta Development Corporation, the Maltese External Trade Corporation, and the Institute for the Promotion of Small Enterprise are to be merged into one in order to streamline and reorganise the business and services industry.

IPSE facilitates the growth and formation of SMEs, Metco promotes external trade promotion, and the MDC is the government arm responsible for attracting and supporting foreign direct investment.

At a news conference at the Economic Services Ministry, Prof. Bonnici said it was hoped that the new organisation would be up and running by the end of the year.

The news conference was held following a meeting with the members of the Malta Enterprise Board, 12 Maltese individuals who have made a mark in business overseas.

Prof. Bonnici explained that the idea behind the new organisation was to create a more effective structure tailored to the needs of today.

"We believe we can be more effective and efficient, with less overlapping resources," he told reporters.

The minister said the main problem was that there were no clear cut areas of demarcation between the three entities.

The Malta Enterprise Board would try and find the best means of accelerating development, Prof. Bonnici explained.

"It will outline where to look for investment, which strategy to use to contact companies, how we will be in a position to create new activities, how we can bring companies to use Malta as a base, and how we can incorporate new activities to generate more jobs."

Prof. Bonnici said the 12 individuals on the board would also try to use their considerable list of foreign contacts to try and attract more business towards Malta.

Prof. Bonnici cited Ireland as a perfect example where the streamlining of organisations had led to more efficiency, and better development.

The minister promised he would liaise with the trade unions about the way the new structure would operate.

"This is an exciting period. It`s the beginning of an organisation which will have much wider horizons with more demands," he said.

The minister said there were "very good prospects" for new investment before the summer season, but he would not be drawn into giving details.

Prof. Bonnici said there was an impressive list of new investment in the island so far this year, in particular Dowty, De La Rue, Baxter, Menrad and Arrow Pharmaceuticals.