PRESS RELEASE ISSUED BY THE OFFICE OF THE PRIME MINISTER: Speech by Prime Minister Joseph Muscat – Nylon Knitting visit

Reference Number: PR162802, Press Release Issue Date: Dec 07, 2016

Good morning. 

It is a pleasure to be here today, to acknowledge how far Nylon Knitting has come and to pay tribute to its decision to invest in its future here in Malta once again.

We are grateful to the commitment of the Pezzoli family, especially the late Luigi. It is because of the family’s commitment and determination that the company has grown and prospered. 

It is no secret that the fabric and clothing industries across Europe suffered a sharp decline in recent decades as cheap imports from the Far East came to dominate the market.

That is what makes the Nylon Knitting success story most remarkable.

The company was a trailblazer in foreign direct investment, back in the sixties.

In the past fifteen years, there have been a series of substantial investments, amounting to nearly one hundred million euros on the most modern plant, machinery and equipment.  

The latest investment of six million euro on a finishing department will be completed in the next two years.

This puts the company in a good position in the marketplace and secures 220 jobs in Malta.  

Nylon Knitting is also testimony to our excellent economic relationship with Italy. 

In the first nine months of this year, exports of goods from Malta to Italy amounted to nearly one hundred million euro. 

This is an increase of more than two per cent on the previous year.

Indeed, the products from this factory are sold worldwide.  

Which is as should be.

Every business in Malta needs to have broad horizons when it comes to the market place. 

Just as we attract investment from China to the United States, we can sell Maltese products and services anywhere. 

Our location itself strategically positions a company to be able to reach new markets. As a Government, we believe that that is not enough. 

We have set out to make Malta a destination for investment. 

Our pro-business attitude as well as our continuous work with stakeholders is helping to keep businesses’ costs low and ensuring a positive business climate in our country. 

Investment is the second main contributor to Malta’s economic growth.

And when companies such as Nylon Knitting continue to invest here it reflects a trust in our country’s economy.

Our success is also reflected by International rating agencies.

The most recent confirmation came from Credit reform Rating AG who assigned Malta an A+ rating with a stable outlook.

Whilst also recieving an upgrade from Standard and Poor’s only a few weeks ago.

It is a pleasure as Prime Minster to see businesses choose to  invest, and then thrive in our country.

Your investment results in your success, and your success is our goal. 

Investment creates more jobs and wealth in the country – and ultimately leads to a better quality of life for Maltese families. 

We must work hard to keep up the momentum of our economic success.

I am confident that Malta’s best days lay ahead.

And it is good that Nylon Knitting will be playing its part, adding to further economic growth.

We will continue doing our part, to help support you and other businesses to grow your operations here.

I woud like to take this opportunity to thank you for continuing to choose Malta and I wish you all the very best for the future.