INTERNATIONAL Malta Enterprise will be consolidating its promotional efforts in Spain to attract more companies to Malta, not only in the pharmaceutical sector, but also in sectors such as ICT, electronics and R&D operations, Tonio Fenech, Minister of Finance and the Economy, said today.He was addressing members of the business community who will form part of a large Maltese contingent to the Zaragoza Expo between June and September.

"Besides expanding the horizons of local business, Malta's participation at the Zaragoza Expo will be an excellent opportunity to promote Malta as a destination for trade, investment, financial services, tourism and culture," Mr Fenech said.

"The choice of focusing on Spain is not a coincidence. Spain has grown into the 9th largest world economy and is the 7th largest of OECD countries," he said.

Furthermore Spain enjoyed a leading position in a number of industrial sectors, including the aerospace, machinery and industrial technologies, automotive, biotechnology and renewable energies sectors.

Malta's exports to Spain increased by over 38% in 2007 compared to year 2000, reaching €14m in 2007, Mr Fenech pointed out. The main export products were automotive components, educational toys, pharmaceuticals, electronic and electrical components and plastic packaging.

Imports from Spain also increased substantially reaching €103m in 2007. They consisted of a wide range of consumer and industrial products.

Mr Fenech said Spanish pharmaceutical companies Medichem, Combino Pharma and Crystal Pharma had already invested over €30m and currently employed around 70 people in Malta.

This was in addition to other investment made by Spanish companies currently operating in Malta in other sectors such as insurance and tourism.