‘Time to pass the baton’: Kurt Farrugia reflects on ‘five incredible years’ as Malta Enterprise CEO

Outgoing Malta Enterprise CEO Kurt Farrugia on Monday looked back on his five years leading the country’s economic development agency.

Last month, reports stated that there were discussions ongoing for a new CEO at Malta Enterprise, with Mr Farrugia set to take on the CEO role at Transport Malta. This decision was confirmed on Friday, with him being announced as the new head of the transport agency, while George Gregory was appointed CEO of Malta Enterprise on Monday.

Mr Farrugia officially assumed the position at Transport Malta on Monday, and on the same day, he took to social media to reflect on some of the highlights of his tenure at Malta Enterprise.

“After five incredible years as CEO of Malta Enterprise, it’s time for me to pass the baton,” he remarked.

“I’m immensely proud of what we’ve accomplished together, driving Malta’s economy forward with innovative projects, strategic expansions, and a resilience response to unprecedented challenges,” he continued.

One of the key highlights he shared was the forming of a “vibrant startup ecosystem” through initiatives such as StartinMalta and the Startup Festival. He noted that there has been a significant amount of work to simplify processes and enhance incentives for startups.

Additionally, Mr Farrugia also pointed towards the increased focus on the semiconductor industry, uniting some key stakeholders in the local sector. During his tenure, Malta Enterprise also secured Malta’s largest research and development project ever through the IPCEI2 application for STMicroelectronics.

He noted that a number of “high-impact projects” such as Torrent Pharma, R3Vox, and GIMAS, were launched, while expansion projects with other companies were also initiated.

“We’ve achieved a 100 per cent retention rate of manufacturing companies – none leaving the island or closing down – with most expanding, increasing their workforce, and transitioning to more automated and sustainable operations,” Mr Farrugia continued.

He also said that a key milestone during the COVID-19 pandemic was the implementation of an €800 million wage supplement, together with rent and electricity subsidies, as well as quarantine leave.

The agency also managed over €200 million in schemes and introduced an implementation unit to guide foreign direct investment (FDI) through the complexities of setting up operations in Malta.

“None of this would have been possible without the exceptional professionals at Malta Enterprise, whose dedication, creativity, and hard work have driven our success,” Mr Farrugia said.

He proceeded to express gratitude to Ministers, colleagues, and CEOs he has worked and collaborated with.

During the years, Malta Enterprise has also seen its fair share of challenges. One of the most recent cases was it being named in the public inquiry for the death of Jean Paul Sofia in December 2022. The inquiry found that Malta Enterprise should have never approved the construction project that led to his death, and the assessors did not examine the proposed building plans, the report said. A number of Malta Enterprise officials proceeded to resign or were sacked following the inquiry.

Addressing his successor, Mr Gregory, he said that he leaves him with a “solid foundation and an extraordinary team,” adding: “I do not doubt that you will continue to drive Malta’s success to even greater heights.”

“On to the next – big – challenge, Transport Malta,” Mr Farrugia concluded.

In his new position, Mr Farrugia will have to lead an agency that has been in the hot seat over the years due to its status as regulator of all modes of transport in Malta. It oversees land, aviation and maritime transportation, all three being equally vital to the functioning of the country as an island nation.

Transport Malta has been consistently criticised for its mismanagement, particularly since the nation’s traffic situation continues to worsen.