VALLETTA, April 21 (Xinhua) -- Maltese minister within the Office of the Prime Minister Konrad Mizzi said on Thursday that Chinese firm Shanghai Electric went a long way in contributing to the fast growth of Maltese economy.
He said this after an event commemorating 40 years since the establishment of Enemalta, the country's main electricity provider, in Marsa.
Shanghai Electric signed an agreement with Enemalta in March of 2014 to buy a 33-percent equity stake in Enemalta.
Mizzi told Xinhua that the electric tariffs in Malta are now the third cheapest in Europe because "the right partner had been found".
Enemalta and Shanghai Electric are equal partners, and Shanghai Electric had brought in not only capital but a lot of technical expertise, said the minister.
A 7-year business plan has been developed which is now delivering results, according to the minister. The next step in the collaboration is investment overseas.
A wind project in Montenegro has been developed and the companies are now looking at various other projects, he said.
"The formula for this success is that the Maltese side will help with European regulatory issues, whilst Shanghai Electric will provide the technical expertise, develop projects and finance. Together growth can be created in Europe," he added.
Mizzi also said that the successful partnership between China and Malta is opening doors for further projects in other avenues.
"The success that Shanghai Electric has achieved in Malta is paving the way for other companies to come to Malta," he said.