Business Secretary sets out top priorities for a stronger Welsh economy “built by all of us”.
Responding to the challenges of global disruption, inflation, interest rates and energy costs, the Welsh Government will set out four priorities that will shape how Wales can respond to uncertainty and seize new opportunities
- A Just Transition and Green Prosperity: Recognizing the enormous net zero economic opportunities and working with businesses and people to deliver a just transition.
- A platform for young people, fair work, skills and success: we support young people to achieve an ambitious future in Wales. Prioritizing their skills and creativity.
- Stronger partnerships for stronger regions and our everyday economy: working with regions to agree smaller priorities for growth, local jobs and major investment. New joint work to strengthen the case for UK investment in projects that boost investment and support fair, unionized jobs in areas such as nuclear, offshore wind and technology.
- Investing for growth: We will work in partnership to focus on our recognized strengths and drive investment and growth that prioritizes fair work and the long-term. Our new mission-based innovation strategy targets new investments in a post-EU landscape, supporting commercialization, research and development and entrepreneurship.
At a Welsh Government press conference, the minister will argue that “leakage is a failure” and set out the case for positioning Wales alongside business that is transforming active industrial policy into new skills for long-term prosperity.
Business Minister Vaughan Gething said:
“As the global economy changes and the race to net zero emissions increases, our priority is to turn these opportunities into increased business growth and secure, well-paid work.
“Our ambitions for Welsh industry have helped attract hundreds of millions of new investments to Newport’s semiconductor clusters this year alone. Our partnership with companies such as Siemens and Rocket Science has also secured new jobs in life sciences and gaming from Gwynedd to Cardiff.
“Wales’ recognized strengths with real growth potential make it a great place to invest and our economic priorities build on our reputation as a stable government that businesses can work and plan with.”
“Wales is also a great place to start and grow a business and I’m proud that the start-ups we support are twice as likely to be in business after five years compared to the wider market “From introducing new green business loans to our dedicated development bank and increasing the number of NHS contracts awarded to Welsh SMEs, we will continue to provide targeted support for stronger small businesses.”
Ahead of a business summit in Ebbw Vale later this week, the minister will also call on businesses to commit to empowering women and breaking down barriers in the workplace, particularly in the sectors where they are most under-represented.
He said:
“I want more young people to feel confident about planning an ambitious future in Wales and for more girls and young women to realize they have a leadership role in the industries and services of the future.
“We are seeing inspiring action on this issue in Wales and I pay tribute to leaders such as the Women in Cyber Network, as well as the women in trade unions who are campaigning voluntarily against discrimination and harassment in the workplace. But this is a job for all of us and we will figure out how we can help more companies follow the lead.
“We will all build a thriving economy and companies that reflect a modern Wales will be the ones that draw on the talents of a more diverse workforce.”
Ebbw Vale-based social enterprise Elite Clothing Solutions is delivering on the Welsh Government’s priorities by providing opportunities to many people who struggle to find work.
The company, which leads a consortium including Brodwaith Cyf in Llangefni, Treorchy Sewing Enterprise in Rhondda and Fashion Enter in Newtown, was recently awarded the contract to produce uniforms for Transport for Wales, using procurement tools provided by the Welsh Government that is possible.
CEO Andrea Wayman said:
“It is a fantastic achievement to be awarded the contract to make Transport for Wales unified. Through a consortium approach, the entire uniform is made in Wales, from design and manufacturing to branding.
“From an economic perspective, it maintains and creates jobs, apprenticeships and training opportunities to enable inclusive employment for disabled and disadvantaged people, older workers, young people and single parents.”
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