Government underlines success of new industries such as AI, clean energy and semiconductors in lead up to Wales Investment Summit on December 1
In the past 12 months, Wales has attracted some £4.6bn in inward investment – much of it, notably, in new technologies.
Photo by Catrin Ellis / Unsplash
Over that period, Wales secured 65 foreign direct investment projects, which was a 23% increase on the previous year and the second highest growth in the UK. Between them, these projects created 2,470 new jobs and safeguarded 1,652 more – the highest of any part of the UK.
These impressive figures has been shared by the Welsh government weeks ahead of the Welsh Investment Summit, to be held on December 1 at the International Convention Centre Wales (ICCW) in Newport. More than 300 senior industry and business leaders from 27 countries are expected to attend this prestigious event, which will showcase examples of the country’s world-leading innovations.
Of around 250 companies sending representatives to the summit, some 150 will be new to Wales.
The Welsh government says that over the past decade Wales has seen tremendous growth in a range of sectors, especially those related to tech. It cites artificial intelligence, clean energy and semi-conductors, as well as the creative sectors, as industries that have particularly flourished.
These will be at the forefront of the summit, with the aim of forging new partnerships with global investors to deliver long-term prosperity and good quality, sustainable jobs.
Some 1,545 foreign-owned businesses are currently active in Wales, employing more than 176,500 people.
Eluned Morgan MS, First Minister of Wales, says: ‘In the year since I announced this summit would be happening, Wales has attracted around £4.6bn of inward investment from around the world. Events like this provide crucial focus for business and government to work together and make deals that will benefit communities the length and breadth of Wales.
‘Wales offers a compelling investment proposition thanks to our world-class infrastructure, a skilled workforce, and a strategic location that provides access to major UK and European markets. We’re creating the conditions for businesses to succeed and grow, and Wales is attracting global investment like never before.’
Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning, adds: ‘From semiconductors in Newport to renewable energy projects across our coastlines, Wales is at the forefront of the industries that will define the next decade. Our role as government is to work in partnership with businesses, removing barriers and creating the right conditions for investment to flourish. The companies attending the summit will see first-hand why Wales is the smart choice – and we’re ready to turn conversations into commitments.’
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