Economy Minister sets out top priorities for a stronger Welsh economy ‘built by all of us’

Responding to the challenges of global disruptions, inflation, interest rates and energy costs, the Welsh Government will set out four priorities that will shape how Wales can respond to uncertainty and exploit new opportunities

1. A just transition and Green Prosperity - Realising the enormous Net Zero economic opportunities and engaging with businesses and people to move towards a just transition.

2. A platform for young people, fair work, skills and success - Backing young people to achieve the ambitious futures in Wales. Prioritising their skills and creativity.

3. Stronger partnerships for stronger regions and our everyday economy - Working with regions to agree a smaller set of priorities for growth, local jobs and major investment. New joint working to boost the case for UK investment in projects that crowd in investment and support fair, unionised jobs in areas including Nuclear, Offshore Wind and Tech.

4. Investing for Growth - We will work in partnership to focus on our recognised strengths to boost investment and growth that prizes fair work and long-termism. Our new mission-based Innovation Strategy will target new investment in a post EU landscape, supporting commercialisation, research and development and entrepreneurship.

Speaking at a Welsh Government press conference, the Minister will argue that ‘trickle down is bust’ and set out the case for positioning Wales alongside the wave of economies turning active industrial policy into new skills for long term prosperity.   

Economy Minister, Vaughan Gething said:

“As the global economy changes and the race for net zero builds, our priorities are about turning those opportunities into more business growth and secure, well-paid work.

“Our ambition for Welsh industries has helped attract hundreds of millions in new investment for Newport’s semi-conductor cluster this year alone. Our partnership with companies like Siemens and Rocket Science has also secured new jobs in life sciences and gaming from Gwynedd to Cardiff. 

“Wales’ recognised strengths with true growth potential helps to make it a great place to invest and our economic priorities build on our reputation as a stable government that businesses can work with and plan with.

“Wales is also a great place to start and grow a business and I am proud that the start-ups we have backed are twice as likely to still be in business after five years compared with the market as a whole.  From launching new green business loans via our dedicated Development Bank, to growing the number of NHS contracts awarded to Welsh SMEs, we will go on providing targeted support for stronger small businesses.”

Ahead of an economic summit in Ebbw Vale later this week, the Minister will also call on businesses to commit to empowering women and bringing down barriers in the workplace, especially in those sectors where they are most underrepresented.

 He said: “I want more young people to feel confident about planning ambitious futures in Wales and for more girls and young women to see that they have a place in leading the industries and services of the future.

“We see inspiring action on this issue in Wales and I pay tribute to leaders like the Women in Cyber Network as well as those women in trades unions who volunteer to tackle discrimination and harassment at work. But this is a job for all of us and we will explore how to help more businesses follow those leading the charge.

“A thriving economy will be built by all of us and businesses that reflect a modern Wales will be the ones that draw on the talents of a more diverse workforce.”  

Social enterprise Elite Clothing Solutions, based in Ebbw Vale, is putting the Welsh Government’s priorities into practice by giving opportunities to many people who struggle to find employment.

The business, which is leading a consortium including Brodwaith Cyf in Llangefni, Treorchy Sewing Enterprise in the Rhondda and Fashion Enter in Newtown has recently been awarded the contract to make Transport for Wales’ uniforms, using the procurement tools provided by the Welsh Government to make this possible.

Chief Executive Officer Andrea Wayman said:

“It is a fantastic achievement gaining the contract to make the Transport for Wales uniform. Through a consortium approach the whole of this uniform will be fulfilled in Wales, from design and manufacture to branding.

“Economically 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.”