South West Wales Regional Economic Delivery Plan
The plan covers Carmarthenshire, Neath Port Talbot, Pembrokeshire and Swansea, and aims to build on a major study that's identified regional strengths and opportunities.
South West Wales has a host of assets, including the quality of its environment, focus on greening business and developing ground zero for the economy, founded by the Economic Regeneration Strategy, which is now bearing fruit.
A decade ago this formed the backdrop of multiple regeneration projects including the £1.3 billion package the Swansea Bay City Deal, supported by the UK and Welsh Governments, which has transformed the infrastructure, opportunity and growth of the region.1
The Swansea Bay City Deal is harnessing the potential of digital technologies to transform the regional economy and grow higher value added activities.
£1.3bn of city deal investment is focused on 11 projects covering four key themes of Economic Acceleration, Life Science and Well-being, Energy, and Smart Manufacturing.
The creation of enhanced digital infrastructure and next generation wireless networks is improving connectivity and providing opportunities for new economic activity in communities across the region. The City Deal investment is forecast to create almost 10,000 jobs and a permanent uplift in GVA of £1.8billion, all within careful planning to control resources and enhance sustainability.2
The transforming work and investment by the Swansea Bay City Deal has led to three new facilities in Swansea. As part of the Swansea City and Waterfront Digital District project, City Deal investment is part-funding Swansea Arena, successfully running now for two years, the Innovation Matrix at the University of Wales Trinity Saint David, and the new office development taking shape at the former Oceana nightclub site on The Kingsway.
These projects represent the carefully planned balance in the city between commercial enterprise, higher education and culture. In fact, the whole landscape of the city is being renewed and transformed, offering a captivating and inspiring environment for business and tourism alike.3
Councillor Rob Stewart Swansea Council Leader says: “All three projects in Swansea are part-funded by the City Deal and are either complete or nearing completion soon.
“They are creating top-class facilities for entertainment, business and innovation, while also generating jobs for local people and boosting the local economy.
“This funding has also acted as a catalyst to attract further investment in Swansea, with examples including the Princess Quarter office scheme and the groundbreaking living building development that's taking shape at Mowbray Yard.
“These schemes are all part of a Swansea regeneration programme worth over £1bn that's transforming our city into one of the UK's best places to live, work, study, enjoy and visit.”3
The SWREDD focus is on unlocking the region’s potential over the next ten years, and identifying priorities for intervention. This report is acting as a catalyst for partners to work together for social and economic growth. There is a 'window of opportunity' to build on and capture some of these, especially in relation to the green energy and net zero opportunity, where the region has specific advantages. A key theme emerging from the consultation that long-term business growth and resilience in this decade will depend on the sustainability, productivity and expansion of the wider stock of regional SMEs.
The ambition of the plan is to make business resilient and sustainable, responding appropriately to the climate emergency. The first mission of the future framework within this ambition is to: Mission 1: Establish South West Wales as a UK leader in renewable energy and the development of a net zero economy. Taking forward the region's major energy related projects and driving the benefits through the region via industrial decarbonisation, supply chain opportunities and university-linked innovation.1
National Net Zero Centre of Excellence for Skills
Swansea Bay City Deal also developed a new project, approved in December 2023, to deliver industry led, green skills training and development. Local, regional and national labour markets are trained with appropriate green skills that enable transition to a net zero economy, whilst supporting the development of local and regional low carbon projects.
The facility is being developed as a central hub for national Research Development and Innovation activity. The facilities are state of the art to increase the number and quality of low carbon businesses in the region, promoting further investment and innovation. The skills provision is collocated with the Advanced Manufacturing Production Facility.
So how are your green business credentials? Are you prepared for future carbon net zero? Parc Felindre South West Wales can offer training and upskilling, guidance for a new build that would fulfil your net zero potential and bring future green goals within reach.
Harness your sustainable business growth right here at https://parcfelindre.co.uk/en/site-plan.
References
1 https://www.swansea.gov.uk/article/15033/South-West-Wales-Regional-Economic-Delivery-Plan
2 The South West Regional Economic Delivery Regeneration Plan: https://www.swansea.gov.uk/article/9582/Regeneration-and-development-plans-and-policies
3 https://businessnewswales.com/city-deal-investment-key-to-supporting-swansea-regeneration/
4 https://swanseabaycitydeal.wales/projects/supporting-innovation-and-low-carbon-growth/national-net-zero-centre-of-excellence-for-skills/
Photographs / images courtesy of:
https://businessnewswales.com/city-deal-investment-key-to-supporting-swansea-regeneration/
https://swanseabaycitydeal.wales/projects/supporting-innovation-and-low-carbon-growth/national-net-zero-centre-of-excellence-for-skills/
