Wales is Open for Business!

The Cabinet Secretary for Finance and Welsh Language, Mark Drakeford, made a positive response to the UK Chancellor Rachel Reeves’ Spring statement - “What we're seeing today is encouraging for Wales. The global economic picture remains difficult — nobody is pretending otherwise — but the UK government's plan is working. The economy is stabilising, it's growing, and people in Wales will feel the benefit of that.”

“We can be proud productivity in Wales has grown faster than the UK average, making a real contribution to the economy. The proof is in the investment coming Wales's way. Two AI Growth Zones, a £14 billion rail investment, a defence growth deal — Wales is open for business, and investors and businesses are taking notice.

Today the Chancellor has added to what has already been a period of increased funding for Wales. Half a billion pounds more, on top of what we have already secured — that is the difference it makes when two governments share the same values and actually work together. People in Wales will feel that in their NHS, in their schools, in their communities.”¹

The Chancellor’s half a billion pounds of investment will endorse the Welsh Government’s plans to establish, relocate, or expand business in the nation. South West Wales Region is considered one of the best places to invest in projects and companies and new entrepreneurship.

The economic regeneration programme is ongoing, there is amazing quality of life in the natural world and the cultural environment, and combined with the abundant investment opportunities, the  region is poised for prosperity and growth.

In the thick of these proposals lies Parc Felindre, a unique business park, offering creative investment opportunity in quality business land, alongside support for your business to regenerate, rebuild and relocate. See online for the latest opportunities. 

Parc Felindre embraces the South West Wales economic delivery plan’s three distinct priorities:

• establishing the region as a UK leader in renewable energy
• building a strong, resilient and embedded business base
• growing and sustaining the 'experience' offer. 

By pursuing these priorities we are creating a sustainable and resilient economy that will thrive for years to come. The momentum has already been set in motion by the £1.2 billion Swansea Bay City Deal, a transformative initiative driving innovation and collaboration across the region. With new funding opportunities from the Shared Prosperity Fund and the establishment of the Corporate Joint Committee (CJC), the stage is set for long-term growth and prosperity.²

The additional half a billion pounds from the UK Chancellor’s Spring Statement will further this vision more securely. 

Growth of the AI sector

Mark Drakeford cited the growth of the AI sector in Wales, as just one example of our high tech success. Well positioned to capitalise on the future growth of AI and to bring together assets to be at the forefront of its economic growth opportunities, Wales’ size and agility make it ideal for piloting AI solutions and scaling them nationally.

Immediate opportunities to attract investment into Wales includes:

• Data Centre Boom: home to one of Europe’s largest hyper-scale data centre campuses, with Vantage Data Centres also having announced investment of $12 billon, the majority of which is expected to be in Wales. 
• Microsoft is also building a major AI focussed data centre in Newport. These show the confidence the DC market has in Wales as a location for investment.
• AI Growth Zones in Wales: designed to support the fast-tracking of infrastructure, planning, and energy access for AI development. Together with the presence of data centres will create a thriving ecosystem for the development and delivery of AI services and solutions.⁴

Productivity in Wales faster than the UK!

Businesses are encouraged not only by Welsh productivity growth but also by our green growth. The Wales Fast Growth 50 feeds into the overall UK Fast Growth Index. 

In 2022 the firms on this year's Wales Fast Growth 50 generated a combined turnover of £312m. By 2024, this had increased to £1.05bn with Wales' fastest-growing businesses adding an impressive £740m in additional sales. This growth rate of 237% compares with growth of 182% across the UK index and was second only to London in terms of overall growth.

Professor Dylan Jones-Evans, founder of the Wales Fast Growth 50 and UK Fast Growth Index, said: “Wales is no longer simply producing occasional standout success stories and this year’s index demonstrates that we are developing a critical mass of high-growth firms that are outperforming much of the UK. The key challenge now is to ensure that these businesses receive the finance, infrastructure and policy support required to enable them to scale globally while remaining firmly rooted in Welsh communities.

"Once again, the fifty firms featured on this year’s UK Fast Growth Index point to a different economic future for Wales - one driven by dynamic, entrepreneurial businesses creating new markets, new employment and new wealth. The real test is whether policymakers regard these firms as peripheral to economic strategy or recognise them as the foundation of the next phase of Welsh prosperity.” ⁵

Be part of the next phase of Welsh prosperity

Your business can be part of the benefits of the Welsh vision for production growth, new technology innovation, and green credentials.
Reserve your own part of the prosperous potential on site at Parc Felindre.
Contact our agents direct for more information on Bespoke Business Land available NOW!

References 

¹ https://www.gov.wales/response-to-the-chancellors-spring-statement
² https://southwestwales.wales/
³ https://www.walesonline.co.uk/
⁴ https://www.gov.wales/ai-plan-for-wales-html
⁵ https://www.walesonline.co.uk/news/wales-news/50-fastest-growing-businesses-wales-33034452

Photographs courtesy of Wikipedia.