Written question WQ95147
- Asked by
- Laura Anne JonesConservative
- To be answered by
- Cabinet Secretary for Economy, Energy and Planning
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
What steps is the Welsh Government taking to encourage and promote the relocation of business and enterprise into Wales?
Answer
Answered by Cabinet Secretary for Economy, Energy and Planning
Inward investment plays a critical role in the Welsh economy, with almost 1,500 foreign owned companies employing nearly 175,000 people. The Welsh Government actively promotes Wales internationally as a location for investment, highlighting areas of our economy that have international class capabilities: Compound Semiconductors, Fintech, Clean Energy, Future Mobility / Advanced Manufacturing, Cyber Security and Life Sciences.
A combination of market accessibility, outstanding talent, academic and research excellence and existing clusters with companies at the cutting edge of their respective sectors make Wales an outstanding location to invest. Working with our overseas offices and colleagues in the Department for Business and Trade we present very real opportunities to businesses to relocate or to invest into Wales.
As I announced last week, Vishay Intertechnology, one of the world's largest manufacturers of discrete semiconductors and passive electronic components, has invested £51 million in Newport Wafer Fab, the UK’s largest semiconductor facility; whilst the First Minister’s announcement last week that we will be hosting an International Investment Summit in Wales next year will only reinforce our investment credentials to a global audience.