Wales must think innovatively to attract investment

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A new report – Inward Investment in Wales – published by the Commons Welsh Affairs Committee states that investment opportunities have been missed through the lack of a dedicated trade promotion agency.

The Committee reports that the abolition of the Welsh Development Agency (WDA), one of the most recognisable Welsh brands, has reduced Wales’s visibility in the global marketplace.

The report stresses that the Welsh Government must urgently consider how a trade promotion agency can be used to promote more clearly Wales’s global identity, and argues for the establishment of a dedicated agency, either sitting within the Welsh Government or as a private sector vehicle. Such a body should have a mix of skills with an emphasis on private sector experience.

The Committee argues that Wales does not have sufficient resources to work alone in attracting inward investment nor the advantages that UK Trade & Investment, the UK Government department with lead responsibility for trade and investment, has in terms of resources and networks.

Chair of the Committee David Davies MP said: “The Welsh Government must think innovatively about how to attract investment and develop a clear economic strategy.”

To view the report, click here.