‘Deal can unlock market failures and drive growth’

Ambition Board chief says they are ‘selling the region’

THE first tranche of money from the North Wales Growth Deal is set to land this spring with hopes it will help sell the region to investors.

UK and Welsh governments have pledged £240m to the Deal with the ambition that this will secure over £1bn in investment through matchfunding from private investors.

The first funds will be released by the end of the financial year with three initial projects from a list of 14 the frontrunners to kick-start the investment in the region.

Alwen Williams (pictured), portfolio director of the North Wales Economic Ambition Board, said they were already receiving major interest from private investors looking at opportunities in the area.

She said: “We are selling the region, selling what the region has to offer to investors, the Deal element is a small cog in a much bigger eco-system of investment.

“This fund can though help unlock market failures and invest in growth in the region.”

Under the Deal the region will receive £16m a year over 15 years from the two governments.

This will go towards 14 different projects which range from unlocking sites like Parc Bryn Cegin to future proofing Holyhead port and bringing 5G to major road and rail routes.

The first three frontrunners are the Morlais tidal project off Anglesey, Glynllifon Rural Economy Hub (pictured below right) and Llysfasi Carbon Neutral Centre .

These all have well developed business cases - with matched investment - which is expected to see them put to the Board for a decision.

Ms Williams said there would be strong rigour applied to every business case to ensure they meet the aims of the Growth Deal.

She said: “It is about delivering against desired objectives, we’ve got robust and detailed plans and monitoring so that we are learning as we go. We want to create the environment where we can achieve sustainable and achievable economic growth.

“It is about creating net new jobs, not moving jobs around, also not just creating opportunities but high value opportunities.

“We are an ambition board, the clue is in name, we should be ambitious and raising the bar.

“This is about thinking about wider economic growth rather than people working in their own silos - we have to learn from what has happened in the past and raise the bar when looking at how this money can be spent to attain sustainable and achievable GVA growth.”

She says the business sector has been and will remain involved in the deal. She said: “The Business Council has worked with us from day one and the Business Delivery Group under Askar Sheibani can ensure the projects land in right spaces in the private sector. These links are very important.

“There is appetite for capital investment. We are already being contacted independently as well by fund managers, investors - looking for investment and looking to invest.

“I feel now is a good time to seek investment into North Wales, it is seen as an attractive place for bring capital investment as it is underdeveloped as a region. We have a compelling story to tell.”

She believes the pandemic has also changed the mindset of many - driving forward the belief that a business and key staff can operate from anywhere in a number of growing sectors. This offers opportunities in North Wales.

Alongside the Deal and wider investment it could help bring people who left the area for work back to the region or encourage young people to stay and build their career here.

Ms Williams said: “We have suffered from leakage out the region and when that happens there is a high chance we won’t get them back.

“We need to find ways to keep those receiving education in the area, and attract talent back. The Growth Deal can help us achieve this.”