Minister sets out future Welsh economic vision
THE Welsh Government will pursue a progressive economic policy that focuses on better jobs, boosting startup business and tackling the brain drain of young people leaving Wales, the economy minister will say today.
Vaughan Gething will set out his vision for the Welsh economy and will commit to extending a “Team Wales” model to offer certainty to businesses facing a volatile recovery.
Outlining his plans during a hybrid economic summit at Transport for Wales’ new headquarters in Pontypridd, Mr Gething intends to “start a conversation” about the long-term demographic challenge facing the Welsh economy.
The proportion of the population aged 16 to 64 years old in Wales has been decreasing year-on-year since mid-2008 – and could be just 58% of the population by 2043.
The minister said that a Welsh Government cross-departmental approach will be geared towards creating an economy where more young people feel confident about planning their future in Wales, which in turn would fuel greater job creation and more competitive regional economies. He said the approach, working with all stakeholders in the economy across the public, private and third sectors, would also see an acceleration in the adaptation of new skills, particularly in areas such as decarbonisation and investment in new green energy infrastructure.
The minister says the current recruitment challenge has also shown a need for some quick action on skills in certain sectors including:
Exploring how to retain more graduates and talent in Wales by building strong linkages with universities, and between universities and businesses;
Support start-ups, including graduate start-ups and spinouts, with possible incentives in some areas;
Ensuring firms grounded in Wales who can provide future opportunities; and
Maximising the benefit from the opportunities for far greater remote working and flexible commuting.
Speaking ahead of the summit, Mr Gething, the MS for Cardiff South and Penarth, said: “The Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy.
“It has taken a team Wales effort to keep Wales safe and we will deliver a team Wales recovery, built by all of us.
“A strong Welsh recovery will be based on the principles of fair work and sustainability as we invest in the industries and services of the future.
“As we face the headwinds of Brexit, I am determined that our credible plans will offer as much certainty as possible to help businesses plan ahead.
“A new era of partnership for stronger regions, a young person’s guarantee, a plan to back our everyday economy and collaboration with world leading, advanced manufacturing.
“This is the cause for optimism for the future we are building in Wales.
“My ambition is to make Wales a place where more young people feel confident in planning their future here. You don’t have to get out to get on, make your future here in Wales.”
The Welsh Government’s young person’s guarantee will aim to provide everyone under 25 in Wales with the offer of work, education, training, or self-employment.
It said its upcoming employability strategy will also highlight the support available for individuals, particularly those most impacted by the pandemic and furthest away from the labour market.