‘Another excellent year for inward investment’
THE number of inward investment projects in Wales has fallen slightly but is still at the third highest level on record, shows new official figures.
Data the UK Government’s Department for International Trade, show that Wales attracted 85 projects in 2016-17.
Projects include foreign-owned businesses setting up new operations in Wales, as well as investment from existing companies creating new jobs as well as safeguarding existing roles.
The number of projects was down on the 96 projects secured in 201516, which was the second highest number since records began more than 30 years ago.
The highest figure was 101 for the year to the end of March, 2015.
The latest figures from the DTI show that the 85 projects supported and safeguarded more than 11,500 jobs. Of these 2,581 were new jobs.
Scotland secured 183 projects and Northern Ireland 34. England, excluding London secured 1,016. For London it was 891.
Project wins last year included American-owned Electroimpact, which is one of the world’s largest integrator of aircraft assembly lines. It is due to create 37 highly skilled jobs in its new site in Deeside following £280,000 from the Welsh Government.
Another US company, Amplyfi, which specialises in web harvesting software, is set to create 40 new jobs in Cardiff following £400,000 of Welsh Government support.
Economy Minister Ken Skates said: “Wales is still punching above its weight in attracting inward investment. These latest results show that Wales has had another excellent year when it comes to attracting inward investment from companies based overseas with us securing investment from 85 companies and creating supporting and safeguarding a total of 11,546 jobs.
“Impressively we also secured almost 11% of all jobs created and safeguarded in the UK last year, which is an increase of almost 5% on our 2015/16 performance.
“There is no doubt that inward investment remains a key driver of economic development in Wales and it is vital that we work with both foreign companies and those based in the UK to bring further investment and jobs into Wales.
“I was also really pleased to see levels of investment into Wales from companies headquartered in other parts of the UK reaching a record high last year. This is proof of Wales’ growing reputation as a great place to do business and evidence that our business friendly approach is paying dividends.”
Shadow Economy Secretary, Russell George, said: “It’s good to see that confidence in the Welsh economy is continuing to grow, and there are exciting opportunities ahead for the Welsh economy as we move closer to the post-Brexit era of new trading opportunities.
“Inward investment is a key indicator of economic health, and the UK Government is taking the action necessary to deliver jobs, prosperity and growth for Welsh communities.
“There are huge opportunities ahead for Wales and for the UK, but the Welsh Government needs to shake off negativity around the referendum result and support the Department for International Trade in its efforts to deliver for the people of Wales.”