Offices open across the world to attract investment toWales
NEW offices across the world, including in Qatar and Canada, are being set up by the Welsh Government as it steps up efforts to promote Wales as a business investment location.
As part of a post-Brexit strategy, it has confirmed new offices will also open in France and Germany, which will add to its existing number of 15.
The new offices, like the existing ones, will also support Welsh exporters.
The investment will see the Welsh Government having a presence in Paris, Montreal, Berlin, Dusseldorf and Doha.
Why these locations? GERMANY: A quarter of all Welsh exports go to Germany, which were worth £2.9bn last year alone. There are currently 90 German companies based in Wales, employing over 12,000 people. FRANCE: France is Wales’ secondbiggest export destination, with £1.9bn of exports in 2016. There are around 80 French-owned companies in Wales employing over 8,100 people. CANADA: For the year ending June 2017, Canada was the ninth-largest market for Welsh exports with a value of £392m – an increase of almost 70% over the previous 12 months. Canada is also in Wales’ top five investing markets, with companies such as Montreal-headquartered CGI having offices in south Wales. QATAR: The Middle East is a growing commercial market which has seen strong growth as an export destination for Welsh companies. Last year, Qatar was the 15th-largest market for Welsh exports with a value of worth £172m – an increase of over 15% on the previous year. And from next spring, the first direct long-haul scheduled service from Cardiff Airport will see Qatar Airways flying to Hamad International Airport in Doha.
Speaking at event at Cardiff Met University on Wales after Brexit this evening, First Minister Carwyn Jones will say: “Increasing our presence in these key markets allows us to pursue new trade and investment opportunities, build networks and promote Wales to the world.
“This has never been more important as we face a future outside of the European Union.
“Leaving the EU will create challenges as well as opportunities.
“That is why we are expanding our presence in Europe and across the globe, so we are able to meet with and attract new investors and sell Welsh goods to overseas customers.
“As well as identifying new and exciting opportunities, we are working hard to protect our existing markets. Two-thirds of Welsh exports go to European countries, while a third of all foreign direct investment (FDI) comes from the EU.
“If we turn our backs on the single market and shut ourselves off from vital European trading markets, it would be hugely damaging to our economy.
“Maintaining and increasing investment from companies already in Wales is vitally important to us and dedicated resource in these countries will maximise the investment opportunities that these markets bring.”
Many of the Welsh Government’s current offices are run out of existing UK Government Foreign and Commonwealth buildings.
In the last financial year they incurred running costs of just over £500,000.
The 15 current offices are situated in Chicago, San Francisco, Atlanta, Washington, New York, Dublin, Brussels, Dubai, Mumbai, Bangalore, New Delhi, Chongqing, Shanghai, Beijing and Tokyo.