FSB ‘disappointed’ over lack of reference to SMEs in international strategy
THE Federation of Small Businesses (FSB) has expressed its disappointment over the lack of direct reference to small firms in the Welsh Government’s new international strategy.
The strategy published last week by Minister for International Relations Eluned Morgan, identifies the sectors, although not exclusively, of compound semiconductors, cyber security and creative industries for targeted support to help maximise their potential for export and inward investment growth.
Following a consultation the new strategy, which will also promote Wales as a globally responsible nation underpinned by its sustainable goals set out in the Well-being and Future Generations Act, currently only has one stated target in growing the value of exports from Wales (currently £17bn) by 5% over the next five years.
The strategy, as well as aiming to bring a new way of inward investment in Wales, will also look as to the reasons why many Wales companies currently don’t export.
There is a link between high levels of exporting firms in economies and improved productivity.
FSB Wales policy chair Ben Francis, said: “In a post-Brexit landscape, the International Strategy plays an extremely important role in defining – and protecting – Wales’ place in an ever changing world.
“We need to take this opportunity to be clear about what makes up our distinctive offer; what Wales means to the world, and what the world means to us.
“Smaller firms play a crucial role in exporting Wales’ best goods and services around the world, and taking what it means to be Welsh to new parts of the world every year.
“Furthermore, the majority of tourism businesses in Wales are smaller businesses who attract overseas visitors to Wales.
“Therefore, it is disappointing to note that there is not a single reference to SMEs in this strategy.
“Whilst we welcome to commitment to promoting and building upon Wales’ brand – the impact of thematic years, for example, has been positive and helped to galvanise tourism businesses in particular areas – we would like to see more exploration on how Wales’ smaller firms will play a key role in this.
“We hope that the next steps from Welsh Government will involve developing the strategy in a practical sense that is clear, meaningful and relevant for SMEs.
“Smaller firms should be able to take from the international strategy what this means for them, should be able to shape and design the agenda to reflect their needs and stories, so that they can derive benefits from it.”
Enterprise academic with the University of South Wales, Professor Dylan Jones-Evans described the strategy “as a step in the right direction,” although he said the engine room for Welsh exports was not the three sectors identified, but manufacturing.
He added: “If done properly, the ambitious approach within this strategy will certainly pay dividends not only for the Welsh economy but for the profile of the nation on an international stage.
“However, as with all good strategies, it does raise more questions than it answers.
“While the focus on new key