Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning
The UK Government published the Modern Industrial Strategy, a 10-year plan, on 23 June. This strategy provides clarity of ambition and a pathway to increase business investment and grow the industries of the future. It crucially gives confidence to investors and helps to shape a future vision which builds upon Wales’s strengths. The strategy complements our Economic Mission and our regional and local strengths.
It has been refreshing to work openly and transparently with a UK Government which has listened and engaged with the range of evidence which the Welsh Government has presented. The plan sets out eight growth driving sectors: Advanced Manufacturing; Creative Industries; Clean Energy Industries; Digital and Technologies; Professional and Business Services. Life Sciences; and Financial Services. Wales is uniquely placed, with significant strengths across many of these sectors. Our already thriving clusters are the foundations upon which we can continue to drive innovation, to accelerate delivery and to help deliver the First Minister’s priority of more jobs.
Our major international investment summit will take place on 1 December, and it will support a focus on our sectoral based strengths and promote Wales as a destination for oversea investors. The Industrial Strategy will support that summit, by providing the certainty and stability needed for long-term investment decisions in the UK.
The commitment to reduce energy costs is vitally important. We will work with the UK Government as work progresses on the new British Industrial Competitiveness Scheme and the uplift to the British Industry Supercharger. We are also committed to keep engaging with the UK Government on the importance of wider investment such as the non-pipeline transportation of CO2.
There are other welcome announcements, including a new Strategic Sites Accelerator, a Defence Growth Deal cluster, developing AI Growth Zones and the continued backing of our City and Growth Deals, which will help to attract investment.
The Industrial Strategy importantly and purposefully targets areas of strength such as aerospace in North Wales to the world’s first compound semiconductor cluster in South Wales. Our advanced manufacturing and clean energy industries are already national assets, and we can continue to build and grow from a position of strength. For example, establishing a centre for doctoral training in semiconductors, led by Swansea University, will grow our international reputation. Investing in offshore wind in Port Talbot and investing in our infrastructure can help us realise massive economic opportunities to the benefit of our local communities.
It is also vital to realise the tangible strengths we have in areas such as life sciences, digital and technologies, financial services, including Fintech, and creative, where we have presented a strong vision for Wales. The sector plans and funding will carefully be worked through with the UK Government and we will be considering how we can pivot our programmes, such as across our flexible skills fund, to help support and grow opportunities.
The UK Government has also published the Industrial Strategy Zones Action Plan in collaboration with the Welsh Government and other devolved governments. The Industrial Strategy Zones encompass the Freeports and Investment Zones in Wales, which are joint Programmes between the Welsh Government and UK Government. We are committed to working with the UK Government to deliver this plan.
The enhanced regional support from the Office for Investment, National Wealth Fund, and British Business Bank will work with the Development Bank of Wales to consider where there are opportunities for joined up investment and to consider where there is market failure, and where we can help to kick start growth.
Over the coming weeks we will be working with the UK Government to consider the specific details of the strategy and to understand next steps in relation to delivery and continued collaboration. I am clear that delivery will be anchored in our regional partnerships, and we will work alongside Local Authorities and other partners to continue to drive economic growth through Corporate Joint Committees.
A few months ago, I commissioned four Short Term Reviews, looking at Floating Offshore Wind, Green Skills, AI and SME Productivity, which will all report by September. These reviews, taken forward with sectoral experts build upon areas of delivery across the Economic Mission, and will support our approach to working with UKG to implement the Industrial Strategy.
Delivery is this government’s watch word. This is what a government serious about Wales’ future looks like — focused on delivery, rooted in fairness, and ambitious for what our nation can achieve.