Press release

Investment Summit set to showcase the best of Welsh innovation

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Secretary of State for Wales Stephen Crabb writes for Wales on Sunday about this week's UK Investment Summit.

Secretary of State for Wales Stephen Crabb said:

This week we are bringing the UK Investment Summit to Wales.

More than 150 global and UK business leaders, from some of the most successful companies in the world, will see what makes Wales such a great place to invest.

They will find that that our nation is home to a growing world-class cluster of high-tech companies at the cutting edge of international research and development.

We will showcase some of the most advanced innovations in the world - products conceived in Wales, developed in Wales and manufactured in Wales.

The technology that runs more than half the world’s mobile phones is made in south Wales; Raspberry Pi, the credit card size computer made in Wales has been an export success; and the buildings of tomorrow, capable of generating their own energy, are being pioneered in Wales.

I want the world’s business leaders to see that Wales is an ambitious nation, hungry for success with a progressive and dynamic economy.

And I want them to leave in no doubt about our entrepreneurial spirit, our ingenuity, our talent for innovation and the skills of our workforce.

This Government has a long-term economic plan for getting right behind Welsh businesses and creating the perfect conditions for growth. We have reduced the deficit, cut Corporation Tax and slashed red tape to make our economy more competitive and more attractive for inward investment.

Businesses have responded by investing and creating jobs to build a stronger, more successful Welsh economy. Their determination and confidence has led to 8,000 new businesses starting each year in Wales and around 100,000 new private sector jobs since April 2010.

Exports have increased, there are more small and medium sized businesses and foreign inward investment has never been higher.

These achievements are excellent foundations to build on but I know that there is more to be done to keep our nation on the path to economic prosperity.

Both governments in Wales want to work with businesses to reap these benefits and ensure a lasting economic legacy.

In September we demonstrated to the world what we can achieve when we work together by delivering a first-class NATO Summit.

It was fantastic to see Wales shine on the international stage and our global profile could not have been higher.

So there has never been a better time for Wales to capitalise on an investment summit of this magnitude.

That’s why we are hosting this summit, to harness this success and turn it into jobs and prosperity so that people in Wales can benefit from the security of a regular wage.

Not only are Welsh businesses gaining a global reputation for technology but our universities are pushing the boundaries of intellectual achievement and our businesses are harnessing this commercially.

This week’s summit will send a message to the world that we are an ambitious nation that is open for business.

I want more entrepreneurs and more successful companies investing here – and I want our private sector to grow with businesses that are making more, trading more, employing more and growing year after year.

That’s what the Government’s long-term economic plan for Wales is all about.

Find out more about the UK Investment Summit