Six months is enough to start to change direction

NEXT May Wales will go to the polls to decide who governs the nation for the next five years.

- 

For the Welsh Government, that means six months to prove that it actually has an economic plan to rebuild confidence, attract investment and deliver growth.

For too long, economic strategy in Wales has been light on delivery and the private sector has grown tired of a system that seems designed to manage decline rather than inspire renewal.

‘This is despite having world-class companies, innovative entrepreneurs and talented workers to revive our economic fortunes.

More relevantly, given that the UK Government has just given the Welsh Government £547m over the next three years to grow the economy, how should that funding be invested?

First of all, confidence needs to be rebuilt through a clear national growth and investment plan, with businesses and investors knowing exactly where Wales is going.

Instead of a patchwork of disconnected programmes, we need a single roadmap setting out measurable targets for new businesses, jobs, exports and private investment. A comprehensive vision has been missing for far too long.

It should focus on sectors where Wales already has a competitive edge - advanced manufacturing, green energy, creative industries, fintech, food and drink, life sciences, and tourism - and be backed by a £250m co-investment fund to scale up firms that are ready to grow.

Alongside this, a public “investment atlas” should highlight every major opportunity in the country, from tidal power to tech clusters, so that investors see Wales as a coherent proposition rather than a collection of small unconnected projects.

And we need to be far more confident about selling Wales to the world, promoting our creativity, innovation and sustainability through a modern international campaign that positions the country as forward-looking and ambitious.