Experts and business leaders agree on the need for a new arms-length development agency to promote brand Wales, help Welsh businesses to grow, innovate and trade internationally, secure inward investment, and increase numbers of good quality, well-paid and sustainable jobs.
We will create a new, business-led National Development Agency for Wales, at arms-length from the Welsh Government.
The Agency will:
- Provide a one-stop-shop for business support – giving expert advice and guidance, serving as the main interface between Welsh businesses and international markets, and signposting businesses to the finance they need to grow and plan for the future, including from the Development Bank of Wales.
- Prioritise supporting and growing the Welsh-owned small and medium-sized enterprises (SMEs) that are the backbone of our economy, and keeping those that succeed under Welsh ownership.
- Coordinate regional business growth – working to map and build on the strengths of our different regional economies and promote prosperity in every part of Wales.
- Develop and maintain a clear understanding of the evolving needs of the Welsh economy, supporting Welsh businesses to respond to new challenges and opportunities – including in growth sectors like renewables and green technology, digital and artificial intelligence, medical technologies, food systems and agri-tech, and the creative industries.
- Secure inward investment that develops local supply chains, increases productivity and supports the growth of domestic businesses.
- Build on the work of Arfor in promoting the kind of business growth and regional development that underpins the vitality of the Welsh language within areas of higher density linguistic significance in the north and west of Wales.
We know that medium-sized businesses (i.e., those employing between 50 and 249 people) tend to be more resilient, are more likely to reinvest in their communities, build more robust local supply chains, and offer better jobs over the longer term – so we will seek to sustainably grow the number of these businesses in Wales.
We will reform the Development Bank and the financial products it offers so that it is better placed to support this growth. We will ensure that financing from the Development Bank of Wales promotes and embeds fair work and a Real Living Wage.