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.
