The Welsh Government is setting out how it will work to reconstruct and rebuild Wales’s economy in the aftermath of the pandemic, making it "more prosperous, equal and green than ever before".
The Government will today publish its Economic Resilience and Reconstruction Mission which sets out how it will work to rebuild Wales’ post-Covid economy so that it "values and prioritises wellbeing, drives prosperity, is environmentally sound, and helps every person in Wales to realise their potential".
Priorities include strengthening the everyday sectors of the Welsh economy, increasing the incidence of fair work across Wales and reinvigorating our town centres.
There is also a
focus on supporting firms to innovate and diversify, speeding up business
decarbonisation and investing in climate resilient infrastructure.
The Welsh Government is also announcing an additional £270m for the Development Bank of Wales’s Flexible Investment Fund, bringing the total invested through this fund to £500m by 2030.
Boosting the fund aims to improve the supply of long-term, accessible business finance and help more firms to grow and expand.
The fund
can make debt and equity investments of between £25k and £10m, including 15
year loans, to SMEs and non-SMEs.
Economy Minister
Ken Skates said: “This last year has been incredibly difficult for everyone and
while our vital work to combat the virus goes on, it is important to consider
what comes next.
“We have an
opportunity to look to the future and reconstruct the economy with the fundamental
goal of achieving long term well-being with dignity and fairness for people.
“We will do this
by strengthening the everyday economy, delivering on our Covid Commitment to
support people in improving skills and gaining employment, and by helping businesses
meet the challenges and opportunities of today and tomorrow. We will also
maximise sustainable investment in Wales and fortify our pursuit of fair work
and social value with businesses and organisations who receive public funding.
“The additional
£270m funding for the Development Bank will support businesses the length and
breadth of Wales, creating and protecting thousands of jobs for individuals as
we seek to deal with the long-term challenges of Covid and Brexit.”
As part of the
mission, the Welsh Government says it will maximise future major investments through
‘magnet projects’, which will attract longer term investments and provide
important employment, skills, and innovation and development opportunities.
The Economic Contract will also be refreshed and strengthened helping businesses to embed fair work, low carbon and climate resilience into their operations.
The Minister
added: “We have a clear, ethical and coherent vision for economic resilience
and reconstruction that is anchored on social justice and with the commitment
of the people, communities and the businesses that make up our economy, I know
that we can succeed in building a prosperous and fair economy and future that
works better for everyone.”
Ian Price, CBI
Wales Director, said: “The goal to deliver a competitive and sustainable
economy that raises living standards, promotes higher pay, and delivers the
revenues we need to support public priorities is the right one for Wales.
“But the Welsh
Government can’t do that alone. From promoting diversity and inclusion to
improving mental health, championing green behaviours to inspiring the next
generation; business must continue to be a true partner of government. At its
best, business is an engine of progress that will play a crucial role in
overcoming the pandemic and building a better Welsh economy.
“Additional sources of accessible finance are welcome and represent an important investment in the Welsh business community, one that will be repaid through jobs, growth and, ultimately, delivering a more prosperous Wales.”