Investment in Wales always becomes a hotbed of discussion. Since the decline of its major industries in the eighties, the economy in the country has struggled. Yet it has a wealth of talent, waiting for the right outlets to let it blossom. This article looks at four sectors where the right investment can be a huge benefit to the future of the country.
Steel
Most of Britain’s steel now comes from abroad. Yet with a push for green, sustainable energy sources in the United Kingdom, access to steel is more important than ever.
Tata Steel has a plant at Port Talbot in Wales, and over the past few years, its future has often been disputed. Yet this year the government announced major investment in the South Wales steel industry. The first stage of this will be £500 million in a 3.2 mega tonne electric arc furnace. It has now been laid at the door of Tata Steel to bring forward proposals for the second stage. This will undoubtedly see an increase in jobs at both Port Talbot and Llanwern. Steel is returning to Wales, and for once the industrial future of the country looks bright.
Casino
The casino industry has grown huge over the past ten years. It is expected to be worth €14.98bn a year by 2028 in the United Kingdom. That is a growth of 4.05% over a four-year period. This has mainly been down to growth in the online market. However, this expansion has been stimulated by the industry itself. Robust marketing campaigns involving the provision of an attractive online casino deposit bonus along with a range of new titles help bring in new players. As mobile technology has improved, so have the operator’s websites and customer service.
It is not just developers that are required to design and operate these casinos. Everything from accountants to HR and even affiliate marketers are part of the economic sphere. With several top tech R&D establishments in the country, the wealth of talent is here to be used. Investment from this sector could be a welcome funding avenue for such centres and provide them with a direct door to the best employees. As new markets open up in South America and Africa, the desire for games and services in this sector will only increase.
Green energy
The green energy revolution in Wales has already begun. As the world struggles to transition to sustainable solutions, Wales has fully embraced this change by pledging to be net zero by 2050.
To do this, it has been decided that energy will be locally owned and shall create 1.5GW of renewable energy by 2035. Onshore wind will be the primary focus for this and the means to do so is expected to be deployed on government-owned land. In particular, there have been 21 sites eyed up by Natural Resources Wales and the Woodland Estate to base them.
The opportunities from this are clear to see. This drive will create thousands of jobs. However, by becoming one of the first countries to achieve this goal it could also make Wales an international centre for excellence on how to transition. While it may be a small country, particularly compared to large economic powerhouses like the US and China, its small scale will still provide plenty of lessons. When combined with the aforementioned steel manufacturing, it could be a showcase for how any country can become net zero.
Sport
This summer, the United Kingdom has done extremely well in the Olympics and Paralympics. However, none of this occurred organically and to carry on with the sporting legacy of Great Britain, of which Wales plays a huge part, investment is needed.
Sport Wales has announced £3 million of spending on upgrading facilities in the country. A large chunk of this, £1.8 million, is being set aside to increase energy efficiency in facilities so they can stay open despite rising energy costs. The rest will be awarded to specific sports, like athletics, basketball, and cricket.
However, Wales could go even further. To get high medal tallies and compete with countries like the US and China, a possible tactic could be investment in lesser-known events. These may include less traditional activities like skateboarding or climbing.
