WALES has witnessed an impressive surge in job creation, with over 3,000 new positions being generated in the past year. This marks the most substantial increase recorded in the country in the last five years, according to the UK Department for Business & Trade’s annual report on Foreign Direct Investments (FDI) in the UK for 2022-23.
The report, published today, highlights that the number of jobs created has rebounded to pre-Covid levels, indicating a strong recovery. In specific terms, 3,062 jobs were established during the previous year, which represents a remarkable 66% increase compared to the previous year’s figure of 1,793.
Impressively, the report also reveals that the total number of inward investment projects in Wales has grown from 43 in 2021-22 to 47 in 2022-23, signifying a commendable 9% increase.
The Welsh Government played a pivotal role in the vast majority of these investments, directly supporting approximately 91% of them. Through a range of interventions, the government offered assistance to businesses, which included advising companies on potential sites and premises, identifying skills and talent, providing market research support, and facilitating connections with banks, business networks, and academia.
Expressing his satisfaction with the positive results, Economy Minister Vaughan Gething stated, “The Welsh Government is committed to ensuring Wales is a great place to live, work, and do business by creating the environment where businesses and people can thrive and succeed.” Gething emphasized that the increase in investment during a time of significant political and economic shocks indicates the effectiveness of the Welsh Government’s approach in promoting Wales and its capabilities. He added, “We will continue to do all we can to sell Wales internationally by promoting Welsh strengths and successes on the global stage.”
Over the course of the last year, the Economy Minister and other government officials have actively promoted Wales on the international stage through various visits and activities. Minister Gething himself attended prominent events such as the Paris Air Show in France, as well as trips to Qatar and the USA, all contributing to raising the global profile of Wales.
The impressive investments announced in Wales throughout the year further highlight the country’s growing appeal. Notable examples include KLA, the semiconductor equipment manufacturer based in California, which has selected Newport as its European HQ and Innovation hub, investing around $100 million in a new facility and creating an additional 362 jobs.
Additionally, Amazon, the US online fulfilment giant, has opened a software development center in Swansea through its acquisition of Veeqo, providing shipping solutions to ecommerce sellers and generating 50 new jobs.
Siemens Healthcare, the life science division of German-owned Siemens Group, has established a new center of excellence in healthcare technology in Llanberis, focused on research and development and manufacturing, safeguarding the current workforce of 400 while also creating 92 new jobs.
Airflo, a leading US-owned manufacturer of PVC-free specialty fishing lines, is expanding operations in Brecon, protecting 44 jobs and generating 21 more, enabling a quadrupling of exports to North America.
Lastly, Yasa Motors, a manufacturer of advanced electric motors and motor controllers for hybrid and electric vehicles, owned by Mercedes, is set to create up to 40 new jobs as part of its expansion plans at a new R&D centre in its Welshpool facility.
These recent successes in attracting inward investments have contributed to a thriving business landscape in Wales. Currently, there are over 1,395 foreign-owned businesses operating in the country, providing employment opportunities for over 161,400 people. Among these businesses are renowned blue-chip investors such as Airbus, Toyota, General Dynamics, Deloitte, Siemens Healthcare, and Oracle, further enhancing Wales’ reputation as an attractive destination for foreign investment.
