Commenting on the publication of the report by the Welsh Affairs Select Committee on inward investment, Nick Ramsay AM, Shadow Minister for Business, Enterprise, Technology & Science, said:
“Abolishing a globally-recognised brand like the WDA and expecting the Welsh Government to fulfil the same skills needs in-house was naïve.
“Since the abolition of the WDA, the proportion of UK inward investment into Wales has halved.
“Under the WDA, Wales had one of the highest levels of inward investment of all the UK’s nations and regions, but now has the second lowest.
“Welsh Labour Ministers seriously need to buck up their ideas about creating the conditions for economic growth and attracting job creators to Wales.
“The Welsh Labour Government needs to get out of its silo and start working constructively with the Conservative-led Coalition to deliver a united message of confidence in our economy.”
Ends / Diwedd
Notes to Editors:
In 2003/04, Wales won 7.5% of UK inward investment and ranked second of the 10 UK nations and regions.
2005-10 this figure more than halved to 3.5% and ranked ninth of the 10 nations and regions. Wales was the only region whose share fell in this period.
Source: ‘Selling Wales: The role of agencies in attracting inward investment’, Cardiff Business School, Feb 2012