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Stephen Crabb: “I want to see Wales become a leading destination for new business and investment."

Welsh Secretary Stephen Crabb will today (10 November) lead a new economic advisory group to get to grips with the issues facing businesses in Wales.

The Economic Advisory Board will provide an opportunity for the Secretary of State to hear a wide range of views from across the business community so the Government can better understand what matters to businesses in Wales.

Mr Crabb will represent the views of the group’s members to the UK Government and help create a thriving business environment in Wales.

Today’s inaugural meeting will focus on technology and how the UK Government can best support innovation in Wales. 

It comes just over a week before the UK Investment Summit in Wales on 20-21 November. More than 150 business leaders are attending the Summit at the Celtic Manor, which will showcase Wales as a hub of UK excellence in cutting edge technologies.

Two of the businesses at today’s meeting - Raspberry Pi and Concrete Canvas - are already set to showcase their latest ground-breaking innovations to international investors at the Summit.

Business leaders attending today’s meeting include David Davies from Axiom Manufacturing, Gerald Kelly from Raspberry Pi and Dr Drew Nelson from IQE who supply the wafer technology that support over half of the world’s mobile phones.

The Economic Advisory Board meets at the beginning of the UK Government’s Export Week, part of its long-term economic plan to boost trade, create jobs and attract new investment to Wales.

There are some excellent businesses in Wales trading internationally and as we approach next week’s Investment Summit, the Government is encouraging more businesses to expand into overseas markets and highlighting the support available to them.

Stephen Crabb said

Over the last four years, Welsh businesses have responded to our call to help get the economy moving again and have created 100,000 new private sector jobs. But we need to go further.

By reducing the deficit, cutting Corporation Tax and reducing red tape, we have made the UK more competitive and more attractive for inward investment. But I don’t want to see Wales lagging behind the rest of the UK, I want to see Wales become a leading destination for new business and investment.

With the right policies in London and Cardiff we can make Wales the best location of all for investment and business growth and next week’s Investment Summit provides the ideal platform to showcase the country to the world’s investors.

Dr Nelson, who is also a panellist at the UK Investment Summit, said: 

The Economic Advisory Board will provide a very dynamic forum for helping determine the most effective routes to further stimulating significant economic activity in Wales.

Taken in conjunction with the upcoming Investment Summit at the Celtic Manor, Wales has an outstanding opportunity to showcase the breadth, depth, vision and ambition of the Welsh business and academic community to become a UK regional powerhouse in global markets.

The next Economic Advisory Board meeting will be held in January 2015 with the theme of aerospace.

More information:

UK Trade & Investment is holding its 6th Export Week from 10-14 November. Across the week there will be events all over the UK, aimed at businesses to either start their export journey or increase their international business.

UKTI’s flagship road show ExploreExport will be touring Wales and UKTI trade officers worldwide will be available for 1-2-1 meetings on their dedicated markets to help companies explore the possibilities of exporting to their countries.

Find out more about Export Week

Find out more about the UK Investment Summit in Newport, Wales on 20-21 November.