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Mr Jones, who is also the Minister for the Economy and Transport, told Assembly Members that Wales needs a more compelling proposition to ensure greater investment and growth from both indigenous and incoming businesses. He said that this had to involve encouraging an investment culture and ensuring less dependency on grants as well as driving up skills and encourage world-class research and development.

Mr Jones told Assembly Members today (13/10/09) that he would draw upon external advice and expertise in order to refocus his Department’s activities, and would engage with businesses in Wales, their representative organisations and research institutions. The Department’s structure and budget will also be realigned in order to deliver the new policy priorities. The realignment began earlier this year.

The new programme has been announced in light of the changing international economic outlook and following the publication of the independent benchmarking exercise on International Business Wales by Glen Massey. The report pointed to the need for fundamental changes in the way the Assembly Government secures and retains inward investment, and says that despite achievement of inward investment targets, International Business Wales' performance had been overshadowed by the fall-off in reinvestment.

As the world emerges from recession, it is vital to ensure Wales is fit for the future and ready to win new high value markets, says Mr Jones, who is Minister for the Economy and Transport.

“It has become clear through my dialogue with the business community that our approach to economic development has to change – given the experience of our response to the global recession – and the need to adapt to a changing economic situation”, Mr Jones said.

"We need more compelling propositions for business growth and new businesses in Wales.

"We cannot simply look at what other countries are doing as we prepare to position Wales post recession – we need to look at what we are doing ourselves and question whether we are as prepared as we can be to deliver the new post-recession economy in Wales that we want.  

“The world of business is moving at a rapid pace. Now is the time to ensure new momentum that will propel our advance from recession and ensure our country’s future prosperity.”

The Deputy First Minister announced that the work would start immediately and reassured AMs that he “would not tolerate drift when the challenges facing the Welsh economy are so sharp and immediate.”  

Ieuan Wyn Jones said:

“I am under no illusion that piloting the way ahead at a time of international uncertainty and a shaky worldwide economy will be easy. It will be hard – but I believe that there is strong support for this new approach across the board in Government and in the business community in Wales.

"The benefits of true collaboration have served Wales well throughout the last 12 months. I therefore intend to build on the approach taken with the Summits to involve our stakeholders in the programme to test and shape the thinking.  The results of this, together with the work from previous reviews and the realignment exercise, will determine the way we need to organise ourselves to deliver and make the best use of our resources, both people and financial.”

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Leading Wales out of recession

Support to help make the downturn shorter and shallower.