Wales secured 51 inward investment projects in 2018-19 which will create and safeguard a total of 3,704 jobs - with 75% of projects being supported directly by the Welsh Government, new figures released today show.
UK Department for International Trade statistics show 2,314 new jobs were created, with a further 1,390 jobs safeguarded. Per project in Wales, 73 jobs overall were created – the best regional performance in the UK.
43% of the projects were from the EU, 22% from North America and 35% from the rest of the World.
In addition, 65 investments were secured from companies headquartered in the UK. These promised to create 1,759 new jobs and safeguard a further 699 jobs. The overwhelming majority of these projects came from England.
Reacting to the statistics, Minister for International Relations, Eluned Morgan said:
“Wales continues to attract investment from countries across the globe, with investments from 20 different countries, ranging from small European countries such as Malta and Cyprus to the large economies of the USA, UAE, China and Hong Kong.
“I’m delighted 75% of the projects that have come to Wales were supported by the Welsh Government. This is a clear demonstration of the vital work my department undertakes in supporting investors to make Wales their destination of choice. We will continue to do all we can to attract more investment into Wales in the months and years ahead, helping to create high quality jobs in communities across the country.”
The figures show Wales experienced a 10.5% decrease in the number of foreign direct investment projects secured during 2018-19, compared to the previous year, while the UK as a whole experienced a 14% decline.
The minister added:
“This reduction is without a doubt caused by the significant uncertainty businesses are facing because of Brexit. I have spoken to countless companies in recent months, who tell me they want to invest in Wales, but are put off by the uncertainly around what the UK’s future relationship with Europe will look like.
“This is causing significant harm to our economy. While the work of the Welsh Government has ensured the reduction in the number of investments is less than that for the UK as a whole, it’s now up to the UK government to provide the certainty businesses need.”