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In this report the Welsh Affairs Committee says that investment opportunities have been missed by the lack of a dedicated trade promotion agency. The abolition of the Welsh Development Agency (WDA) has reduced Wales's visibility in the global market place. Nearly five years on, the WDA remains one of the most recognisable of all Welsh brands. The Welsh Government must urgently consider how it can be used to promote more clearly Wales's global identity. The Committee argues for the establishment of a dedicated trade promotion agency, either sitting within the Welsh Government or as a private sector vehicle. Such a body should have a mix of skills with an emphasis on private sector experience. Wales does not have sufficient resources to work alone in attracting inward investment nor the advantages that UK Trade & Investment, the UK Government department with lead responsibility for trade and investment, has in terms of resources and networks. The Welsh Government must engage with politicians in the UK Government to maximise opportunities to attract inward investment to Wales and so improve the long-term prospects of the Welsh economy. The UK Government and the Welsh Government must work together effectively, and work with education providers and industry, for the improvement of the Welsh economy and the Welsh people.
The book considers the determinants of the regional distribution of foreign manufacturing investment in the UK. The core theme of the book is that foreign firms coming to the UK seek in their location decision to minimise their costs of production. This minimisation of production costs is constrained by the need to ensure that they are adjacent to their key markets, whether these be in the UK or wider EC.
This report calls on VisitBritain and Visit Wales to jointly develop, by February 2015, a coherent strategy for promoting Wales as a first choice destination for international visitors to the UK. While the current number of international tourists to Wales remains below pre-2006 levels, there is substantial potential for growth in Wales' tourism market. Wales has some of the most spectacular landscape in Britain and Europe, a unique culture, language and history, dynamic cities, and offers a range of activities and a high quality of life. Wales' potential as a tourist destination is being undersold and there is concern that Wales still has a low profile overseas compared to other parts of the UK The tourism bodies Wales need to grasp this opportunity and maximise Wales' potential as a destination. UKTI should be mandated to begin to address the great disparities in wealth and investment across the UK, and the Committee calls for a dedicated Welsh trade promotion agency, to drive inward investment into Wales. Wales has masses of unfulfilled potential for increasing tourism. The responsible agencies in Cardiff and London and the respective Ministers need to work together more to maximise opportunities
The inauguration of the National Assembly of Wales creates a new opportunity to consider the economic agenda for Wales. This thought-provoking collection of papers carefully considers the recent past and makes a detailed analysis of the many facets of the regional economy. Individual chapters cover foreign investment, transport, small businesses, earnings, the rural dimension and outline the policy perspective. The book then looks forward and outlines the policy options for change which may provide a prosperous future for the region in an increasingly competitive world. For more information about the Welsh Economy Research Unit at Cardiff University, visit www.weru.org.uk
With the emergence of a truly global marketplace, regions now face far greater competition in attracting outside investment, and multinational companies have to consider local conditions on many levels before choosing to invest. Foreign Direct Investment and the Global Economy looks at the pattern of FDI and its impacts on the global, regional (trade block), national and sub-national scales. The contributors describe the much discussed global-local interlay apparent in the operations of multinational companies and their involvement with 'regulatory' institutions at different levels, from the global to the local.
This book argues for a new Welsh Way, one that is truly radical and transformational. A call for a political engagement that will create real opportunity for change. Neoliberalism has firmly taken hold in Wales. The 'clear red water' is darkening. The wounds of poverty, inequality, and disengagement, far from being healed, have worsened. Child poverty has reached epidemic levels: the worst in the UK. Educational attainment remains stubbornly low, particularly in deprived communities. Prison population rates are among the highest in Europe. Unemployment remains stubbornly high. House prices are rising, with the private rented sector lining the pockets of an ever-increasing number of private landlords. Minority groups are consistently marginalised. All this is not to mention the devastatingly disproportionate impact of the coronavirus pandemic on working class communities. The Welsh Way interrogates neoliberalism's grasp on Welsh life. It challenges the lazy claims about the 'successes' of devolution, fabricated by Welsh politicians and regurgitated within a tepid, attenuated public sphere. These wide-ranging essays examine the manifold ways in which neoliberalism now permeates all areas of Welsh culture, politics and society. They also look to a wider world, to the global trends and tendencies that have given shape to Welsh life today. Together, they encourage us to imagine, and demand, another Welsh future.
This book critically reviews the literature on the nature of FDI and reports the recent results on the performance of FDI plants. It examines the generation, theory and location of FDI, and its effects on regional and national development and analyses issues at the project and plant levels related to investment, employment and firm survival.
This supporting document to Budget 2011 (HC 836, ISBN 9780102971033) sets out the Government's plan for sustainable, long-term economic growth for the UK economy. It sets out four ambitions that underpin this objective, these are: to create the most competitive tax system in the G20; to make the UK one of the best places in Europe to start, finance and grow a business; to encourage investment and exports as a route to a more balanced economy and to create a more educated workforce that is the most flexible in Europe. Growth review measures outlined in Chapter 2 cover these priority areas: planning; regulation; trade and inward investment; access to finance; competition; corporate governance; low carbon. The first phase of the review also examined eight sectors of the economy to remove the barriers to growth that affect them: advanced manufacturing; healthcare and life sciences; digital and creative industries; professional and business services; retail; construction; space; tourism.
This book examines the role of the multinational firms in processes of European integration. It is primarily concerned with the implications of market integration and industrial restructuring for peripheral European regions. Nicholas Phelps argues that, because of the complex relationship between competition and economies of scale, the persistence of market segmentation, and because of the embeddedness of multinational investment in established production locations, there is considerable inertia in the existing trade and investment patterns of multinationals in the EU. This argument is explored empirically in relation to multinationals operating in Wales. This study suggests that processes of restructuring accompanying market integration are slow to take effect and based on a diversity of motives.