The inaugural Wales Economic Forum launched yesterday in Cardiff Bay, where Cabinet Secretary for Economy, Energy and Planning Rebecca Evans emphasised a significant shift in approach within the Welsh Government. She delivered a strong, positive message to business leaders highlighting a clear agenda to foster more effective collaboration with the business community in Wales.
The new forum, a business collaboration initiative organised by Business News Wales, hosted by its editor Gemma Casey and sponsored by accountancy firm MHA, aims to explore innovative approaches to bridging the gap between government and industry, with the ultimate goal of securing a competitive advantage for Wales.
The meeting began with the Cabinet Secretary outlining her immediate economic priorities, followed by each guest sharing the key priorities within their respective sectors. This initial exchange of insights generated a range of solutions and suggestions.
All participants agreed that Wales has the potential to gain a clear and significant advantage by fostering a closer relationship between business and government.
The group acknowledged the importance of maintaining a clear focus on the session’s outcomes, taking into account the variety of themes discussed. As a convener, Business News Wales agreed that it will dedicate its upcoming reporting to three critical areas discussed: international investment opportunities, the role of the business community in developing a strong USP for Wales, and the ongoing skills crisis facing young people.
The group unanimously agreed that Wales lags significantly behind in attracting direct foreign investment, a point acknowledged by the Cabinet Secretary.
Luciana Ciubotariu, CEO of the Celtic Freeport and a self-proclaimed newcomer to Wales, shared her perspective on the issue.
Drawing from her experience attending numerous inward investment summits each year, she noted that Wales had less visibility and representation than Scotland and Northern Ireland, whose brands were prominently amplified. She remarked, “In my experience, across the many international investment programmes I’ve attended, Wales has had little or no presence. It wasn’t until I recently arrived here that I truly experienced its beauty and its wealth of investment opportunities.”
The group also unanimously emphasised the need for stronger support for young people. Sharon James-Evans, Principal at Cardiff and Vale College, passionately highlighted the urgent need to accelerate efforts in this area. She pointed out that the rise in NEETs (young people not in education, employment, or training) is increasing at an unprecedented rate in Cardiff. The group further acknowledged that the shift to remote working has contributed to the problem, as young people miss out on the invaluable experience of working alongside colleagues, a learning environment many of us have long taken for granted.
Avril Lewis of Technology Connected and Ian Price of CBI shared their perspectives, emphasising that for this forum to achieve meaningful outcomes and deliver something truly innovative, it must avoid becoming just another roundtable discussion or echo chamber of familiar faces and recurring themes.
Mark Powney, Business News Wales Manging Director commented:
“A heartfelt thank you to the Cabinet Secretary and all the guests who generously gave their time to participate in this initial session. At Business News Wales, we are deeply passionate about driving positive change and leveraging our reach and audience to foster meaningful progress.
Every day, we see the incredible depth of experience and insight within the business community, and we continually ask ourselves, how can we best harness this expertise to create impactful change?
“As a team, we’ll take this challenge to hand, reflecting on how to further develop the forum. We’re excited to work alongside our partners and clients to expand its potential in 2025.
“While it’s too early to fully assess the actions of the new Welsh Government leadership, one thing is clear, the First Minister and Cabinet Secretary have sent a strong message to Wales’ business community—Wales is open for business and the government is seeking to collaborate with industry.
“As this collaboration agenda builds into 2025, it’s now up to our business leadership network across Wales to hold the government accountable to its promises and ensure that Wales doesn’t just survive but truly thrives.”
The next Wales Economic Forum will take place at the end of January 2025.
Guests at the inaugural forum included:
- Rebecca Evans MS – Cabinet Secretary for Economy, Energy and Planning
- Gemma Casey, Editor, Business News Wales
- FSB – Ben Cottam
- CBI – Ian Price
- IOD – Gareth Jarman, Chair. Mid Wales
- Luciana Ciubotariu, CEO Celtic Freeport
- Sharon James Evans, Principal, Cardiff & Vale College
- Laura Farrow, Director, MHA
- Ilyr Roberts, MD, Mentera
- Avril Lewis, CEO Technology Connected
- Bethan Cousins, New Business Director, Development Bank of Wales Guest (TBC)
- Mark Powney, Managing Director, Business News Wales
