Abstract

The aim of the WER is to provide authoritative and objective analysis and commentary on the Welsh economy, and regional economies in general, in a manner that promotes understanding and informs decision-making. The intended audience includes academics, economic development practitioners, policy-makers, and anyone with an interest in the Welsh economy and/or regional economics.

Highlights

  • Governments have been intervening to boost an underperforming Welsh economy since 1934

  • Manufacturing foreign direct investment (FDI) was vulnerable to external influences and could form only one element of a regenerating economy, but success prompted the Agency to over-prioritise this type of inward investment

  • In south-west Wales, the Welsh Development Agency (WDA) cleared sites including former military installations, while dramatic transformations in the south Wales valleys included the removal of a 120-metre-high spoil tip at Bargoed (Gooberman, 2015)

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Summary

Introduction

Governments have been intervening to boost an underperforming Welsh economy since 1934. Fewer investors were willing to locate factories in Wales, but the Agency infrequently developed properties or sites suitable for service sector activities. Property was a low priority after devolution but one high profile project was Technium facilities These housed and supported high technology companies but were built without adequate assessments of market potential. The Agency prepared a strategy to fill gaps in the types of sites and properties offered to investors, but this was side-lined during the merger with the Welsh Assembly Government. The Agency focused on manufacturing as these companies wanted locations with attributes offered by Wales: access to European markets; low cost labour; availability of sites and factories; good road and rail communications; and, grants (Gooberman, 2017). Manufacturing FDI was vulnerable to external influences and could form only one element of a regenerating economy, but success prompted the Agency to over-prioritise this type of inward investment

Land Reclamation
Business support
Venture Capital
Findings and observations
Full Text
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