Part of 1. 1. Questions to the Cabinet Secretary for Economy and Infrastructure – in the Senedd at 1:35 pm on 29 March 2017.
Can I thank the Member for her question? I did see her tweet where she asked a very good question. It’s a question that I think many communities could ask, based in the city region area. That particular question was, ‘What’s for Rhondda in the announcement?’ And I think that’s absolutely right, because I’ve been asking recently who has benefited in the recovery since the financial crash. And it’s quite clear that those who have not yet seen any sign of a recovery are those who live outside of more intensely urbanised areas where we’ve seen the greatest economic growth. They are people who, by and large, are younger, and people who don’t own their own homes. They’re the people who have not benefited from the recovery. So, just as I said to David Melding that I expect redistribution of wealth to come through the redistribution of opportunities to create wealth, I think it’s essential that we do more to attract investment into the Valleys, but also to support and grow those companies that are already there.
In terms of inward investment, we estimate that a third of all foreign direct investment that came to Wales in the previous Assembly came to the Valleys areas. So, there’s no doubt that the Valleys have had a good degree of investment, but the structural problems of that particular regional economy require a more concerted and joined-up effort, and, for that reason, the taskforce was convened. The Member asked an important question about who is on the taskforce, how the taskforce is liaising, working with and interfacing with other initiatives. I can assure the Member that I am a member of the taskforce, and so too are representatives of the Cardiff city region. And I think it’s essential that the work of the taskforce is fully reflected in the developing economic strategy for a more prosperous and secure Wales.