Diolch, Dirprwy Lywydd. Can I thank the Cabinet Secretary for bringing forward this debate on a vitally important aspect of business development in Wales. I would like to say at the outset that we will be supporting the Plaid Cymru amendments to this debate.

Entrepreneurship is the driver of all industrial enterprise. Without it, we would not be able to enjoy all the social benefits that we now take for granted. As the Welsh economy evolves, moving away from the traditional heavy industries of coal and steel, so the role of SMEs will continue to be an essential element in the development of the Welsh economy.

Already, SMEs play a greater role in the Welsh economy than any other part of the UK. It is therefore essential that the Welsh Government puts in place the correct strategies and policies not only to support the existing SMEs, but also to further develop this essential part of Wales's economic growth. It is true to say that SMEs embody much of the aims of the Welsh Government, in that they are often at the cutting edge of innovation, especially in the environmentally sensitive sector. Many of the smaller enterprises employ just a few people, so they should be encouraged to locate in places where they can contribute to the foundational economy. This would have the added effect of embracing the 'jobs closer to home' agenda of the Welsh Government. 

I spoke earlier about creating the right environment for SMEs to grow and prosper. I believe the Welsh Government should use all the levers at its disposal to make this a reality. We acknowledge the roll-out of superfast broadband and the essential role that internet access plays in the development of businesses, but we would again reiterate the need to inform and advise, particularly start-ups, on the advantages that superfast broadband can deliver to help their enterprise prosper.

We would hope that the new Development Bank of Wales, building on Finance Wales initiatives, will play a crucial role in the establishment of a strong SME base in Wales. It is essential that the development bank works closely with Business Wales to facilitate a joined-up approach to helping the sector to develop. Above all, access to capital must be as easy and stress-free as possible. Stakeholder funds must be the essential funding option, as start-up companies, particularly innovative companies, will not see a return on profits perhaps for a number of years. Repayment loans are therefore not a suitable funding arrangement for these companies. The role of the development bank is therefore critical in growing this essential part of the Welsh economy.

Business Wales also has a vital role to play, especially with start-ups in the innovative sector. Often, these entrepreneurs are science-specific, with little business acumen or experience. The advice and help that Business Wales can provide in this area will often be the make-or-break input for these companies. I also see that Business Wales's remit should be to guide companies in the best pathways to appropriate investment from the development bank.

The connectivity between our academic institutions and business is also hugely important in the growth of entrepreneurship and private economy development in Wales.

To sum up, the Welsh Government's remit is to provide the best possible environment for SMEs to prosper and grow. This includes suitable accommodation units in appropriate locations, good travel infrastructure, access to capital and business advice, but also a regime as free from regulation and red tape as possible. Only with these interventions in place will we see a strong, vibrant private sector develop and grow in Wales over the coming years, providing good-quality, well-paid jobs for our future generations.