Can I thank the Member for his questions? I'm sure that there will be many more opportunities to question the plan further. I'm happy to offer any Member in this Chamber a briefing session on the economic action plan. Implementation of the plan will be crucially important and this will be conducted in consultation with social partners, including businesses and trade unions, the third sector and other stakeholders. But I am delighted that this action plan has been published, following the publication, of course, of the national strategy 'Prosperity for All'. 

The Member asks us to reflect on the challenges of the Welsh economy. I think they've been well rehearsed, but what's clear, especially from the Member's own contribution, is that the productivity gap with the UK, and indeed much of the western world, is our key concern, but so too is the degree of inequality.

Over the last five years or so, the economy has performed exceptionally well in terms of jobs growth and in terms of driving down unemployment and economic inactivity, but what's quite clear is that the benefits of economic growth have not fallen equally across Wales. That's why we're keen to pursue a place-based approach to economic development and that's why, in turn, we're keen to make sure that there is a regional development ethos to what we offer.

But there are some obvious areas of intervention that can be made to improve the productivity of the Welsh economy. We've examined them and we've found that, principally, improving the skills base of Welsh workers, improving the infrastructure of Wales, improving leadership within business, improving the diffusion of innovation across the Welsh economy and improving working practices will contribute to improved productivity. These align with the calls to action and the employability plan, and, of course, the Welsh infrastructure investment plan. All of our interventions are now designed to improve the productivity of the Welsh economy.

Now, as I say, implementation will be crucial, and this is a plan for the long term. It would be easy to chase targets, but the problem with many targets is that they're easy to meet if you pick off the low-lying fruits. We now need to deal with those deep structural problems within the Welsh economy, and that is why I have every confidence in the likes of the OECD to provide external and expert challenge, to be able to monitor our success or any failure to perform against international best practice. I'm also confident that we should be judging our success and progress against the well-being indicators. My view is that success takes a very simple form: that we improve and increase the level of well-being and wealth across Wales whilst at the same time reducing levels of inequality across Wales.

This isn't about spending, necessarily, more money on our interventions; it's about making sure that the money that we spend across Government is better aligned with our priorities, and that's why I think it was essential that we introduced 'Prosperity for All: the National Strategy' ahead of this particular action plan. Although the plan does not go into detail in terms of the specific allocation of resources to the economy futures fund, because there are literally dozens of funds that are going to be consolidating and we're looking at the launch of that new economy futures fund at the start of the next financial year, the plan does identify approximately £630 million over the course of a decade that could be invested back into delivery, and that could make a major difference to our competitiveness and our productivity levels.

I do think that the balance of grants and repayable finance that we offer currently is appropriate for the economic cycle, and I think we need to be able to flex appropriately to remain competitive, in any given time of the economic cycle. Right now, our export rates and our foreign direct investments are all healthy. What we need to do is make sure that our investment in those areas that drive up productivity remain healthy and appropriate for any given space in time.

In terms of the sectors, well, sectors in their traditional sense are already converging, and I think this has been recognised as well by the UK Government with its recent UK industrial strategy. It's very difficult to determine, for example, whether fintech sits neatly with digital or whether it sits neatly with financial and professional services. The fact is that many new industries of tomorrow overlap the current sectors that we operate and support, so it's absolutely vital that we look to the future, that we leap to the future, that we're not dragged there or that we don't follow others into a new way of supporting business development. So, our thematic sectors, with experts and support from Welsh Government, available to support the growth of those new thematic areas in business, I think, is the right path to be taken.

In terms of our foundational economy, we determined that those four particular areas of the foundational economy are most significant because of the numbers employed within those particular sectors, because of the numbers of people that are employed across all regions of Wales—these are, in many respects, the foundations of the economy across every community in Wales, and particularly in the rural economy—and also we identified them because they present some of the most pressing social and health changes, as well, in the coming years, particularly if you take, for example, care and food and retail. Retail is one area where we will be giving a new focus, a renewed focus, in terms of place building, as well. The approach that we're taking to the foundational economy therefore aligns very well with the announcement recently made by my colleague Rebecca Evans concerning the £100 million regeneration scheme that will significantly add to the potential to improve quality of place and, with it, the retail potential in towns and cities across Wales.

As I say, there will be an opportunity to consult further during the implementation stage. I think it's going to be vital that we continue to work in partnership with business and trade unions and other social partners, as we have done during the design of the economic action plan. But this is a plan for the long term. This is a plan for the next two decades or more.