3. Statement by the Minister for Economy: Moving the Welsh Economy Forward

Part of the debate – in the Senedd at 3:17 pm on 19 October 2021.

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Photo of Mike Hedges Mike Hedges Labour 3:17, 19 October 2021

Thank you. I welcome this statement and look forward to further economic statements and debate. I very much welcome pursuing a progressive economic policy that focuses on better jobs, narrowing the skills divide and tackling poverty. The greatest economic development tool is education. We need a policy that produces more Admiral Insurances and less LG inward investments. I welcome the backing local firms initiative. Too often we’ve had branch factories for a short time before they leave.

There’s a lot we can learn from the USA, England and Europe in working with universities to develop the economy. We need a high-skill, high-wage economy with opportunities for all. Too many Welsh students at graduation leave Wales, often never to return. For the last 10 years we've promoted ICT, life sciences, financial and professional services sectors. What support is the Welsh Government intending to give to promote and develop these economic sectors, which are high-wage sectors? And what is being done to develop more university-led science parks, like M-SParc on Ynys Môn?