3. Statement by the Minister for Economy: The Innovation Strategy

Part of the debate – in the Senedd at 3:05 pm on 28 February 2023.

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Photo of Vaughan Gething Vaughan Gething Labour 3:05, 28 February 2023

Great. Thank you. Thank you for the two questions. I think, on your last point first, there's a recognition that clusters aren't just geographic; the clusters of industry sectors and how we draw people together and the connectivity between them as well—. You're right, you wouldn't expect aquaculture in the Cynon Valley necessarily to be a big deal, but it's a big opportunity for Wales when you think about what we already do and what we can do better, and there is really interesting research on that up in Bangor as well. So, it's about how we connect those people up. That's why the point about how we connect—one of those jargon phrases—the innovation ecosystem. But understanding who's doing what where, that's partly our role in the Government; it's also about how we work with business and other organisations to understand where that excellence exists in different parts of Wales and then to make it easier for people to know who they are and who and where they can collaborate with people as well. And, actually, Members do have a really important role in that, in understanding what works really well in their own constituency or region, and then how to promote that across the country, and, you know, the relationships with Ministers in being able to point out that there are opportunities to do more in that.

It's also about how they work with Business Wales as the front door to all of the advice and support, and to direct people to where they can get that support as well. And that also links into your question, I think, about the circular economy and the foundational economy, how we keep more money local. But there's real innovation that takes place there, and it comes back to my point about that some things already work really well but aren't translated into every single business. So, it's what already works, how do you apply it in your own business. And, actually, one of the things, in terms of moving forward, is the Development Bank of Wales and the green business loans scheme they work, because it deals with exactly your point: how do you get more energy efficient, how do you reduce your carbon footprint and reduce your bottom line? It isn't just that loans are available from £1,000 upwards; it's also the consultancy support and advice that exists for those businesses. If you do have businesses that want to improve the way they work and are thinking about energy efficiency to reduce their bottom line as well, definitely go to Business Wales and consider the green business loans scheme that I'm delighted we launched just two weeks ago with the Development Bank of Wales.