Liam Fox announces £240m investment drive, creating thousands of Welsh jobs as Board of Trade meets in Wales for first time
The President of the Board of Trade, the Rt Hon Dr Liam Fox MP, hosts Board of Trade meeting in Wales for the first time with Welsh Secretary Alun Cairns
For the first time, the Board of Trade will meet in Wales today (Thursday 15 November) to launch £240 million worth of Welsh energy and infrastructure projects to global investors.
The UK-wide Energy Investment Portfolio will be launched in Swansea. It aims to attract:
• £35 million of potential investment in Morlais Marine Energy Facility, also in Anglesey
• An expected £100 million for a new CoGen Energy to Waste Plant in Cardiff; and
• Around, £105 million of expected investment at Penrhos Coastal Holiday Resort in Holy Island.
In addition, the UK Government will add two new projects from Wales to its multi-billion-pound High Potential Opportunities scheme, designed to fast-track investment into regions and sectors of the economy.
These are the nuclear sector in North Wales (where opportunities in decommissioning, advanced technology and Wylfa Newydd’s supply chain will be promoted) and Wales’ life sciences and wellness sector.
UK Government will promote these Welsh opportunities to investors in 108 countries to secure jobs, growth and prosperity.
Whilst in Wales, International Trade Secretary and President of the Board of Trade Dr Liam Fox MP and Secretary of State for Wales Alun Cairns MP will also present eight companies with Board of Trade Awards (BOFTAs) to celebrate to celebrate their success in exporting and driving investment. These firms, ranging from furniture makers in Wrexham to beer brewers in Newport, showcase the very best of the Welsh economy.
International Trade Secretary and President of the Board of Trade, The Rt Hon Dr Liam Fox MP said:
"Wales is a nation built on industrial innovation and today’s launch of the Energy Investment Portfolio alongside the High Potential Opportunities scheme will deliver growth in new innovative sectors, encouraging creativity, creating jobs and driving prosperity here in Wales and across the UK.
"My international economic department has established relationships with the world’s most influential investors to ensure that the UK continues to be the top destination in Europe for Foreign Direct Investment – and today’s announcement is further proof that there is huge demand for Welsh projects from investors."
Secretary of State for Wales, The Rt Hon Alun Cairns MP said:
"I am delighted to welcome the Board of Trade to Swansea today and look forward to a packed programme of activities tailored to supporting British businesses looking to achieve their global exporting ambitions.
"From the eight Welsh Board of Trade Award winners to the high potential opportunities in the nuclear and life sciences sector, our announcements today show how the UK Government will continue to work on behalf of every hardworking business to drum up trade, encourage international investment and pave the way for growth generating jobs, security and a more prosperous Wales in the future."