Support from the Welsh Government’s Business Wales service boosted the Welsh economy by an estimated £790m a year by mid-2021, according to new research.
More than 25,000 jobs have been created since 2015 thanks to support from the service, with Business Wales also helping businesses generate £469 million in investment over the same period. This has resulted in a combined turnover level of more than £13 billion.
The performance of the service has been analysed by Cardiff Business School in a new report.
The report examined the impact of two specific strands of support: the Business Wales Core and Growth programme, which provides assistance to individuals thinking of starting a new enterprise through to established firms with growth aspirations; and the Accelerated Growth Programme (AGP), a targeted service aimed at businesses with the appetite and potential to grow turnover, create jobs and export rapidly.
The report found that the additional employment and activity generated by the Core and Growth programme would contribute an estimated £380 million in gross value added (GVA) to the Welsh economy a year by mid-2021, with AGP adding a further £410 million GVA per year.
Business Wales includes a team of highly experienced advisers offering practical information, expert webinars, virtual 1-2-1 advisory meetings and telephone support, as well as access to mentors and further specialist support.
Its guidance has helped a raft of businesses navigate the UK’s exit from the EU and the incredibly challenging coronavirus pandemic. Earlier this year, figures showed more than 750 entrepreneurs had started a business or become self-employed during the public health crisis with the help of Business Wales.
Welcoming the findings of the report, Economy Minister, Vaughan Gething said:
“Business Wales is a first-class service providing invaluable advice and guidance as part of a supportive business environment.
“The value it’s added to the Welsh economy during the most difficult trading period in recent history is a testament to the truly incredible team of advisers that provide direct support to our businesses to help them grow and flourish, helping to create good jobs in communities across Wales. I would like to extend my thanks each of them.
“This Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy, and Business Wales forms a key part of our proactive approach. This includes helping businesses to create new jobs, find new export markets and invest in the sustainable industries of tomorrow, while fostering the talent and creativity of entrepreneurs to deliver more start-ups.”