GUEST COLUMN:
Nick Bennett
Director, Strategic Advisory
Savills
It would appear that Wales’ first investment summit has been a success, with over £16 billion investment on its way, and in excess of 10,000 jobs, and new investment projects including with Vodafone, GE, Associated British Ports, RWE, ENI and Bad Wolf.
I have spoken to a number of delegates who told me the event was ‘amazing’ with a great buzz and networking opportunities that can, and should, lead to much-needed investment in every corner of Wales. With His Royal Highness The Prince of Wales, Chancellor Rachel Reeves, and even Tour de France victor Geraint Thomas all in attendance, this really was a Team Wales approach.
It was a personal triumph for First Minister Eluned Morgan, and is typical of the enthusiastic approach she takes to promoting Wales, which I remember her demonstrating as a young MEP in Brussels in the early 2000s. I saw at first hand her determination to make every St David’s Day not only a celebration of all things Welsh, but also to exploit any opportunity to boost trade and investment for the benefit of Wales.
Some detractors have questioned the veracity of some of the job creation numbers and the projects announced at the summit, however, this misses the point. Wales needs to put itself on the map and to demonstrate that it is unambiguously open for business, investment, employment and wealth creation.
This event symbolised all of the above. As a global property firm that wants to see people thrive in places and spaces, we have been privileged to advise a number of the project promoters that were showcased and discussed at the summit – including Cardiff Parkway, Vantage and the development of floating offshore wind in the Celtic Sea.
The First Minister did indicate that there is still further to go in reforming planning in Wales and making sure that the country is more business friendly. There is no scope for complacency, but the Investment Summit should be welcomed for its impact in raising the bar in terms of the ambition and resource that is devoted to promoting investment in Wales.
It was a successful summit, but it cannot be the peak of our activity or ambition. Economically we still have a mountain to climb – especially as we approach what is expected to be a closely contested Senedd election next year.
