The North Wales Growth Deal has passed an important milestone following a joint session of the UK and Welsh Governments, the North Wales Economic Ambition Board and private sector partners to discuss priority projects.
The discussions aimed to set a clear way forward for the deal and focused on low carbon energy, digital connectivity, as well as land and property.
The meeting in Llandudno Junction has identified the requirements needed to reach a ‘Heads of Terms Agreement’, which is the next stage of the growth deal process. Both the UK and Welsh Governments have agreed to provide £120m of funding for the deal, which is expected to bring in over £500m of private sector investment into the region.
UK Government Minister for Wales Kevin Foster said:
“Discussions in both sessions were robust yet constructive, with both the private sector panel and ministers highlighting the significant amount of work that had been undertaken by the Economic Ambition Board and the commitment and unity demonstrated by the leaders.
“The UK Government is committed to the North Wales Growth Deal and continues to work with companies and groups on the ground as they develop a bespoke deal which works for the whole of North Wales.”
Welsh Government Economy and North Wales Minister Ken Skates said:
“The session was an important opportunity for both governments to hear from the private sector and the ambition board on the opportunities and challenges in delivering the North Wales Growth Deal.
“We continue to work in partnership across the region to support a transformative growth deal to get the direction right for North Wales and ensure the deal will deliver sustainable economic growth and improved way of life for future generations in the region.
“Our commitment to the growth deal is in addition to our programme of investments in North Wales.”
Cllr Dyfrig Siencyn, chair of North Wales Economic Ambition Board said:
“On behalf of the Ambition Board I would like to thank the Welsh and UK governments and representatives of the private sector for their feedback and thoughts during the challenge sessions.
“We will continue to work together for the people and businesses of North Wales, with the joint aim of creating jobs, boosting the economy and delivering a Growth Deal that will have a positive and lasting impact for generations to come.”
The partners will now work on the Heads of Terms Agreement which will outline the way forward for the North Wales Growth Deal