Wales has “genuine economic momentum” which could be turned into long-lasting prosperity, the CBI says.
The nation has the potential to become one of Europe's most competitive, sustainable economies, and a Welsh Industrial Strategy would be the best forum to achieve that, according to John Foster, the organisation's chief policy and campaigns officer.
In Made in Wales: A manifesto to support firms & create jobs 2026-30, published in the run-up to the Senedd election, the CBI said it was prioritising a new Welsh Government Industrial Strategy, aligning Welsh and UK policies on the economic growth levers needed to drive investment.
Wales already competes globally in areas such as compound semiconductors, clean energy security and advanced manufacturing and via its anchor companies such as Dow Chemicals in Barry, John said.
Alongside that, the focus needs to be on converting inward investment into deeper local supply chains to drive higher productivity, he said.
“The key to that is fixing the fundamentals – it's how do we speed up planning reform, how do we get investment-led infrastructure, a skills system that's more employer-led?” said John.
“If we get all of those things, if we focus on targeted delivery at pace, then you can actually turn that momentum into the longer-lasting prosperity that we all want – business and government alike.”
This would also support the Plaid Cymru aim to sustainably grow the number of medium-sized businesses in Wales, he added, saying that it was critical to build an environment in which businesses which grow in Wales are able to stay.
Plaid Cymru's manifesto committed to creating a new, business-led National Development Agency for Wales, at arms-length from the Welsh Government. According to the manifesto, one of the agency's roles will be to secure inward investment that develops local supply chains, increases productivity and supports the growth of domestic businesses.
The party said that within the first 100 days of the new government it would establish a panel of business and economic experts to refine the remit, governance, and operating model for the agency.
John welcomed the commitment of the Welsh Government to involving the business community in drawing up plans for the agency, saying that it needed a “clear mission focus”.
The CBI will be able to draw on a strong track record of working in collaboration with government on such initiatives, he said, citing their involvement with UK Government on the creation of the Office for Investment and the Economic Security Advisory Service.
