First minister pledges to enhance Welsh economy at summit

The First Minister of Wales declared her determination to "accelerate the growth of our economy" with support from international investors attending the inaugural Wales Investment Summit in Newport. Eluned Morgan made the remarks during her opening address at the summit, which drew representatives from major global companies, including chip manufacturer Nvidia and telecommunications leader Vodafone.

Critics from opposition parties argued that the Labour-led Welsh government has already had sufficient time to attract investment and stimulate economic growth. Morgan faces a Senedd election in five months, with the possibility of Labour losing power in Wales for the first time if they fail to secure victory. Her party previously lost the Caerphilly by-election to Plaid Cymru in October.

In her speech, Morgan highlighted recent developments from Westminster, such as the planned nuclear power station at Wylfa and AI growth zones in North and South Wales, describing them as examples of "national collaboration." Drawing on her experience in the private sector, she emphasized her goal of simplifying business processes in Wales, stating: "I have challenged my team to make Wales the fastest nation in the UK for obtaining planning permission."

She added that Wales now possesses "all the essential foundations to scale rapidly, particularly in cutting-edge industries," and stressed that growth should be purposeful: "We want growth that creates quality jobs and builds opportunities across every part of Wales."

On the eve of the summit, Vantage, a data centre provider, announced a 10bn investment across South Wales, including at the former Ford engine plant in Bridgend. Westminster Business Secretary Peter Kyle noted that the AI growth zones demonstrate the UK government's ongoing "commitment to Wales," explaining that these initiatives will position the country at the forefront of technologies shaping the next century.

Kyle remarked: "I highlight these investments not only because I am passionate about AI, but because they reflect how our modern industrial strategy benefits Wales."

Labour Economy Secretary Rebecca Evans told BBC Politics Wales that 4.5bn of inward investment had been secured since the summit was announced. Meanwhile, Plaid Cymru criticized the timing of the announcements, while the Conservatives argued that lower taxes and reduced bureaucracy would be more effective in attracting investment.

Author: Sophia Brooks