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Wales investment summit spotlights £16bn pipeline amid economic challenges

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HUNDREDS of global business leaders gathered today (Dec 1) at the International Convention Centre Wales and Celtic Manor Resort for the inaugural Wales Investment Summit – the largest event of its kind in Wales since the 2014 NATO Summit.

First Minister Eluned Morgan described the summit as a “pivotal moment” to showcase Wales’ economic potential, with more than 300 delegates from twenty-seven countries hearing pitches on high-growth sectors including AI, semiconductors and clean energy. Around one hundred and fifty of the attending firms are new to Wales.

Tour de France winner Geraint Thomas and broadcaster Alex Jones appeared at sessions throughout the day, adding a distinctly Welsh touch to a high-profile programme led by Morgan and UK Chancellor Rachel Reeves.

£16bn pipeline and major job pledges

Since announcing the summit in August 2024, Morgan said Wales has secured investment commitments worth £16 billion. The largest is a £10 billion programme from Vantage Data Centers, which plans AI-driven data campuses across south Wales, including at the former Ford engine plant in Bridgend. The project is expected to create several thousand jobs over the next decade.

A further £4.6 billion in pledges was unveiled last week, including:

  • £2.5 billion for the Wylfa nuclear project
  • New investments from Rolls-Royce, Vishay, Stena Line, Boccard and Bute Energy

Today’s discussions also followed the UK Government’s recent confirmation that Wylfa will host Britain’s first small modular reactors (SMRs). Construction and operational phases are forecast to support up to 3,000 jobs.

Two “AI Growth Zones” – one across Anglesey and Gwynedd, and a second in south Wales – are projected to generate more than 8,000 jobs combined. The north Wales zone alone is expected to deliver over 3,400 jobs in research, data centres and training, leveraging power output from the Wylfa site.

Reeves confirmed a £10 million UK budget allocation to boost Newport’s semiconductor cluster, emphasising cross-government cooperation.

The summit also highlighted a milestone for the Development Bank of Wales, which has now invested over £1 billion since 2017, supporting 50,000 jobs and nearly 5,000 businesses.

Wales has delivered a 23% rise in foreign direct investment projects in 2024/25 – reaching sixty-five deals – alongside a 30% rise in inward-investment jobs. Wales retains the highest manufacturing share of GDP in the UK at 15.6%, compared to the national average of under ten per cent.

A tough international landscape

The upbeat messaging comes against a difficult global backdrop. UK-wide foreign investment fell to 853 projects in 2024, a thirteen per cent drop. Across Europe, FDI fell by five per cent – the lowest level for almost a decade – amid geopolitical instability, supply-chain pressures and falling manufacturing investment.

Although Wales’ twenty-three per cent rise in project numbers mirrors UK-wide trends, much of the headline £16bn relates to long-term pipelines rather than near-term spending. Several flagship schemes, including Wylfa and the AI zones, rely heavily on public subsidy, with hundreds of millions committed by both the Welsh and UK Governments.

Structural challenges persist

Despite strong announcements, Wales continues to face stubborn economic gaps. Gross value added per head stood at £29,316 in 2023 – around 85% of the UK average. Total Welsh GVA reached £81.5 billion, showing little real-terms growth.

Economic inactivity remains the highest in Great Britain at 24.1% of working-age adults, driven largely by long-term sickness. Average full-time weekly earnings in Wales are £634, compared to the UK figure of £682.

There are also concerns over regional imbalance. South-east Wales continues to attract the majority of major investments, leaving parts of north and west Wales – including Anglesey – vulnerable without wider rail, digital and skills upgrades.

Opposition: ‘Late in the day’

Opposition parties welcomed new jobs but criticised Labour’s economic record.

Plaid Cymru’s Heledd Fychan said many announcements were “late in the day” after “over two decades” of Labour governance, and called for a streamlined “one-stop shop” for business support. The party previously dismissed the summit as a “gimmick”.

Welsh Conservative leader Darren Millar said the focus should be on “lower taxes and less bureaucracy”, accusing Labour of “hamstringing” the Welsh economy with regulation since 1999. Shadow economy secretary Samuel Kurtz urged investment in “world-class skills” and real support for small firms.

With Senedd elections set for May 2026 – and Labour still absorbing the shock of losing the Caerphilly by-election to Plaid – political scrutiny of the summit has intensified.

Looking ahead

Morgan told delegates: “This summit is the culmination of months of work. Welsh Labour means business and is investing in our economy and jobs for the future.” She said Wales must focus on “growth with purpose”, ensuring high-skilled roles spread opportunity across every region.

Economy Secretary Rebecca Evans added: “Wales is at the forefront of industries that will define the next decade. We’re ready to turn conversations into commitments.”

As delegations continue discussions, the long-term test will be delivery. With £16 billion in pledges and thousands of jobs at stake, Wales faces a decisive question:
Will this investment help close long-standing economic divides – or deepen them in an already fragile global economy?

 

Business

Dragon LNG supports Neyland Heritage website launch

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THE NEYLAND and Llanstadwell Heritage Group is pleased to acknowledge the support of Dragon LNG as a Founding Sponsor of its newly launched heritage website.

The website was officially launched at a special community event held at Neyland Hub on Wednesday, April 15, marking 170 years to the day since Isambard Kingdom Brunel brought the railway to Neyland in 1856. 

As part of the evening, Dragon LNG presented a cheque in support of the project, recognising the importance of preserving and sharing the area’s rich local history.

The new website has been developed as a central and accessible resource to bring together research, stories, and historical material relating to Neyland and Llanstadwell. It is intended not only as a record of the past, but as a living resource that encourages community involvement and participation.

Carol Elliott, Chair of the Neyland and Llanstadwell Heritage Group, said: “We are extremely grateful to Dragon LNG for their generous support. Their contribution has helped make this website possible, ensuring that the history of Neyland and Llanstadwell can be preserved and shared with the community and with future generations.”

A spokesperson for Dragon LNG said: “Following a request from Gareth, a member of our Team, we are delighted to support the new Neyland Heritage Website, through our Staff Sponsorship programme, reflecting his valued involvement in the Neyland and Llanstadwell Heritage Group.    We are proud to support initiatives that celebrate and preserve local heritage. This project reflects the strong sense of community in Neyland and Llanstadwell, and we are pleased to play a part in helping to make local history more accessible to all, particularly younger generations.”

Dragon LNG plays an important role within the local community, supporting a range of initiatives and organisations across Pembrokeshire. Their support for the heritage website reflects a continued commitment to community engagement and the promotion of local identity.

The Neyland and Llanstadwell Heritage Group hopes the website will become a lasting resource for residents, visitors, and schools, while also encouraging wider participation from the community in recording and sharing its history.

The new website can be viewed at: https://www.neylandhistory.org.uk/ 

 

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Business

Narberth Kadinsky gallery to dental surgery refused

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PLANS to convert a former art gallery to a dental surgery on the edge of a Pembrokeshire town have been refused.

In an application to Pembrokeshire County Council, Ahmed Abouserwel, through agent A.D Architectural Design Consultants LTD, sought permission for a change of use of the former Kadinsky gallery, Redstone Road, Narberth, to a dental surgery, along with associated works.

A supporting statement said: “The existing open plan gallery space will be transformed into the main dentist area, with a glazed internal lobby, leading directly into the open reception / waiting area. There will be five treatment rooms accessed directly off the reception, with a private archive room behind the reception desk.

“The rear lean-to projection will be extended to the north to accommodate a proposed decontamination room and to re-model the Staff area and W.C provision (number to remain as existing).”

It said the proposal would create 10 full and three part-time jobs.

An officer report recommending refusal said concerns were raised by the county Highways authority, who having assessed the application on safety, capacity and policy considerations, recommended the application be REFUSED on the grounds of insufficient evidence provided.

“The submitted design and access statement and block plan indicate on-site parking provision for 16 vehicles, located to the north and west of the building. The application form states that the site will employ 10 full-time staff and three part-time staff. However, the submission does not differentiate between practitioners and ancillary/support staff.”

It said, on planning guidance, health centres require three spaces per practitioner; and one space per three ancillary staff, adding: “As the applicant has not provided a breakdown of staff roles, the Highway Authority is unable to assess whether the proposed parking provision is adequate.”

It stressed: “Whist there is no in-principle objection to the redevelopment of this established site for a dental surgery, insufficient information has been provided to fully assess the proposal.”

It was refused on the grounds including it would lead “to the unjustified loss of an employment premises in a location which contributes to the local supply of employment land and buildings,” adding: “Insufficient evidence has been submitted to demonstrate that the building is no longer suitable or viable for continued employment use, nor that there is overriding community need to justify its loss.”

It was also refused on the grounds that “Insufficient information has been submitted to demonstrate that the development would operate without giving rise to unacceptable highway safety impacts or on street parking pressure”.

 

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Business

Pembrokeshire Roch BMV land horse menage plans allowed

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RETROSPECTIVE plans for a Pembrokeshire horse menage have been allowed despite being on land of a quality which normally precludes development.

In an application to Pembrokeshire Coast National Park, Grant and Kayli Goddard, through agent Preseli Planning Ltd, sought retrospective permission to retain a horse menage on land South of Ferny Glen, Roch, works having been completed last March.

A supporting statement said one of the complications to the application was a predictive agricultural land classification changing the grade of the land from 3b to 2 as part of the most recent predictive classification.

Planning Policy Wales states that agricultural land of grades 1, 2 and 3a of the Agricultural Land Classification, often known as Best and Most Versatile (BMV) land, should be conserved as a finite resource for the future and should only be developed if there is an overriding need for the development and either previously developed land or land in lower agricultural grades is unavailable.

The supporting statement says there were mitigating factors, the holding being a mixed use one of forestry, agriculture and equestrian use, and development elsewhere on-site would potentially give rise to loss of sensitive green infrastructure and significant levelling and excavation works.

It added: “There is a need for the development inherent with the location of the stables, but also a need for the applicant for the wellbeing and health benefits of family members. The applicant lives and works a short distance from the site and therefore the site is the most logical location and essentially the only location for the development.”

It also said the area of the land “is small and insignificant within the wider land holding and extent of agricultural land in the locality”.

An officer report recommending approval said, following an agricultural land classification (ALC) report, the Landscapes, Nature and Forestry department of Welsh Government had been consulted regarding agricultural land quality.

“The department comment that a detailed ALC field survey is not practical or representative for such a small area (<1.0ha) especially in retrospect as soils have been disturbed on site. The ALC report therefore cannot be accepted as an accurate reflection of the land quality.

“The Landscapes, Nature and Forestry department consider that due to the small area of potential predicted BMV (0.12ha), exceptionally in this case the Department does not recommend the application of BMV agricultural land policy.”

The application was conditionally approved.

 

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