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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

Dedicated 5G network introduced at Royal Welsh Show to keep livestreams running

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BT says protected mobile connection will help Welsh traders process card payments and allow organisers to share live content during periods of heavy network demand

DEDICATED 5G connectivity is being used at this year’s Royal Welsh Show to prevent card payments, livestreams and other essential digital services from being disrupted when the showground becomes crowded.

BT and the Royal Welsh Agricultural Society are demonstrating new 5G+ “network slicing” technology at the event, which is expected to attract as many as 250,000 visitors during its four-day run.

The technology creates a dedicated and protected section of the EE mobile network for specific services or organisations.

This means businesses using the connection should continue to receive reliable mobile coverage even when thousands of visitors are simultaneously using their phones, potentially placing the wider public network under significant pressure.

At the showground, the dedicated connection is supporting payment systems operated by Welsh food and drink businesses Radnor Hills and Fire and Flank.

BT says the system will help traders process card payments quickly during peak periods, reducing the risk of lengthy queues or lost sales caused by network congestion.

Chris Butler, marketing manager at Radnor Hills, said dependable connectivity was essential because thousands of visitors use the company’s stands during the show.

He said: “The Royal Welsh Show is one of the most important events in our calendar, both as a proud Welsh business and a long-standing supporter of the show itself.

“With thousands of visitors stopping by our stands every day, dependable connectivity for our payment systems is essential to keeping queues moving and making sure customers can quickly grab a drink and get back to enjoying their day.

“Having a dedicated 5G+ network slice gives us greater confidence that we can continue serving people smoothly, even during the busiest periods.”

Fire and Flank is exhibiting at the Royal Welsh Show for the first time.

Founder and director David Evans said: “When demand is high, the last thing any business wants is connectivity issues slowing down card payments or creating long queues.

“Reliable connectivity for our electronic point-of-sale systems helps us serve customers quickly, deliver a great experience and focus on what matters most, sharing our food with visitors.”

The technology is also being used by the Royal Welsh Agricultural Society’s communications team and 2026 show ambassador Teleri-Haf Thomas.

It will allow them to livestream, upload videos and share content from the showground, even when tens of thousands of visitors are using the public network.

Aled Jones, chief executive of the Royal Welsh Agricultural Society, said mobile connectivity had become increasingly important to the running of the event.

He said: “The Royal Welsh Show is about bringing together hundreds of thousands of people from across Wales and beyond, and connectivity has become an increasingly important part of that experience.

“From supporting exhibitors and traders to helping our team deliver the event safely and efficiently, reliable mobile connectivity plays a vital role.

“Working with BT to showcase 5G+ network slicing demonstrates how next-generation mobile technology can support critical operations while helping us share the best of Welsh agriculture, food and rural life with audiences both on the showground and online.”

The Royal Welsh Show trial is described as one of the first large-scale public demonstrations in the UK of network slicing being used to support both business-critical services and visitor experiences at a major event.

BT is preparing to launch its first network slicing services to customers later this summer.

Adam Price, the Welsh Government’s Minister for Enterprise, Connectivity and Energy, said: “It is important that visitors and businesses alike experience high-quality digital connectivity at nationally significant events like the Royal Welsh Show.

“BT and the Royal Welsh Agricultural Society have committed to ensuring the event benefits from world-class technology, and I am pleased Welsh Government collaboration has helped to make this possible.”

Greg McCall, BT’s chief security and networks officer, said the technology could provide businesses and organisations with more predictable connectivity during major events.

He said: “Whether it is buying food and drink from local traders, sharing moments from the show on social media or following the action online, people increasingly expect seamless connectivity wherever they are.

“By providing dedicated, high-performance connectivity for specific applications, we are helping businesses keep payments flowing, enabling reliable livestreaming and content uploads, and showing how next-generation mobile technology can support better experiences for organisations and consumers alike.”

BT has upgraded equipment at the Royal Welsh Showground and a neighbouring mobile mast in Builth Wells as part of the project.

The company says it has invested more than £500 million in fixed and mobile connectivity across Wales since 2020.

 

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Business

St Davids family-friendly coffee bar approved

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PLANS to change a former hairdressing salon in Pembrokeshire’s only city to a family-friendly coffee bar have been approved by the national park.

In an application to Pembrokeshire Coast National Park, Gerallt Nash sought permission for a change of use of 26 High Street, St Davids from a hairdressing salon to a family friendly coffee bar and children’s playroom.

The first floor, formerly used as accommodation of a tenant, would be used as an office and storage of business.

A supporting statement said: “It is proposed to open a family-friendly coffee bar with a children’s playroom on ground floor. It is not intended to cook food on the premises, therefore there will be no requirement for an extractor system.

“Other than small scale repairs to part of one floor, and the installation of a sink and serving counter in the inner room (plumbing and electrics are already in place since its last use as a salon) the main work will be the redecoration of surfaces and ceilings, the provision of new light fittings and laying of new floor coverings.

“This part of High Street has been identified as a ‘commercial’ zone by PCNPA. Existing businesses close to No 26 include outdoor and surfing outlets; restaurants; clothes shops; holiday accommodation; ice cream parlour; fish and chips outlet; delicatessen and craft shops.

“The current proposal would fill a gap in the market, as most food outlets do not open until after 11am or 12pm, or only during the evenings in some cases. It would also provide somewhere for [young] families to go to unwind whilst their children can relax in the playroom.”

The scheme was supported by St Davids City Council but one representation from a member of the public raised concerns about potential noise, smells and risk of vermin from waste storage on site.

An officer report said the county council’s public protection team has been consulted and has no objections to raise, adding the application states there is no intention to cook on the premises; the opening hours listed as 8am-6pm, Monday to Friday, and 8am-7pm on Saturdays.

In recommending approval, it said: “There are no concerns in relation to significant impacts upon amenity, subject to a condition relating to opening hours, and it is not considered that the proposal would have an impact upon the character or appearance of the St David’s Conservation Area.”

The application was conditionally approved.

 

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Business

Port appoints two new directors as energy and regeneration projects advance

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Sustainability expert Rebecca Heaton and regeneration specialist Owen Davies will join the board later this year

THE PORT OF MILFORD HAVEN has appointed two new Non-Executive Directors as it prepares for a period of major investment in renewable energy, the Celtic Freeport and the wider economy of south-west Wales.

Dr Rebecca Heaton and Owen Davies will join the Port’s board later this year, bringing extensive experience in sustainability, energy transition, regional development and regeneration.

Dr Heaton has worked in sustainability and climate policy for more than 25 years, holding senior positions with organisations including Lloyds Banking Group, Drax Group, OVO Energy, Shell and BP.

Her experience includes governance, commercial strategy, risk management and stakeholder engagement. She has also served on the Climate Change Committee and the Natural Environment Research Council.

Dr Heaton said the Port occupied a central position in Wales’s energy system and had an opportunity to help deliver long-term economic and environmental benefits.

She said: “Having lived in Wales for more than 30 years, I have seen the vital role that infrastructure, industry and energy play in supporting communities and creating economic opportunity.

“The Port sits at the heart of Wales’s energy system and has a unique opportunity to help shape a stable and sustainable future.”

Mr Davies joins the board with more than 30 years’ experience in regional development, town planning and placemaking.

A Chartered Town Planner and Fellow of the Institute of Place Management, he has advised the Welsh Government on regional economic frameworks, town centre regeneration and community engagement.

He has also worked as a UK Government High Streets Task Force expert and has been involved in regeneration and master-planning projects in waterfront and coastal communities, including Pembrokeshire.

Mr Davies currently runs his own consultancy and holds several advisory and governance positions, including with the Canal & River Trust in Wales and the Plas Gunter Mansion Trust.

He said: “The Port occupies a uniquely important position within Wales as a major economic driver, a nationally significant energy gateway and the custodian of one of our most important natural assets.

“Pembrokeshire and south-west Wales are entering a period of significant opportunity, with investment in renewable energy, the Celtic Freeport and wider economic development helping to shape the region’s future.”

The appointments come as Debra Bowen Rees and Erica Cassin complete their terms as Non-Executive Directors.

Dr Sian George, Chair of the Port of Milford Haven, welcomed the new members and thanked the departing directors for their service.

She said: “Rebecca and Owen bring outstanding experience and expertise that will further strengthen the breadth of skills and perspectives around our board table.

“The Port has a unique responsibility as a Trust Port to balance commercial success with our role as custodians of the Milford Haven Waterway and as a key contributor to regional prosperity.”

Dr George said both new directors shared the Port’s commitment to sustainable growth and long-term investment.

She added: “I would also like to express my sincere thanks to Debra Bowen Rees and Erica Cassin as they complete their terms on the board.

“Both have made a significant contribution to the Port during a period of considerable progress and transformation.”

The Port of Milford Haven is Wales’s busiest port and handles around 20% of Britain’s seaborne oil and gas trade. It also owns and operates Pembroke Port and Milford Waterfront, with its activities supporting more than 4,000 jobs in and around Pembrokeshire.

 

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