£16bn summit ‘just the beginning’ of investment in Wales
£16bn summit ‘just the beginning’ of investment in Wales
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The Wales Investment Summit, which saw £16 billion committed to Wales from firms across the world in the year running up to the event, is “just the beginning”, according to the Welsh Government’s Cabinet Secretary for the Economy.
It’s hoped that more than 10,000 new jobs will be created across the country as global companies plan large-scale projects spanning digital infrastructure, clean energy, advanced manufacturing and the creative industries.
Held across two days at the ICC Wales in Newport, the summit welcomed more than 300 business leaders and investors from 32 countries, around half of whom had never done business in Wales before.
The Prince of Wales also attended the event, where he met with Welsh business leaders, engaged with the nation’s growing green-technology sector and delivered a keynote address.
Reflecting on the closing of the event, Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning, told Businessin Wales the summit was a year in the making.
She said: “Today has been absolutely immense in terms of connecting with businesses from right across the globe… This is their first experience seeing what Wales can do for them across a whole range of sectors.
“Life sciences, advanced manufacturing, the creative industries, all of these have been on show here in Wales today and as you can see the atmosphere has been absolutely buzzing.
“The Investment Summit isn’t a one-day thing, it’s actually been something that we’ve been building up to for a whole year, working with industry and with our international offices to make sure that we make those connections to have the investment come into Wales.
“I’m absolutely confident, based on the discussions I’ve been having all day, that actually this is just the beginning of it and that we’ll see in the coming weeks and months even more investment coming to Wales as a result of the personal relationships that we’ve been building.
“That’s one of the real takeaways for me today – just how valuable those relationships are between business and industry and government. That level of trust which needs to be there when people are looking where to invest.”
The summit was not universally praised, however, with the Welsh Conservatives branding the event a “panic exercise”.
Shadow Cabinet Secretary for the Economy, Samuel Kurtz MS, said: “This summit is nothing more than a panic exercise by a Labour Government compensating for their ill-thought-out economic policies that are stifling economic productivity.”
Also among the high-profile attendees was Chancellor Rachel Reeves MP, fresh off delivering the Budget.
Speaking to BBC Wales, she said: “This is the biggest investment summit that’s ever been hosted in Wales. Eluned Morgan, the First Minister, has been able to bring in £16 billion into the Welsh economy on the back of this summit.
“I’m in no doubt that investors and businesses who are here today will see the benefits in investing in Wales, whether that is in AI and tech, in semiconductors, in nuclear power, or in clean energy and the cultural industries.”
This summit was seen as a key priority for the First Minister when she first took office, but keen observers of polls will know the likelihood of Eluned Morgan MS being in office to see the full results of the event are slim.
Ahead of next May’s Senedd Election, Wales looks set to be without a Labour-led administration for the first time since the start of devolution.
The First Minister, however, was not to be drawn on speculation around her future. When asked by Businessin Wales if she viewed the Wales Investment Summit as her legacy, she responded by saying she had “every intention of being around after May.”
She said: “What I’m keen to do is to make sure that people understand that this is a part of the offer from Labour in future.
“We will be looking to make sure that we can transform people’s lives through making sure that there are quality jobs and they’re skilled up, in terms of what they’re able to access within their local communities.
“It’s been really interesting to speak to some of the companies about making sure that, when it comes to skills development, we’re aligned with what they want, making sure that we work with them on apprenticeships.
“I think there’s been a real interest in seeing what more we can do in that space.”
Eluned Morgan also hailed the response from business leaders from across the globe who have been impressed by the innovation that is taking place in Wales.
She said: “People are saying ‘oh my god. We didn’t know all of this was happening. This is exciting.’
“I do think that there’s been a shyness on the part of Wales to sing about the great things that we do and the magnificent things that we can offer the world.
“All of these things I think need to be celebrated and [delegates] have been blown away by what Wales has to offer.”
On the day of the Summit, The First Minister announced £1.4 billion of new investment, bringing the total value of projects unveiled since the Summit’s launch to £16 billion.
The biggest commitment comes from Vantage Data Centers, which is planning a £10 billion programme across south Wales, including the transformation of the former Ford Bridgend Engine Plant into a world-class data-centre campus geared towards the demands of artificial intelligence.
Vodafone has confirmed a £600 million programme to extend 5G Standalone coverage to 99% of the population, a move expected to benefit an additional two million people.
Ports operator Associated British Ports is committing £42 million across five Welsh ports, including the development of a new deep-water berth at Middle Quay in Newport.
In the energy sector, RWE plans to spend £200 million on developing its largest battery energy-storage facility in Pembroke to support grid stability as renewable generation expands.
Italian energy group Eni is preparing a several-hundred-million-pound investment into carbon capture and storage at the former Point of Ayr colliery in Flintshire — an initiative set to create more than 1,000 jobs.
Meanwhile, Cardiff-based production company Bad Wolf has secured £2 million to produce two new high-end TV projects, expected to generate £30 million for the Welsh economy.
GE Aerospace is investing £19 million to modernise its Nantgarw facility, which employs over 1,350 highly skilled engineers and technical specialists.
Steve Edwards, Managing Director and Plant Leader at GE Aerospace, told Businessin Wales: “It was great to see a lot of the businesses around and a number of CEOs and other government delegates to talk to and understand how we can invest in Wales, grow the Welsh economy and be part of Team Wales.
“We announced that we are investing £19 million in the infrastructure at the Wales facility at GE Aerospace.
“It really allows us to take this next step forward to make sure that we have a site that’s available to deliver for our customers here in the future.
“Last week we turned on the GE9X, which is our brand new NPI engine. That is the first time we have turned it on. We started it up in our test cell in Canada.
“We’re really excited that infrastructure investment allows us to continue bringing new products and new technology into the Wales facility.
“In 2025 we had our highest output since COVID. That’s really driven by the team’s fantastic work on site and all the suppliers helping throughout the global economy and the global suppliers we have.
“It’s going very well. We’re very proud of what the team are doing here to support our customers.”
Also on show was Wales’ thriving fintech sector, and one of its key voices was on hand to tell potential investors exactly what it’s like to run a successful business from Wales.
Steve Dukes, CEO of Confused.com, told Businessin Wales: “It should be really clear to international investors that this is not an area that’s starting from scratch.
“There’s a number of high-profile businesses already in Wales, which means there’s an ecosystem to plug into.
“There is a rich pool of talent with very relevant skills. It’s an exciting place to have a business and it’s also a great place to live and that’s a great combination.
“We love being based in the area. Actually, even though a number of our clients, our big customers, are based in London, we find it frictionless.
“It’s such quick access that we can be there for the full day’s meetings and be back for dinner.
“To live in a place like this, working with great people, and in a very collaborative business environment too, is fantastic.
“I think sometimes in the bigger cities, it can get quite congested. But in Wales, people do have time for you. Businesses will help you out and that’s a wonderful combination.”
With billions of pounds in new commitments and global firms showcasing long-term confidence in Wales, the Investment Summit marks a turning point for the nation’s economic ambitions.
If even a fraction of the potential investment in the room materialises, Wales could be on the cusp of one of the most significant periods of growth in its recent history.
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