The Welsh economy will be in the "fight of its life" if the 海角视频 exits the EU and embarks on a race to the bottom on taxation and regulation, say Economy Minister Ken Skates.
In a keynote speech on the economy Mr Skates said that the business community should reject a "fantasy vision" of Brexiters seeking to create a "Singapore-on-Sea." if the 海角视频 leaves without a deal.
Instead he called for a more equitable economic approach for Wales, where competition with other economies was based on technology and skills and not lower taxes and a laissez faire approach to regulation from workers right to protecting the environment.
Mr Skates, who is also the Labour AM for Wrexham, also revealed that the Welsh Government's Foundational Economy Fund is being trebled to more than £4m.
The minister said: "Quite simply, we are in the fight of our lives. Brexit is a choice about the kind of economy and the kind of community we want to be in Wales in the future.
“There are those who see our exit from the European Union as a chance to construct a very different model of economic growth. A low tax, minimal regulation, shallow protection economy that sees competition through the price of labour as the way to attract investment and opportunity to Wales.
“I fundamentally disagree with that approach and believe that we must go beyond the simplistic, ‘Singapore-on-Sea’ fantasy that some are arguing for.
" I see too much innovation, too many fantastic skills and too many great ideas in Wales to settle for that kind of truncated, limited vision of our economic future.
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“Our task must be to transcend the narrow debates of today and to fashion a social democratic vision of our economic future that builds for the greater good and ensures a fairer deal for working people.
“One where the competition between nations happens through the technology, the innovation and the ideas of our people, not on who can lower their labour standards the furthest or the fastest.”
He also called for an extension of the Welsh Government’s Economic Contract which ties government funding to investment to new standards of fair work and a commitment to decarbonisation.
Mr Skates said the Welsh Government was preparing for a no deal Brexit, announcing plans for a £20m package of funding which would support businesses in preparation for Brexit.
He added: “Through our Economic Action Plan we’ve made changes to the way we support economic growth to ensure that we are at the same time addressing the challenges of the future – climate change, fair working conditions and better mental health support.
“In these challenging times when Brexit is sapping the oxygen of debate it’s important we keep our focus on these challenges of tomorrow and work together for the greater good, to build the fairer, more inclusive economy we all want to see.”