Eluned Morgan said one of her first decisions as First Minister to stage the Wales Investment Summit had focused minds to get £16bn of investment projects away ahead of the event.
The summit, held at ICC Wales in Newport attracted 300 companies and investors from 32 different countries, around 60% of whom are not currently invested in Wales..
The biggest single investment is a network of new AI data centres in south Wales from US venture Vantage Data Centers. The £10bn investment will create 5,000 jobs, although the majority will be construction-related.
Other announcements include:
A £600m investment from Vodafone, which will bring its standalone 5G coverage in Wales to 99% and reach two million more people.
GE is investing £18m to modernise its aerospace engine testing facility at Nantgarw, which employs around 1,350 highly skilled engineers and technical specialists.
Associated British Ports is investing £42m in five Welsh ports, including a new deep-water berth at Middle Quay, Newport.
RWE is investing £200m in its largest battery-energy-storage facility in Pembroke, helping to stabilise the Ƶ energy market by storing surplus energy and feeding it into the National Grid.
Eni is committing £700m to a carbon-capture and storage project at the former Point of Ayr colliery site in Flintshire, creating more than 1,000 jobs.
Bad Wolf, the Cardiff-based TV and film production company, is investing £2m in two new high-end productions expected to generate £30m in direct, indirect, and induced impact for the Welsh economy, creating 300 freelance roles.
Vantage, which already has a data-centre campus in Cardiff, will also create new data centres at the former Ford engine plant in Bridgend and at the Welsh Government-owned Bro Tathan business park in the Vale of Glamorgan.
There will also be further projects, seeded through interactions between delegates, that could take years to come to fruition.
While the £16bn of projects would likely have happened anyway, the First Minister insisted that staging the summit had brought focus to getting deals over the line.
She said: “This is not the beginning of the journey - that started a year ago. We have been working with these companies, holding their hands for a whole year to get them to a place where they can make these major announcements today.
“This gave a focus and a discipline to the whole team to get things ready for this summit and enabled us to make these significant announcements.”
She acknowledged that one of the biggest barriers to investment in Wales, and to the expansion of Welsh firms, stems from the Ƶ being outside the EU and its single market.
The Ƶ Government is seeking to improve trading ties with its biggest trading partner, but is not advocating deeper economic alignment such as re-joining the customs union.
The First Minister said: “When it comes to the EU, I cannot hide my enthusiasm for it and I would like to see as close a relationship as possible. It is out of my control, but I have never shied away from making clear that from a Welsh Government perspective this really matters.
" We have a big manufacturing base and a higher proportion of our exports go to the EU than the rest of the Ƶ. Leaving the EU undoubtedly made a big dent in our economy.”
She added that Wales needs to move “further and faster” in making the planning process more business-friendly.
She said: “On planning, the first thing I did when appointed First Minister was make clear that we should focus on the economy. For years we have had to shore up the public sector because of austerity. Now that has stopped, we can really focus on the economy.
“The investmentsSummit was one of the first things I wanted to address, and the second was to make clear that planning is absolutely central. I moved planning out of the environment space and into the economy, and invested more money in it.
“We have a whole load of activity under way to increase the number of planners. Often we train planners and the private sector takes them, so it’s important we develop a pipeline of future planners, including looking at bursaries.
“We are serious about speeding up planning. This week, a new planning Iifrastructure Act means you won’t need lots of separate planning applications - you can have one project with associated developments all in one place. I think we are speeding things up.”
Speaking at the summit, Ƶ Government Business Secretary Peter Kyle highlighted the two recently announced AI growth zones for Wales - one in the north supporting Rolls-Royce’s investment in small modular reactors at Wylfa, and one across several sites in south Wales supporting new data-centre investment, including from Vantage.
Mr Kyle said: “Wales is rapidly establishing itself as a powerhouse in aerospace, cyber, and drones. That charge is being led by businesses such as Tekever in Pembrokeshire, and our Defence Growth Deal will help Wales build on these strengths.”
On the life sciences sector, he said firms and organisations in Wales are “redefining healthcare worldwide” through precision medicine, advanced therapeutics, diagnostics and new treatments."
He highlighted the benefits of floating offshore wind farms in the Celtic Sea. The Crown Estate has confirmed agreements with three developers to develop floating offshore wind projects which, subject to planning and a contract for difference, could be operational by the mid-2030s and generate enough clean power for four million homes.
Mr Kyle added: “Wales is a global leader in semiconductors. CS Connected is celebrating its tenth anniversary this year of bringing industry, academia and government together to lead in the design and production of semiconductors. When it comes to compound semiconductors, Wales offers something few countries can — world-class talent, cutting-edge facilities and strong government support.
“We recognise this is an area where Wales excels today, and with a government working hand-in-hand with business, it can excel tomorrow too.
A further £10m in the Budget will support the growth of South Wales’ semiconductor sector. Mr Kyle said it will support the development of semiconductor technologies that are critical to the economy and power electronics, photonics and communications.
First Minister Morgan was asked if the Chancellor had misled markets and investors by indicating the fiscal deficit was not as severe as previously believed.
She said: “I think the Chancellor is doing a tough job, but what is important is that she remains focused on securing the very best when it comes to providing quality jobs. The best way to do that is to provide stability, and that is what she has been doing.
“In Wales, I am focused on my job and she is focused on hers — and I am focused on what she can do to land jobs here in Wales and improve quality of life.”
Addressing the summit, Chancellor Rachel Reeves highlighted the emerging compound semiconductor sector, with US firm Vishay Technologies committing £250m to its chip-making facility in Newport, supported by additional investment from KLA.
She told delegates: “Economic growth is the first mission for this Ƶ Government, through our plans for stability, investment and reform.
“At the Budget, I secured our public finances and more than doubled our financial buffer to £20bn against global headwinds.”
She said she is creating conditions for the Bank of England to continue cutting interest rates through measures aimed at reducing inflation.
“She added: "Stability is a crucial foundation for business investment. We in government - both at Westminster and the Senedd - are matching private enterprise with public ambition.”
She said the Ƶ Government would work with the Welsh Government and the private sector to “develop exciting plans for Cardiff Parkway”, including a new mainline station and integrated business park.
Engineering giant Rolls-Royce, which is progressing a new generation of small modular reactors in North Wales with £2.5bn of Ƶ Government backing, has identified the site as a potential hub for thousands of new high-skilled jobs.
The Chancellor said: “By backing this project with £2.5bn of public funding, we want the Ƶ to lead the world in small modular reactors — and on this, Wales will lead the Ƶ.
" During construction, the project is expected to support as many as 3,000 jobs, and once complete, the reactors will produce enough energy to power the equivalent of three million homes - the energy to power every home in Wales twice over.”
She said the two AI growth zones — one in the north and one in the south - will each receive £5m in funding to support local AI adoption and skills.
The Chancellor said the north Wales zone would become one of the “world’s leading locations for AI development”, creating 3,500 direct jobs.
She added: “The south Wales zone will create more than 5,000 jobs over the next decade and build on exciting tech-sector strengths to cement the Ƶ’s position as a global leader in AI.”
She noted that inward-investment levels in Wales have risen by 23% year on year despite challenging global economic conditions.
“Some 65 new projects were secured in 2024/25, creating and safeguarding more than 4,000 jobs - the highest number anywhere in the Ƶ.”
