An international summit aimed at attracting global investment and jobs into Wales will be held in December. It comes as a hi-tech American venture has confirmed major investment plans for Cardiff..
Having first announced plans last December, First Minister Eluned Morgan, has now confirmed that her government’s international investment summit will be held at the Celtic Manor and its adjoining International Convention Centre (ICC) Wales in Newport in December this year.
The Welsh Government has also confirmed it has entered into a joint venture with US semiconductor design software venture Cadence Design Systems. The tie-up will see investment in a new design centre in Cardiff, creating more than 100 high-skilled jobs.
The Cadence Design Centre, in which the Compound Semiconductor Applications (CSA) Catapult is its third partner, will design semiconductor chips, creating a strong pipeline of graduate talent to help address skills shortages in the industry.
The Welsh Government investment summit in Newport will take place on December 1st.
It will focus on promoting Wales as a destination for overseas investors. There are currently around 1,480 overseas-owned companies operating in Wales, employing more than 174,000 workers.
Ms Morgan said:“Wales is rapidly building strength in industries which are shaping the world, from semiconductors for mobile phones and electric vehicles to our celebrated creative industries, exporting TV and film to audiences around the globe.
“Economic growth is my top priority and I’m looking forward to welcoming major players to the biggest ever business event to take place in Wales. The summit will be a chance to share with the world the wealth of opportunities in our dynamic and future-focused nation.”
Sir Terence Matthews, chairman of the Celtic Collection, whose portfolio of interests includes the Celtic Manor and the ICC Wales, said: “We are delighted to host the Welsh Government investment summit at ICC Wales and the Celtic Manor Resort. We look forward to welcoming industry leaders from all over the world to Wales.
“The summit is a great opportunity for Welsh businesses to attract investors and boost the economy. Events like this are the reason why we built ICC Wales, because business events are so important to making connections and facilitating trade and investment. Timing is also good for the profile and growth of new enterprise communications technology in Wales, utilising AI and the design and fabrication of IoT devices using compound semiconductors.”
On the investment by Cadence, Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, said:“Cadence’s exciting partnership with Welsh Government and Compound Semiconductor Applications Catapult not only reinforces the international confidence in Wales’ world-class semiconductor sector, but also demonstrates our commitment to working with businesses to create the right conditions and opportunity for growth, investment and job creation here in Wales.
“The design centre will diversify the range of capabilities the sector here can offer, complimenting the manufacturing capacity, and capitalising on the growing demand for semiconductor microchips.
“At the heart of this joint venture is the recruitment and training of local talent, providing well-paid careers for graduates and creating a robust pipeline of skilled professionals in high-tech industries that directly support our Net Zero Action Plan.”
Martin McHugh, chief executive at CSA Catapult, said:“The creation of the new semiconductor design centre is a significant milestone for the Ƶ semiconductor industry. We are delighted to be working with Cadence Design Systems and the Welsh Government to create a world-leading facility, creating over a hundred new jobs in Wales.
“Through the joint venture we can address the semiconductor skills gap and strengthen the Ƶ’s leadership position in chip design. It builds on the success of the compound semiconductor cluster in Wales and will create new opportunities for the entire Ƶ semiconductor ecosystem. There will be new career paths for graduates of electrical engineering, computer science and physics.
With the support of Cadence and the Welsh Government, the new centre will create international partnerships and further investment to the Ƶ.”
The Welsh Government is providing a £2.6m funding commitment to the centre in which it will have a 20% equity stake. It will be located at the Centre 7 office building at Cardiff Gate Business Park, which the Welsh Government acquired last year in a £5.8m property deal.
Dr Wyn Meredith, chair of CSconnected (the compound semiconductor in South Wales), said: "This joint commitment by Cadence, Catapult and the Welsh government is a prime example of the spirit of collaboration that has fuelled the growth of semiconductor activity in the region.
"The new design centre will complement our manufacturing activities in compound semiconductor materials and devices, capital equipment, chip integration and module assembly, and will provide new opportunities for collaboration and supply chain expansion, which is firmly aligned with our plan for growth to 2030."
Rebecca Dobson, corporate vice president for Europe the Middle East and Africa at Cadence said: “Cadence is committed to promoting economic development in Wales,” “We’re investing to support the high-tech industry in Wales by creating jobs and committing to recruiting and developing top talent, which is crucial for continued semiconductor industry growth and innovation. It’s a win-win for Cadence, the industry, and Wales.”
