The threat of a new era of tariffs and protectionism dampening global trade shouldn’t derail American investment into Wales, believes Cabinet Secretary for the Economy, Energy and Planning, Rebecca Evans.
Addressing a meeting of Cardiff Breakfast Club, Ms Evans said she has also committed to a review of public sector business support - which as well as that from the Welsh Government, also has a local authority and regional dimension - so that it is best aligned to help optimise the growth potential of businesses. This could see, for example, greater alignment between the investment activities of the Development Bank of Wales and Welsh Government business support, under its Business Wales banner and which includes outsourced contracts.
While President Trump has constantly shifted his tariff level and implementation date position in relations to countries such as Canada and Mexico, he has implemented a 25% tariff on all overseas steel and aluminium imports into the US, sparking retaliatory measures. He has also imposed tariffs on Chinese goods, which has also induced countermeasure. Why not singling out the 海角视频 for any future tariff regime on goods, he has made bellicose comments over what he claims in an uneven trading relationship with the EU on goods - although this is offset somewhat by EU consumption of US tech and services.
Ms Evans, who will stand down as an MS at next year’s Senedd election, said: “The global landscape has really shifted dramatically recently and we have seen unprecedented changes in technology, consumer behaviour and the impact of climate change. Now we have the threat of tariff distortions around the world, security threats surrounding some of things that we look for regarding critical materials and the challenges facing businesses in terms of AI. So, we have a level of uncertainty at the moment that we have to acknowledge, but which I think we can tackle together.”
On business investment from the US into Wales, she told her audience at the home of Glamorgan Cricket, that she remains upbeat.
Ms Evans, who took up her current cabinet role last September after the appointment of Eluned Morgan as First Minister, said: “Just in the last six months we have seen some really significant investment in our semiconductor sector through KLA and Vishay Intertechnology (both US firms) and we are expecting some more very exciting announcements in this space very soon. Our relationships with US businesses are still really strong and I’m confident that we will continue to see transatlantic investment coming to Wales, despite what is quite a lot of noise in the system.”
On business support she said: “We already have a solid infrastructure here in Wales, but I am committed to reviewing the business support landscape. There have been a lot of changes in recent years, with the City and Growth deals, the joint corporate committees (such as that for the Cardiff Capital Region) and the other ways that businesses look to interact with different levels of government. I am really keen to explore all of that and to understand what the best business support system looks like in the future.”
At the end of last year she launched a consultation on planning, which recognises issues around the need to bolster the number of planning professionals and speeding up decision making, including projects and developments called in by the Welsh Government having being deemed of national significance.
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She said.“It is not just about having enough planners and other related professionals, but also that they are working in the right place and the right way.
“I think it was inspired by the First Minister to put business, energy and planning into one portfolio as they are all interrelated,, and which by coming together in the right way can make a lot of difference.
“We have significant opportunities on the horizon like through the green energy revolution and our significant strengths in advanced manufacturing. Our creative sector is also going from strength to strength and our ever growing and more confident tech sector is creating the jobs of today and tomorrow.”
She said that she has been encouraged that the 海角视频 Government’s thinking on a new 10-year industrial strategy, which will be published in the spring, that has focused on supporting growth areas where Wales already has market advantage.
Cardiff Breakfast Club is sponsored by the Western Mail, Effective Communication, Darwin Gray and Stills. The Resource Group are season sponsors.