A vision of a vibrant economy that provides opportunities to counter the negative impact of the brain drain of young people leaving Wales to pursue careers with more focus on boosting start-up business and entrepreneurial activity, will be outlined by Economy Minister Vaughan Gething today.
At an economic summit in Pontypridd the minister will promise a new era of partnership to strengthen regional economies, that will also deliver on plans to back the everyday foundational economy and wide ranging support for workers.
Mr Gething will start a ‘conversation’ about the long term demographic challenge facing the Welsh economy. The proportion of the population aged 16 to 64 years old in Wales has been decreasing year-on-year since mid-2008 – and could be just 58% of the population by 2043.
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The minister said that an across Welsh Government departmental approach will be geared towards creating an economy where more young people feel confident about planning their future in Wales, which in turn would fuel greater job creation and more competitive regional economies.
He said the approach, working with all stakeholders in the economy across the public, private and third sectors, would also see an acceleration in the adaptation of new skills, particularly in areas such as decarbonisation and investment in new green energy infrastructure.
The minister said the current recruitment challenge has also showed a need for some quick action on skills in certain sectors including:
- Exploring how to retain more graduates and talent in Wales by building strong linkages with universities, and between universities and businesses;
- Support start-ups, including graduate start-ups and spinouts, with possible incentives in some areas;
- Ensuring firms grounded in Wales who can provide future opportunities; and
- Maximising the benefit from the opportunities for far greater remote working and flexible commuting.
Speaking ahead of the summit Mr Gething, the MS for Cardiff South and Penarth, said: “The Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy. It has taken a team Wales effort to keep Wales safe and we will deliver a team Wales recovery, built by all of us.
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“A strong Welsh recovery will be based on the principles of fair work and sustainability as we invest in the industries and services of the future.
“As we face the headwinds of Brexit, I am determined that our credible plans will offer as much certainty as possible to help businesses plan ahead.
“A new era of partnership for stronger regions, a young person’s guarantee, a plan to back our everyday economy and collaboration with world leading, advanced manufacturing. This is the cause for optimism for the future we are building in Wales.
“My ambition is to make Wales a place where more young people feel confident in planning their future here. You don’t have to get out to get on, make your future here in Wales.”
Welsh Conservative and Shadow Economy Minister Paul Davies MS said: “Labour are saying all the right things, but their record shows they cannot deliver on those words.
"After running health, education, and economic development in Wales for a quarter of a century, it is refreshing to see Labour finally admit the problems they have failed to address like the brain drain that has left our businesses and public services falling behind elsewhere in the 海角视频.
“Sadly, they still do not have a plan to stop young people leaving as we see good jobs remain concentrated in Cardiff or outside Wales altogether and road building put indefinitely on hold rather than give workers the infrastructure they need to grow the economy.
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“At the same time, Mr Gething is obsessed with shoehorning Brexit into the conversation as a negative, but his government’s failure to translate its addiction to EU money into substantive and valued change demands the new approach for which people voted.
“If Labour were actually interested in creating a strong Welsh economy, the least they can do is stop obsessing about the constitution, focus on priorities by engaging in levelling up through road improvements, cut outdated business rates, and strengthen cross-border economic links.”
The Welsh Government’s young person’s guarantee will aim to provide everyone under 25 in Wales with the offer of work, education, training, or self-employment.
It said its upcoming employability strategy will also highlight the support available for individuals, particularly those most impacted by the pandemic and furthest away from the labour market.