Wales has seen a rise in foreign direct investment (FDI) projects, although the overall number of new jobs created and safeguarded has fallen.
For the year 2019-2020 year (to March end), Wales attracted 62 projects, compared to 51 a year earlier.
This includes new projects coming into Wales, expansions by existing foreign-owned businesses and those through merger and acquisition activity.
While the number of new jobs created by the projects rose from 2,314 to 2,738, the number of jobs safeguarded fell from 1,390 to 455.
Overall the number of jobs created and safeguarded was 3,193, compared to 3,704 a year earlier.
Of the new projects in Wales in 2019-20, 42 (68%) were expansions by existing firms, 17 (27%) new projects. Three projects were the results of acquisitions.
The investments were spread across Wales, with 54% in the south east, 24% in north Wales and 23% in mid and south west Wales.
Of the projects 24 came from within the EU, 18 from North America and 20 from the rest of the world.
Most Read
In addition, 73 investments were secured from companies headquartered in the 海角视频, creating 2,896 new jobs.
For the 海角视频 as whole there were 1,852 FDI projects, a rise of 4% on the 1,782 a year earlier.
The new jobs created was down 3% from 57,625 a year earlier to 56,117. However, the number of jobs safeguarded rose 29% to 9,021.
Earlier this year the Welsh Government launched its new international strategy, identifying the sectors of compound semiconductors, cyber security and creative industries for targeted support to help maximise their potential for export and inward investment growth.
Minister for International Relations, Eluned Morgan, said: "Increasing levels of inward investment to grow the Welsh economy is a key ambition of our international strategy and these figures are testament to the work we’re doing to promote Wales as a place to invest, with around 75% of investments receiving Welsh Government support.
“I am particularly pleased to see a significant proportion of new investments in the cyber security and compound semiconductor sectors, two areas we have chosen to showcase as Welsh centres of excellence in our international strategy.”
The minister said compared to other nations and regions of the 海角视频, Wales has secured one of the highest new jobs per project ratios.
Don’t miss
She added: “Wales has secured an average of 44 new jobs per investment, the second highest ratio among the 海角视频 nations and regions, demonstrating our commitment to supporting quality investments that create significant employment opportunities for the people of Wales.”
President of South and Mid Wales Chamber of Commerce, Paul Slevin, said: “We welcome the great news that Wales secured 62 inward investment projects in 2019-20, safeguarding over 3,100 jobs. The focus on drawing key investments into Wales, prior to the Covid-19 pandemic emerging, allows us to scale and build sustainable businesses for the long term.
“The world has undoubtedly changed this year and we have demonstrated flexibility and the ability to pivot to meet challenges in an uncertain economic landscape. To compete with other affected countries and position ourselves on the world stage moving forward, we need to sharpen our vision and demonstrate our differences to draw in further investment.
“In the short term, we need to use our time wisely to develop a competitive vision for Wales, building upon previous successes so we can match global players and continue to enjoy foreign investments.”
The new strategy from the Welsh Government, aimed at promoting Wales as a globally responsible nation underpinned by its sustainable goals set out in the Well-being and Future Generations Act, currently only has one stated target in growing the value of exports from Wales (currently £17bn) by 5% over the next five years.
However, as they stand the three sectors only account for a small percentage of overall exports, with manufacturing and energy making significant contributions.
However, it said that support is being provided to firms not only in these key sectors.
While not initially part of Welsh Government thinking, there is still potential for export and inward investment functions to be outsourced.