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From coal to communications, from sheep to silicon,
modern Wales is an impressive investment success.
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Area: |
20,780
sq km |
|
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Population: |
3.0m |
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Regional
GDP³ |
£30.7bn |
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Exports
to EU³ |
£4.6bn |
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Exports
outside EU³ |
£1.8bn |
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Unemployment‡ |
6.1% |
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Industrial
property cost* |
67.8
|
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Office
rental cost** |
55.3 |
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%
of exports to Asia/Oceania³ |
8.3% |
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Foreign
manufacturing investment² |
£539m |
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UK
manufacturing investment² |
£888m |
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R&D
expenditure³ |
£203m |
|
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Gross
Value Added per employee¹ |
£38,300 |
|
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Export
value per employee³ |
£6064 |
|
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Average
earnings per hour (male)³ |
£9.70 |
|
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Average
earnings per hour (female)³ |
£8.40 |
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³=2000;
‡=Q1,2001; ²=1997; *index: UK=100 (type 3 industrial
property Q1 2001);
¹=manufacturing; ** index: UK=100 (type 1 office accommodation
Q1 2001)
All regional statistics: DTI (Regional Competitive Indicators);
Office of National Statistics.
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 From
being an economy broadly dependent on primary industries, the modern
Welsh economy has forged diverse strengths in electronics, automotive
components, aerospace, engineering and financial services. Rich
in advanced technologies, modern skills and opportunities, Wales
offers all the benefits of Europe, the United Kingdom and more.
Many of the world’s largest multinationals are
enjoying the advantages of investing – and reinvesting
– in Wales, their success helping to create one of Europe’s
fastest-growing regions and one of the most impressive FDI track
records worldwide. Between 1983 and 2000, more than 2000 inward
investment projects brought more than £13bn to Wales, creating
and safeguarding more than 215,000 jobs. More than £5bn of
that total involves reinvestment – an indicator of the confidence
and success enjoyed by investors.
The Welsh IT advantage
Wales has one of Europe’s most developed infrastructures. Billions
of pounds have been spent to meet the transport and communication
needs of business and industry.
Wales was the first region in Europe to implement a regional innovation
and technology strategy, with huge success – almost £3bn
of inward investment has created the greatest concentration of IT
and electronics companies in Europe, including the highest concentration
of Japanese companies on the continent. Four of the world’s
top six electronics manufacturers have a Welsh-based operation.
The biggest single investment was the £1.7bn commitment by
LG of Korea in its facility at Newport. A world-class communications
infrastructure provides high-speed internet access across South
Wales and 1Gb/s access for the capital, Cardiff.
Continuing this commitment to growth, 20 new Centres
of Excellence For Technology and International Collaboration will
put research groups from nine universities at the heart of local,
national and international business. Disciplines range from computing
science and IT to advanced materials, product design and manufacturing.
International companies such as BAE Systems, Ford Motor Company,
and Jaguar Cars Ltd, Pharmacia Corporation and Roncol Systems have
already recognised the potential.
Other sectors
Manufacturing accounts for around 30% of Welsh GDP, higher than
the UK average. Around 40,000 people are employed in the optical
and electrical industries, and 13,800 in the automotive components
sector. A world-class £2bn aerospace industry has enjoyed
investment growth of £500m since 1990. A new industry-led
North Wales Aerospace Group will bring together more than 40 companies
and organisations from the region, including the Welsh Development
Agency, encouraging the development of supplier chains and growth
in inter-trading.
New media is another sector enjoying particular attention.
As part of the ‘Technium’ concept (see next article) a
‘Media Technium’ is to be created in a Welsh mansion as
the heart of a £9.7m investment to create a world-class centre
of excellence offering 2600m2 for some 30 new media businesses.
Assistance
The highly active Welsh Development Agency is one of the few UK
regional development agenciess to operate an Australian office.
It supports companies in a variety of ways before, during and after
the decision to establish overseas operations in Wales.
Websites:
www.wda.co.uk
www.wda.au.com
www.invest-in-wales.com
www.ceticwales.com
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