Wales
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| Green and smart: Wales is one
of the UK’s main investment centres |
Coal mining, male-voice choirs, Tom Jones – if
that’s how you still think of Wales, it’s time for a fresh look.
The last two decades have seen a reinvention of the Welsh economy and its
position within Europe. While still home to lush green valleys, rugged peaks,
and – of course – fiery Rugby matches, the UK Principality of
Wales has successfully repositioned itself as an ideal investment base for
Europe, and home to thriving ‘new economy’ technologies.
European access
Wales, as part of the UK, has tariff-free access to the EU market population
of 400m (soon to expand still further through EU enlargement) with no
currency restrictions. High-speed road and rail networks link Wales to
other major industrial and commercial cities throughout the UK and Europe.
London is only two hours from South Wales; Manchester and the port of
Liverpool one hour from North Wales.
| The economy
Capital: Cardiff
Area: 20,779 sq km
Population: 2,946,200
GDP: A$2872bn (UK)
Real GDP growth: 1.7% (UK)
Trade with Aust.: A$11.45bn (UK) |
Green silicon valleys
The hum of high technology companies now fills the green valleys of Wales.
Cardiff is the western anchor of the 320km M4 corridor which runs from
London to South Wales, containing the UK’s highest concentration
of technology companies and skill sets. Wales has the critical mass to
support all aspects of ICT, from computing and networking applications,
software and hardware development, digital and wireless telecommunications,
to multimedia, data housing and contact centre operations.
Wales is, for example, home to more than 1300 software companies
and 11,000 programmers. Software applications are being developed in a
variety of industry segments by companies including BT, Alcatel, Mitel,
General Dynamics and Ubiquity.
In multimedia, Cardiff Bay is home to a growing cluster
of dynamic, digital media companies, many of which develop content for
companies in Europe and North America. A new state-of-the-art film studio
is planned within 20 miles of the Cardiff Data Centre. Cardiff also has
a thriving animation cluster, with the largest cartoon company density
per capita in the UK.
| Rugby Odds – 250/1
What introduction is needed? With Rugby the national sport for more
than a century, Welsh fans await the team that will regain the glories
of the 1970s. Quarter finalists in 1999, the fans will be out to
sing their team to victory Down Under.
Key players
- Colin Charvis, Captain (Flanker, Swansea)
- Dafydd James (Winger, Llanelli)
- Stephen Jones (Flyhalf, Llanelli)
- Iestyn Harris (Centre, Cardiff)
The odds – 250:1
(Centrebet June ’03) |
Backing this activity is superb ICT infrastructure, with
a national fibre-optic network of 565,000km, and a †147m broadband
initiative. Wales is the UK’s only area with 100% ISDN exchange
upgrade and ADSL ability on all rural exchanges.
Technium Centres
The Welsh Development Agency has developed a unique state-of-the-art technology
office park, the Technium Swansea, with the latest office facilities,
access to university expertise and business support, including access
to cutting-edge R&D, IP rights and rapid prototyping service –
not to mention the Technium Venture Capital Fund and Technium Scholarship.
With total turnover for Technium companies up 39% in 2002 to A$18.7m,
further Techniums are planned across Wales, each specialising in different
key growth sectors, including biotechnology (see below), advanced engineering
and automotives.
Life sciences
The diverse life sciences sector in Wales is represented by biotechnology,
medical devices and pharmaceutical companies, many with world-class R&D
and manufacturing. More than 10,000 people within Wales work in these
sectors, with an additional 50,000 people working in either the National
Health Service or academia. Innovative research in the fastest-moving
fields of health care ranges from chemiluminescent diagnostics to functional
genomics.
More than 142 organisations and 6000 employees are involved
in the biotechnology sector. Multinational companies in Wales include
Amersham Biosciences, Bayer Diagnostics and Tepnel Biosystems, alongside
innovative homegrown SMEs such as British Biocell, Trio Tech and Biozyme
Laboratories.
The establishment of a BioTechnium within the National Botanic
Garden of Wales, together with the Wales Gene Park and the Welsh e-science
centre in Cardiff, provides a solid base for future growth and further
foreign investment.
Wales also has major strengths in the medical devices and
diagnostics sector, with more than 116 companies and 11,000 employees,
and major names including Johnson & Johnson, Cortecs Diagnostics and
Bibby Sterilin.
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| Rugby memories: Cardiff’s
Millennium Stadium held the RWC 1999 final |
Investment advantages
Thanks to the UK’s corporate tax rate of 30%, Wales is one of the
most profitable places in Europe for foreign investors. Social security
costs, as paid by both employer and employee, are also amongst the lowest
in the European Union. Also attractive to the inward investor are the
levels of cash grants and financial incentives available. Incentives are
provided through a number of bodies including the National Assembly for
Wales, the Welsh Development Agency, and the European Commission.
Parts of Wales have been granted ‘Objective One’
status within the EU, making them eligible for the highest possible levels
of financial assistance currently available. Incentives include job creation
grants, training assistance, capital expenditure support and property/purchase
development grants.
As a consequence, Wales has an impressive track record of
inward investment, with approximately 500 overseas companies currently
in operation. Despite its 4.9% population share, between 1996 and 2000
an average of 10.2% of the total number of foreign investment projects
into the UK were undertaken in Wales.
Websites:
www.locate-in-wales.com
www.wda.co.uk
www.walestrade.com
www.walesworldnation.com
Austrade London covers Wales.
Telephone: +44 20 7632 0000
Fax: +44 20 7632 0098
Email: info@austrade.gov.au
Website: www.austrade.gov.au
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