Wales in the USA, growing together for ambitious economic futures
Economy Minister, Vaughan Gething will today begin a series of talks with business leaders, trade experts and entrepreneurs in Atlanta and Birmingham (Alabama) to discuss how US economic policy is creating growth in places in need of investment and support.
Ahead of the signing of an international friendship pact with the City of Birmingham, the Minister is meeting with regional leaders and businesses to promote Wales’ economic strengths and learn lessons from their plans for inclusive growth.
While setting out the Welsh Government’s mission to help young people plan ambitious futures in Wales, the Economy Minister will promote key areas of strength with links to the US market, including TV and film, semiconductors, tech, renewables and advanced manufacturing.
The talks follow yesterday’s news that Great Point Studios, which also has studios in Atlanta, has purchased Seren Stiwdios with support from the Welsh Government and Cardiff Capital Region to create state of the art production facilities and new job opportunities in the sector.
The Minister will speak to the Progressive Policy Institute at an event in Atlanta on Thursday, bringing together entrepreneurs, trade experts and city officials to share insights on supporting local growth and discuss how US economic policy is supporting their plans.
Wrexham based Moneypenny will also host the Minister at their Atlanta hub following a meeting with Airbus’s US team.
Shortly after signing a new international friendship pact between Wales and Birmingham with city Mayor Randall Woodfin, Minister Vaughan Gething will visit the Innovation Depot, a business incubator for tech start ups.
Speaking ahead of the visit, the Economy Minister, said:
From the TV industry to semiconductors, Wales excels in markets with US investors and clients that support quality, skilled jobs.
With our brilliant manufacturing skills base and abundant wind and tidal energy opportunities, Wales is perfectly placed to exploit opportunities that are already creating jobs here in the US.
Our international strategy is offering targeted support to exploit the growth potential of these sectors so that more people can plan ambitious futures in Wales. Recent Welsh Government trade missions have led to new US investment in Wales from the gaming industry, with Rocket Science’s new HQ to semiconductors to KLA’s $100 million investment in their Newport base.
As we focus on securing better jobs and narrowing the skills divide to tackle poverty, I’m keen to learn more about how new US economic policies are partnering with states and cities to back industries of the future in places that need it most.
Wales has so much to offer the world with a distinctive brand built on quality and ambition. Our longstanding and more recent export strengths, from aerospace to TV and film, support the foundations that allows us to open doors for new exporters who are bolstering that brand week in, week out.
The USA is now Wales’ number one export market.
Since 2021 businesses have invested $500 billion in US manufacturing and clean energy, boosting jobs in areas most in need of investment.
In 2022 Welsh exports to the USA were worth over $4 billion, accounting for 20 per cent of Welsh exports and representing a 6 per cent increase compared with 2021.
There are an estimated 320 US-headquartered companies in Wales, employing just under 49,000 people.
Notable examples include Amazon (Swansea), GE (Nantgarw), General Dynamics (Merthyr Tydfil), Kelloggs (Wrexham), Kimberley Clark (Flint), Meritor (Cwmbran), Nordam Europe (Caerphilly), Raytheon Systems (Flintshire), KLA (Newport) and Triumph Actuation Systems (Deeside).
For the last 10 years, the USA has consistently been Wales’s largest inward investment donor. In 2022 to 2023, Wales secured 14 investments from the USA, promising to create 836 new jobs and to safeguard a further 537 jobs.
The Welsh Government is ambitious for the compound semiconductor industry in south Wales and will continue developing it further with major companies who are investing in the cluster. The Welsh Government is working with the SPTS division of KLA Corporation, a division that provides wafer processing solutions to semiconductor and microelectronic device manufacturers, to support its plans to expand operations in Newport as part of an already announced $100 million investment creating 362 jobs.
The Welsh Government has become a signatory of an alliance of European regional governments, promoting growth, fostering collaboration, and developing strong value chains in the semiconductor industry. The Minister will call for a new level of ambition in the UK to boost investment beyond London and the south east in the industries of the future.
Rocket Science has announced that it will set up its new studio in Cardiff, with support from the Welsh Government via Creative Wales, creating 50 highly paid and skilled jobs for games industry graduates and professionals, working directly on, and solving some of the hardest technical projects for the biggest video games in the world. This inward investment project was secured following a successful Welsh Government-led trade mission to the Game Developers Conference in San Francisco in 2022.
Latest News from
NHS Wales to build a culture of speaking up21/09/2023 09:25:00
New guidance will help NHS Wales to build a culture in which ‘Speaking Up’, is supported safely and all concerns are listened to.
New advice for schools about vaping20/09/2023 12:10:00
Today, Public Health Wales has published new guidance for secondary schools to tackle vaping.
Basic Income pilot scheme supports care leaver towards her ambition of becoming a paramedic20/09/2023 09:05:00
A young person enrolled in the Welsh Government’s pioneering Basic Income pilot has praised the scheme in supporting her ambition to become a paramedic.
Changes to cell and tissue donation to be introduced in Wales19/09/2023 16:05:00
As part of a four-nation agreement, the Welsh Government has announced that restrictions preventing some LGBTQ+ people from donating tissue, surgical bone and stem cells will be lifted in Wales.
Plans for modern, more representative Senedd published19/09/2023 14:05:00
Once-in-a-generation reforms to make the Senedd more modern and effective were yesterday published by the Welsh Government as part of the Co-operation Agreement with Plaid Cymru.
Metastatic breast cancer campaigner meets Health Minister to discuss improvement in services19/09/2023 12:15:00
Campaigner Tassia Haines has been praised by the Health Minister, Eluned Morgan, for her efforts to improve services for metastatic breast cancer in Wales.
Children across Wales welcome new 20s speed limit on walk to school19/09/2023 11:05:00
There was a different look and feel for children on their trips to school this morning following the introduction of the new 20 mph speed limit.
Persistent pain no match for Paralympic dressage horse rider19/09/2023 09:05:00
A Paralympic dressage horse rider, who has overcome persistent pain to fulfil her dreams, has praised the launch of revised guidance by the Welsh Government to improve outcomes and experiences for people suffering from chronic pain.
Minister welcomes plan to ban American Bully XL after call for action18/09/2023 12:15:00
Rural Affairs Minister Lesley Griffiths has welcomed the UK Government’s announcement that it is to ban the American Bully XL by the end of the year.
Welsh Government marks 60th anniversary of 16th Street Baptist Church bombing and reaffirms historic friendship between Wales and Birmingham, Alabama15/09/2023 14:05:00
Welsh Minister for Economy Vaughan Gething is visiting Birmingham, Alabama to mark 60 years since the racist bombing of the 16th Street Baptist Church which killed four black girls, and to reaffirm the historic relationship between Wales and Birmingham through a new international friendship pact.