More than 3,000 jobs were created in Wales over the last year thanks to inward investments – the best results recorded in five years, new figure published today show.
The UK Department for Business & Trade annual report on Foreign Direct Investments (FDI) in the UK for 2022-23 published today shows the number of jobs created has returned to pre-Covid pandemic levels with 3,062 jobs created during the last year, up from 1,793 in 2021-22 – a 66% increase compared to the previous year.
The report also shows 47 inward investment projects were created in Wales in 2022-23, up from 43 in 2021-22 – an increase of 9%.
The Welsh Government was directly involved in around 91% of the investments, supporting businesses through a range of interventions from advising companies on potential sites and premises, identifying skills and talent, assistance with market research and making introductions to banks, business networks and academia.
Economy Minister, Vaughan Gething said:
“The Welsh Government is committed to ensuring Wales is a great place to live, work and do business by creating the environment where businesses and people can thrive and succeed.
“The fact that Wales has witnessed an increase in investment during a period of significant political and economic shocks shows the approach the Welsh Government is taking to promoting Wales and our capabilities is working.
“We will continue to do all we can to sell Wales internationally by promoting Welsh strengths and successes on the global stage.”
Over the course of the last year, the Economy Minister has promoted Wales internationally, with visits to the Paris Air Show in France, Qatar and the USA, with the First Minister and other Ministers undertaking international activity that has helped to raise the profile of Wales globally.
Notable investments announced in Wales during the year include:
KLA, the California headquartered semiconductor equipment manufacturer has chosen Newport for its European HQ and Innovation hub, investing c$100m in a new facility and supporting a further 362 jobs
Amazon, the US online fulfilment giant has opened a software development centre through its acquisition of Veeqo in Swansea creating a further 50 jobs to provide shipping solutions to ecommerce sellers
Siemens Healthcare, the life science division of German owned Siemens Group has launched a new centre of excellence in healthcare technology in Llanberis to focus on research and development and manufacturing, safeguarding the current workforce of 400 and creating a further 92 jobs.
Airflo, the US-owned leading manufacturer of PVC-free speciality fishing lines is expanding its operations in Brecon, safeguarding 44 jobs and creating a further 21 to pave the way for a quadrupling of exports to North America.
Yasa Motors, the Mercedes-owned manufacturer of advanced electric motors and motor controllers for hybrid and electric vehicles, is creating up to 40 new jobs as part of plans to expand its operations at a new R&D centre in its Welshpool facility.
There are over 1,395 foreign owned businesses that call Wales home, employing more than 161,400 people. These include blue chip investors such as Airbus, Toyota, General Dynamics, Deloitte, Siemens Healthcare and Oracle.