First Minister Eluned Morgan promises boost for Welsh economy

The first minister said she was ready to “put the rocket boosters under our economy” with the help of global investors who have gathered in Newport.

Eluned Morgan was speaking as she opened the first Wales Investment Summit.

The event has attracted delegates from some of the world’s leading companies, including chip-maker Nvidia and telecoms giant Vodafone.

But opposition politicians said the Labour Welsh government had already been given ample time to attract investors and grow the economy.

Morgan is facing a Senedd election in five months time, and the prospect of her party losing power in Wales for the first time if Labour does not win.

Her party lost the Caerphilly by-election to Plaid Cymru in October.

In her opening address the first minister said recent announcements from Westminster about a new nuclear power station at Wylfa, and AI growth zones in north and south Wales, reflected the “partnership of nations”.

Morgan, referencing her time working in the private sector, said she wanted to make it easier to do business in Wales.

She said: “I’ve challenged my team to ensure that we become the fastest nation in the UK where you can get planning permission.”

Wales now had “all the building blocks in place, and we’re ready to scale at a pace, particularly when it comes to frontier sector businesses,” she said.

The first minister added: “We want growth, but we want growth with purpose… growth that creates good jobs, growth that builds opportunity in every part of Wales.”

Among the announcements made on the eve of the summit was a £10bn investment by data centre provider Vantage, which will be spread across south Wales including at the former Ford engine plant in Bridgend.

Westminster business secretary Peter Kyle said the recent announcement of AI growth zones was proof of the UK government’s “commitment to Wales”.

He told delegates the zones “will ensure that this country continues to lead a technology that will define not just the next decade, but for the next century too”.

Kyle added: “I’m highlighting these investments not just because I am enthusiastic about AI, although I am, I mentioned them because they are emblematic of how our modern industrial strategy is delivering for Wales.”

On Sunday’s BBC Politics Wales Labour Economy Secretary Rebecca Evans said Wales had attracted £4.5bn of inward investment since the summit was announced.

Plaid Cymru said such announcements were coming “too late in the day”, while the Conservatives it was low tax and less bureaucracy that would attract investment.