More than 200 business leaders gathered at The Parkgate Hotel in Cardiff for the CBI Wales Annual Lunch on Thursday 21 May, where the new Welsh Government Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, and Secretary of State for Wales, Jo Stevens, outlined their plans to work with businesses to help drive economic growth and prosperity across Wales.
The event came just two weeks after voters elected the first Plaid Cymru led Welsh Government, with discussions focusing on investment, innovation, connectivity, skills, AI adoption and unlocking growth across all parts of Wales.
Mr Price was attending his first major business lunch since his cabinet appointment last week and took part in a fireside discussion with Carolyn Brownell, Chief Executive of FOR Cardiff, chaired by John Foster. Other speakers included Iain Mansfield, Chief Executive Officer of Principality Building Society and Chair of CBI Wales, alongside CBI Wales Director Russell Greenslade.
During her speech, Ms Stevens highlighted the UK Government’s support for Wales’s industrial strategy, including the development of freeports and investment zones, backing for the steel industry in Port Talbot, and investment in Welsh rail infrastructure.
She said Wales had “world leading expertise” and pointed to opportunities in advanced manufacturing, clean energy and digital technologies.
Speaking about investment into Wales, she said the UK Government was working to “better utilise” its overseas presence and diaspora to promote Welsh opportunities to global investors.
Ms Stevens also highlighted major opportunities linked to floating offshore wind in the Celtic Sea, new nuclear developments and strengthening supply chains for Welsh businesses.
Adam Price MS delivered his first public remarks since being appointed to the Welsh Government cabinet.
Addressing business leaders, he said: “Wales means business. Not as a slogan, but as a statement of intent.”
He said Wales was “not short of potential”, citing strengths in aerospace, compound semiconductors, universities, talent and floating offshore wind. However, he warned that Wales had not yet turned those strengths into the level of economic performance it should expect.
He said: “Prosperity isn’t a collection of assets, it’s the way those assets connect.”
Mr Price said his new ministerial role brought together enterprise, connectivity and energy because businesses need joined-up support, including sites, power, people, finance and routes to market.
“A firm looking to grow doesn’t think in departmental silos,” he said.
He added that his ambition was for Wales to become one of the easiest places in the UK to start, grow and invest in a business.
“My ambition is for Wales to be one of the easiest places in the United Kingdom to start, grow and invest in a business,” he told the audience.
The discussion covered the role of innovation, inward investment, AI and the need to use technology to solve real challenges in areas such as productivity, public services, health, care and housing.
During the discussion, Carolyn Brownell highlighted concerns that many businesses are still focused on immediate financial pressures, including business rates, rather than innovation and long-term technological change.
Adam Price described the current moment as “an age of disruption”, but said Wales had an opportunity to benefit from technological change if it focused on areas where it could lead, including health, social care and public sector innovation.
He said he was keen for Wales to become a “sandbox” for innovation and a lab where technology could help tackle major challenges including housing delivery and social care reform.
The event repeatedly returned to the importance of collaboration between government and business, with speakers stressing that Wales has the talent, resources and industrial strengths to compete globally if barriers to growth can be removed.
Sponsors FOR Cardiff also launched the BID3 ballot during the event by placing QR codes on guests’ tables, highlighting the importance of the development as they prepare to launch their Business Plan for the next five years.
A vote of thanks was delivered by Russell Greenslade, CBI Wales Director, who closed the event by recognising the role of business in supporting economic growth across Wales.
Russell Greenslade, Director, CBI Wales, said:
“After a seismic Senedd election result that shifted the political landscape, businesses were delighted to hear from the ministers who will be shaping the economy about their plans to help Wales turn the next page in its growth story, at our annual lunch.
“This is an opportunity for business and government to reset, refocus, and strengthen our partnership to deliver growth and prosperity to every corner of Wales. There’s certainly no shortage of ambition across Welsh business, but that ambition needs to be matched by clear direction. That means working together to remove the barriers that hold firms back from investing, growing and creating well-paid jobs.
“With clarity, collaboration and consistency from political leaders at UK and devolved level, Wales can become one of the easiest places in the UK to start, grow and invest in a business.”
