Growing the Welsh economy

Cardiff University will play a key ‘anchor’ role in helping to grow the Welsh economy as part of a new South-East Wales Investment Zone.

Two new £160 million Investment Zones in north-east and south-east Wales were announced as part of the UK Government’s Autumn statement.

The Investment Zones have been designed to focus on high-potential knowledge-intensive growth clusters across the UK, with each Zone driving the growth of at least one key future sector from among green industries, digital technologies, life sciences, creative industries and advanced manufacturing.

The existing compound semiconductor cluster, which Cardiff University plays a  significant role, will form a central part of the new South-East Wales Zone’s aspiration to create more and better highly-skilled jobs, encourage inward investment and economic growth.

Speaking following a visit to the University by the Secretary of State for Wales, David TC Davies MP, Pro Vice-Chancellor for Research, Innovation and Enterprise Professor Roger Whitaker said: “This is a once in a generation investment into the region for significant economic and social benefit.

“It is testimony to the talent and skills base we have at the University and across South-East Wales. We are delighted to play such an important anchor role.  For example, Cardiff is the only UK university leading two UK Research and Innovation strength in places awards that support both creative industries and compound semiconductors.

“We host world-leading expertise and facilities with a deep commitment to innovation and impact in a region that is gaining a reputation for its thriving tech scene spanning wide ranging sectors.

“Working in partnership with businesses, governments, stakeholders and fellow university partners in the region is hugely important for our global-civic mission.

“We look forward to playing an important role in supporting the new investment zone through continued collaboration.”

Cardiff Capital Region (CCR) will host the South-East Wales Investment Zone in a joint funding package with the Welsh Government.

Key considerations by both Governments in terms of awarding Investment Zones included the clear evidence of economic potential, innovation potential, strong knowledge anchor institutions and recognised sector and cluster specific strengths with the South-East Wales region.