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01 February 2012
Wales needs to be more competitive in terms of inward investment, a new report by Cardiff Business School has warned.
The study, commissioned by Cardiff Business Partnership, set out to explore how the agencies which promote inward investment operate in Wales.
In response to four key findings the report recommends closer working between agencies in Wales as well as more efficient use of resources and a need to change approach in order to develop a stronger Welsh brand.
It also highlights a need for the Welsh Government to develop a consistent policy, supported by all agencies, regarding attraction of investment from outside key sectors.
Author of the report Dr Andrew Crawley, Cardiff Business School, said: "The study was unique in foreign direct investment (FDI) research as it focused on those involved in carrying out the job.
"Within Wales today there are significant numbers of organisations tasked with bringing inward investment. We need to get those agencies working closer together to ensure a consistent message is being sent to the business world, that is that Wales is open for business."
Chairman of Cardiff Business Partnership Adrian Clark said: "Attracting investment into Wales continues to be essential and selling Wales should be a team effort. Cardiff is a shop window but other cities also play a big part.
"This report brings together a number of strands .It is not all good news but it is important to remember that this report is a line in the sand. We must support everyone from Government to a small indigenous business supplying a multi - national."
Roy J Thomas, Director of the Cardiff Business Partnership added: "This is not only about Cardiff or inward investment – it’s about how Wales is perceived in international terms. It is not about indigenous versus inward investment or private versus public sector or north versus south. It is not only government or local authorities that have a duty to talk ourselves up but every citizen who wants to see Wales prosper.
"We need to look forward. There is a consensus of opinion that we all need to work together."
A full copy of the Selling Wales report can be downloaded here
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