With a skilled workforce, low property prices, and great links to other major financial hubs, Wales is proving to be an attractive location for many big name companies. However, with the addition of unbeatable financial incentives for companies that are relocating to the country, it is set to bring in even more major names.
Investing in Wales
Last month, First Minister Carwyn Jones announced six new investment projects that aim to bring over 1,100 high quality jobs to Wales. This government backed initiative means that some of the companies choosing to relocated operations to Wales will get financial incentives for creating jobs there. The companies set to benefit from the move include Deloitte, Raytheon, and Essentra among others.
This is only one part of a bigger picture, too. Wales also has a £100m investment fund for life sciences, something that has been an attraction for major companies such as General Electric. GE Healthcare has its Life Sciences International Centre of Excellence for Consumables in South Wales, where it benefits from a highly skilled and dedicated workforce, as well as a location that offers room to grow while still being close to other international business hubs like London.
A great place to work, a fantastic place to live
Another big draw for many companies is that Wales is an excellent place to live. Along with great incentives for a business, it is also welcoming as a new home. Whether you prefer the busy city centre of Cardiff, the coastal beauty of Pembrokeshire, or the rural tranquillity of Snowdonia, you and your business can find all you need.
Wales benefits from seven Enterprise Zones, each of which offers a company different geographic beauty with the added benefits of being business ready. This means plenty of additional business support, infrastructure development, capital allowances, and business rates schemes.
Along with the financial benefits for business, there are also financial benefits for individuals relocating with their companies. The property prices in Wales mean that company executives can get a great place to call home for much less than they might think. This is often a welcome alternative to other major business centres, where the price of housing makes it difficult to justify a relocation.
The best of Britain, but better
Wales is also proving to be popular for businesses because of its devolved government structure. While it's part of the United Kingdom, it also has its own government. This means that for many business decisions, including financing incentive programmes, there is no big debate in Westminster. Instead, it is decided for Wales, in Wales.
This also means there's easy access to Ministers and other government officials. This allows businesses to work closely with the government, giving both Wales and its businesses the best outcomes.
However, being part of the UK and EU means that Wales is not out of step with the rest of the world. It makes Wales a great hub for business within a larger economic region. With Wales, businesses are finding that they get the best of everything.