New era for North Wales growth with new government fund leadership
Wrexham Council leader Mark Pritchard has been made interim Chair of the North Wales Economic Ambition Board.
Wrexham Council leader Mark Pritchard has been made interim Chair of the North Wales Economic Ambition board to oversee a multi-million pound UK and Welsh government fund to boost regional growth.
The UK and Welsh governments have also agreed additional support in the form of two new non-exec directors and a senior investment specialist to be recruited to speed up delivery of funds to projects on the ground.
The North Wales Growth Deal is an important part of efforts to boost economic growth across north Wales. The fund invests a total of £240m from UK and Welsh government, crowding in private sector investment worth up to £730m.
The £1bn total investment is expected to generate 4,000 new jobs and an extra £2.4bn in good and services produced (GVA).
The fund will invest in high growth sectors like agri-food and tourism, manufacturing and low carbon energy projects, as well as investing to break barriers to economic growth such as digital connectivity.
Wales Office minister Nia Griffith said:
Economic growth is our number one priority and the sky’s the limit for our ambition in north Wales.
The Growth Deal offers millions in vital investment, driving growth and jobs.
With fresh leadership and more support, our two governments have provided the tools needed to get on with delivering investment where it’s most needed.
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:
Through this transformational North Wales Growth Deal, we are committed to working with partners to build on strengths in sectors like manufacturing whilst future proofing key industries like tourism. The result will be more jobs and better-quality opportunities, an enhanced skills base and greater prosperity for residents across the area.
We are already seeing the Welsh Government’s £120m backing for the deal starting to deliver, with projects such as the Enterprise Engineering and Optics Centre (EEOC) project in Wrexham under construction and soon providing a specialist centre which brings together research and development, business collaboration and skills through advances in optics, photonics and composites as lightweight alternatives for manufacturing.
Wrexham Council leader Mark Pritchard said:
The North Wales Growth Deal is the foundation of economic co-operation between the six North Wales councils, the Welsh and UK Governments.
It is essential to sustainable economic growth in North Wales and links to wider strategic co-operation and the delivery of initiatives like the proposed Flintshire and Wrexham Investment Zone and Anglesey Freeport.
The six North Wales Leaders welcome the support of governments and will work together with the Welsh and UK governments, business leaders and officers of the Ambition North Wales programme office to accelerate the delivery of the North Wales Growth Deal.
The North Wales Council Leaders will own and lead the changes necessary to get the North Wales Growth Deal moving. This is a new era of action and delivery for the North Wales Growth Deal. Investment, construction, jobs and growth are coming soon.