New export business secured by companies supported by the Welsh Government in the last financial year reached £52million – an increase of nearly 60% on the previous year and the highest recorded figure in the last five years.
The news follows recent results from UKTI that revealed Wales also had a record breaking year for inward investment projects in 2014/15 with more than 100 inward investment projects recorded for the first time since records began.
Economy Minister Edwina Hart said:
“Attracting inward investment and developing international trade are of equal importance and I am delighted to note that our work in both these areas is making a difference.
“We have invested significantly in developing our international trade programme and overseas missions and I am delighted to see it is creating significant rewards for companies in Wales in terms of new business, new markets and new opportunities which in turn supports the growth of the Welsh economy and job creation.
“Working with businesses in Wales and in close collaboration with overseas networks we are able to offer a range of expert advice and support to help companies maximise the opportunities that are available globally.
“Last year we provided more than 700 interventions to businesses that ranged from export strategy development to setting up meetings with potential customers, enabling them to access and enter new markets with confidence. We supported exhibitions and trade missions in sixteen overseas markets including the UAE, South Africa, Vietnam, Mexico and the USA.
“This resulted in £52m in new export business secured by those companies we have supported – an increase of almost 60% on the previous year. It represents significant growth and a great result that clearly illustrates our support is having a real impact.”
The Minister recently announced a programme of 27 overseas events and trade missions for the current financial year to promote trade and investment.
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