MIKE HEDGES ASKS WELSH GOVERNMENT MINISTER ABOUT FOUNDATION ECONOMY IN WALES

 MIKE HEDGES ASKS WELSH GOVERNMENT MINISTER ABOUT FOUNDATION ECONOMY IN WALES 

 

Speaking from his Senedd office, local Swansea East Senedd Member, Mike Hedges said…  ‘ It is vital for the Welsh and indeed SW Wales economy that the Welsh government encourages universities, further education colleges, and industry to work together to develop a foundation economy from which we can all benefit. The Swansea tidal lagoon present an opportunity for these sectors to work together to drive forward a really significant project for Swansea.

 

If these sectors can work together there will be opportunities for young people to learn, businesses to develop in new high skilled industries, And there will be an opportunity to regenerate parts of Swansea docks and the surrounding area. If these ideas come together then they will form a business idea that can be replicated in other parts of Wales and indeed around The United Kingdom and Europe.

 

It is vital that southwest Wales develops opportunities such as the Swansea tidal lagoon.’

 

 

 

 

 

 15:05

Mike Hedges MS15:08:13

 

If we were discussing the foundation economy in London, they would identify banking and finance. In Silicon Valley, they would identify ICT. And in Cambridge, it's science, research, engineering and technology. In Wales, we identify mainly the support economy. I welcome the commitment to supporting the renewable energy sector, where Wales has the natural assets to drive opportunity in renewables, including tidal energy. Is there any update on the Swansea tidal lagoon? It is important that universities, further education colleges and industry work together to develop this sector so that we can all benefit. Minister, you said that the estimates indicate that the foundation economy in Wales represents around 40 per cent of Welsh employment. What percentage of GVA does it produce and how does the median pay in these industries compare to the median pay in Wales?152

Vaughan Gething MS15:08:59

 

I haven't got the figures to hand on the GVA contribution to the foundation economy, but I'm sure I can get them to Mike. There is a point, though, about the balance in the economy that we need. So, an everyday economy that we rely on for a range of our goods and services can have real value in it, but it's about all the things that also go into a sense of place as well. If you don't have some of that economy working, then, actually, it does affect how people feel about where they work, and I think that's quite an important factor when we consider why we're doing some of this, as well as the fact that there are lots of people in employment in the sector.153

 

And on the tidal lagoon, I've had a number of conversations with the leader of Swansea Council, Rob Stewart, and he is very much interested in keeping a revised vision for a Swansea tidal lagoon with real economic benefit around it, as well as the opportunity to generate renewable power. I'd be more than happy to have a conversation with him and other Swansea Members and, indeed, the council, about the current stage of development proposals and what that might mean for the future.