NEW ECONOMIC CONTRACT FOR BUSINESSES SEEKING WELSH GOVERNMENT SUPPORT and absorbing of TISS into Economy Futures Fund

Businesses seeking Welsh Government support will now need to enter into a new Economic Contract aimed at driving fair work, inclusive growth and responsible business behaviours. 

This was the message from Cabinet Secretary for Economy and Transport Ken Skates as he launched the new Economic Contract - one of the key policies of the Welsh Government’s Economic Action Plan. The Plan sets out our new approach to economic development focused on building strong foundations for inclusive growth, supercharging the industries of the future and empowering Wales’ regions. 

The Tourism Investment Support Scheme offer will be absorbed into the Economy Futures Fund and will be subject to the new operating model, the WG will continue to take forward wider aspects of the Plan, including our focus on tourism as a foundation sector. They aim to build on partnerships already in place to support opportunities for growth and innovation and address any challenges.

Economy Secretary Ken Skates said: “Our new Economic Contact is the start of a new and dynamic relationship between Welsh Government and business that is based on the principle of public investment with a social purpose. It means businesses seeking our support will actively collaborate with us and commit to the principles that we believe in - the principles of growth, fair work, health, skills and learning and decarbonisation.”

The Welsh Government’s five Calls to Action, designed to future proof business, have also now come into effect; companies looking to qualify for business finance will be required to develop proposals that align to at least one of the Calls to Action. These focus on innovation and entrepreneurship, R&D and automation, exports and trade, high quality employment and skills and decarbonisation.