Foreign Direct Investment

Lord Wigley Excerpts

Tuesday 10th March 2026 Lords Chamber

[Lord Stockwood (Lab)]

We are trying to balance the need for foreign direct investment to ensure that our industrial strategy is fully capitalised. One answer to the question is that we welcome foreign direct investment from partners around the world that are aligned to our strategic intention, but the greater opportunity is to access the reforms made through the Mansion House Accord and Sterling 20 to ensure that our pension capital is utilised in funding and capitalising our industrial strategy. I do not agree with the noble Viscount’s premise that foreign direct investment is inherently bad, but there is a huge opportunity in our pension services and providers to make sure that our pensions reap the benefits of not only the innovation that we are going through but the economic growth.

[Lord Wigley (PC)]

Is the Minister aware of the key role that was undertaken over a 25-year period by the Welsh Development Agency, which helped attract more than 200 businesses from the United States and more than 50 businesses from Japan to invest in Wales? If, following the coming election to the Senedd, the next Welsh Government take steps to establish a similar agency, will the UK Government co-operate fully with them in fulfilling those objectives?

[Lord Stockwood (Lab)]

What has been rewarding since I took this job on seven months ago is the ability to work with all the devolved nations, realising that every part of our country needs to benefit from the economic development that is coming through. We have members of our Office for Investment teams throughout the United Kingdom and the devolved nations, and I look forward to working with any partner that can encourage growth and innovation around our industrial strategy.