Oral Answers to Questions

Debate between Karl McCartney and Cheryl Gillan

Wednesday 25th April 2012 Commons Chamber

[Karl MᶜCartney (Lincoln) (Con)]

3. What discussions she has had with ministerial colleagues and others on marketing Wales as a destination for foreign business investment.

[The Secretary of State for Wales (Mrs Cheryl Gillan)]

I have regular discussions with ministerial colleagues and others on marketing Wales as a destination for foreign business investment. The recent Select Committee on Welsh Affairs report on inward investment in Wales highlighted a number of important issues, and we are committed to closer joint working with the Welsh Government to deliver more inward investment to Wales.

[Mrs Gillan]

As the Welsh Affairs Committee has made clear in the inquiry into foreign direct investment, co-operation between both Governments is considered essential to marketing Wales and for potential investors. However, as economic development is devolved and led by the Labour Government in Wales, I share my hon. Friend’s disappointment that the Business Minister did not give evidence to the Committee. I hope that we can develop a more mature attitude, as FDI projects in Wales have diminished over the years and we need to get them back up, so that we are competing effectively.

[Karl MᶜCartney]

I thank my right hon. Friend for her earlier answer. Does she agree that it is right to explore investment opportunities in emerging markets? There are markets close to home, such as in the Commonwealth of Nations, which consists of 54 countries and has a population of 3.5 billion-plus, that also offer important investment potential.

[Mrs Gillan]

The Prime Minister himself has said that he wants

“to link Britain up to the fastest growing parts of the world, because we need to trade and export our way out of our economic difficulties.”

We inherited those from the previous Government. That is why I have taken such a tremendous interest in this area and why I am very pleased that we have now joined up UK Trade & Investment to the Welsh Government. We have offered at least one of UKTI’s investment advisers to work in the Welsh Government offices in Treforest and for there to be two-way secondees between UKTI and the Welsh Government. That is real progress and it shows that we can get our two Governments working together in the interests of Wales.