THE WELSH Government will look to invest in start-up businesses and young people, economy minister Vaughan Gething has said.

Mr Gething has invited businesses, trades unions and local government leaders to a hybrid Economic Summit to discuss how to move Wales’ economy forward.

The minister said that the Welsh economy is facing a long-term demographic challenge, with the proportion of the population aged 16 to 64 years old in Wales decreasing year-on-year since mid-2008 – and predicted to fall to 58 per cent of the population by 2043.

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To combat this, the Welsh Government’s approach will be geared towards creating an economy where more young people feel confident about planning their future in Wales, and making Wales an attractive place to live, study, work and invest.

Speaking ahead of the summit, Mr Gething said: “The Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy. It has taken a Team Wales effort to keep Wales safe and we will deliver a Team Wales Recovery, built by all of us. 

“A strong Welsh recovery will be based on the principles of fair work and sustainability as we invest in the industries and services of the future.

“As we face the headwinds of Brexit, I am determined that our credible plans will offer as much certainty as possible to help businesses plan ahead. 

“A new era of partnership for stronger regions, a young person’s guarantee, a plan to back our everyday economy and collaboration with world leading, advanced manufacturing. This is the cause for optimism for the future we are building in Wales.

“My ambition is to make Wales a place where more young people feel confident in planning their future here. You don’t have to get out to get on, make your future here in Wales.”

Mr Gething is also expected to promise strengthening regional economic development, a delivery plan to back the everyday economy and wide-ranging support for workers.

Proposals also include supporting start-ups, backing apprenticeships, and offering skills retraining for the long-term unemployed and those affected by the pandemic.

The plans also include working with universities and building links between them and businesses to retain graduates into Welsh jobs.

And, the Welsh Government will look to encourage more firms to be based in Wales, providing more future employment opportunities, as well as recommending flexible commuting options and remote working.

The Welsh Government will also call on the Chancellor to demonstrate the UK Government’s ambition for Wales by honouring promises made on EU successor funds, backing major renewables such as tidal energy and investing in Welsh research and development.