NEWPORT council is set to approve new plans to attract overseas investment in the city, opening up opportunities in the industries of the future.

Iron, coal, and latterly steel helped turn the city into a powerhouse during the Industrial Revolution - but now Newport is turning to the software, cyber and financial technology sectors in a bid to secure future economic growth.

A new £150,000 fund is being proposed, in a bid to promote the city centre as a so-called “soft landing” location to host new international businesses moving to Wales

“The aim of the programme will ultimately be to encourage new or expanding international businesses to choose Wales as their UK base of operations,” council documents show.

If the plans are approved, the money will be spent on supporting newly-arriving businesses, providing free office space, and encouraging them to remain in Newport in the long term.

The council note how the city has “in recent years, built up a reputation as a regional hub for businesses involved in innovation and research and development”.

“Its central location between the cities of Cardiff and Bristol - coupled with its land availability, transport infrastructure, and skilled workforce - has made it a compelling proposition for a broad range of businesses,” a Newport City Council report reads.

“To further nurture the growth of this business ecosystem, and to ensure its true potential is realised, requires further proactive steps to secure a pipeline of investment and innovation from overseas.”

If the programme is approved, it could make use of a Joint Venture budget shared by the city council and the Welsh Government.

It would run for an initial 18 months, costing £150,000, with the possibility of extending the project should it prove a success.

The council believes the scheme would fit with its vision for Newport and “aligns well with existing efforts to transform and diversify the economic activity underway in the city and develop further opportunities for employment and enterprise”.

“Increasing employment and business presence will aid economic recovery and help capitalise on the opportunity the pandemic has created for smaller cities to act as engines for sustainable growth,” the council said in documents.

A decision on the proposals is scheduled to be made this week.