LEADING business people and senior academics are being invited to join a new 'expert panel' to boost research into the Welsh economy.

The National Assembly is seeking to appoint a chairman and up to five members to its new Economic Research Advisory Panel.

The panel will oversee a £450,000 programme of research into the Welsh economy in its first year.

First Minister Rhodri Morgan first announced the plans to improve research and analysis into the Welsh economy and increase the support for policy-making within the Assembly last October. These plans include creating:

An economic research advisory panel. An economic research and evaluation unit within the Assembly.

Steps are also being taken to encourage higher education institutions in Wales to give more attention to practical economic research and to promote greater collaboration within Wales and between centres of excellence outside Wales.

"Across the European Union there is a growing recognition of the need for countries to devote more resource to economic research and analysis. Developing this knowledge base is one of the main building blocks for a strong Welsh economy.

"The Economic Research Advisory Panel will play a key role in helping us to understand the Welsh economy better. It will also ensure that we are getting value for money from public investment and that our policies and programmes are based on a sound analysis of what works and what does not.

"The research work will be contracted out to centres of excellence. Much of this work is expected to go to institutions in Wales, where a strong academic background is combined with a practical understanding of the local economy."

It is intended that the Assembly Government ten-year blueprint for the Welsh economy, A Winning Wales, will be continuously reviewed and informed by up-to-date, practical research. This will help ensure that its policies and programmes address the needs of business and communities across Wales and are implemented effectively.

The work of the Economic Research Advisory Panel will be a partnership between the academic, research and business communities and key public sector organisations. Reporting to the First Minister, it will advise on research needs and oversee the work covering a broad range of economic issues, including economic development policy and aspects of education, lifelong learning, rural development, community regeneration, environment, transport and planning policies.

The new Economic Research and Evaluation Unit will undertake and commission work from external applied research, consultancy and academic institutions.