- December 11, 2015
- Posted by: Mark Drakeford AM
- Category: Assembly News
The Welsh Government’s flagship Business Wales service is set to expand, with the aim of creating 10,000 new businesses, 28,300 new jobs and providing support to help inspire the next generation of young entrepreneurs over the next five years.
It is also looking to increase the volume of goods and services exported from Wales, which will add an additional £215 million to the Welsh Economy.
Economy Minister Edwina Hart has announced that contracts valued at £50m have been awarded to deliver an enhanced and complete Business Wales service over the next five years.
Supported by European Structural Funds and Welsh Government funds, the new contracts commence in January 2016. When combined with the previously awarded £20m Accelerated Growth elements of the service these new contracts will deliver the full Business Wales service including Youth Entrepreneurship and Superfast Broadband exploitation which will be delivered through the Business Wales support services.
Economy Minister Edwina Hart said:
“Stimulating business growth and jobs creation across Wales is a key priority for the Welsh Government and one which underpins our economic policies. EU funds are helping our already successful Business Wales service to expand and provide additional targeted support to new and existing businesses which show growth and export potential. We will continue to offer a service to all individuals and businesses appropriate to their needs.
“The support available is helping to promote the economic recovery in Wales and SMEs and entrepreneurs will continue to benefit from targeted help and support from the Welsh Government”.
Finance Minister, Jane Hutt, said:
“Nearly £2 billion of EU funds are being invested in Wales over the next seven years, adding value to the Welsh Government’s goals for strengthening the Welsh economy and labour market, and helping businesses to expand and create jobs. EU funds are helping to build on the success of Business Wales by investing in an expanded service of advice and support for businesses.
”It is also looking to increase the volume of goods and services exported from Wales, which will add an additional £215million to the Welsh Economy”.
The Youth Entrepreneurship Service, which focusses on young people aged 5-25 from primary school to higher education, is led by Prospects Group with subcontractors Cazbah, Mark-it, Business in Focus and Antur Teifi.
This pan-Wales service will provide a high quality programme of work to inspire the next generation of entrepreneurs in Wales by identifying and enabling over 200,000 young people wishing to start a business to fulfil their ambitions.
The Business Wales contract, which focusses on direct support to individuals seeking to establish a business and to existing businesses, has been awarded to a consortium consisting of Business in Focus, Antur Teifi and Peninsula Enterprise and will work hand in hand with the Excelarator consortium delivering Accelerated Growth provision.