Aerospace company Airbus has announced investment of £100m as part of a deal with the UK and Welsh Governments.
The deal will see £48m invested at the Broughton plant in Flintshire, which will develop "new systems and technologies" for building aircraft wings.
Announcing the funding at the Trade and Investment Summit in Newport, Prime Minister David Cameron said: “Aerospace is a real cornerstone of British business, supporting over 100,000 jobs across the UK and is worth over £27bn to our economy every year."
First Minister Carwyn Jones has also announced an £8.1 million funding package for training at Airbus at Broughton.
The site employs 6,000 people.
ITV Wales Political Editor Adrian Masters is tweeting from David Cameron's speech at the UK Investment Summit in Newport.
Cameron: You can see Wales is coming back; this is the new Wales that we want the world to see.
The Prime Minister told delegates that "four things are vital for a country... fiscal common sense; a business friendly approach; modern infrastructure; and openness to investment".
The Welsh Liberal Democrats say the decision to hand control of the Wales and borders rail franchise to the Welsh Government demonstrates their influence in the Westminster coalition. But Plaid Cymru say the railway track itself should have been brought under Welsh control.
Today's announcement is a landmark as it means decisions on Welsh train services will now be made in Wales. The fact that this power closer to the people of Wales shows just how strong the Liberal Democrat influence is in the Wales Office.
Until now, the Governments at either end of the M4 have been able to pass the buck between them over who is to blame when things go wrong. Now we will know absolutely where responsibility lies for making improvements to services and giving Wales the trains it deserves.
The Welsh Government have less than four years to decide what all of Wales needs now and in the future, run a franchise competition, select an operator and then ensure they have the trains they need to deliver decent services. This will be no mean feat, but with matters resolved and commuters knowing where to look for answers, our rail services will be properly accountable at last.
Eluned Parrott also said she was "absolutely delighted" that the Welsh and UK Governments had resolved the funding of Valleys lines electrification. Plaid Cymru's spokesperson, Rhun ap Iorwerth also welcomed it as a "good step in the right direction" but said his party would continue to argue for complete Welsh control of the railway.
Plaid Cymru welcomes the devolution of the rail franchise. For the first time, Wales will be able to choose who operates its own railway. This is something that our party has underlined the importance of for several years. The current and next Welsh Governments now have an enormous challenge in planning and delivering the next franchise, but this is a challenge that we know can be reached.
Plaid Cymru believes this must lead to more areas of the country being opened up to rail services, and that work on this must begin as soon as possible.
Previous Secretaries of State appeared to want Wales to pay the full cost of Valley Lines electrification. They have rowed back on this and have reached a deal. The deal itself is a good step in the right direction but it still appears to leave control of rail infrastructure in the hands of Westminster. We would prefer to see both franchising and infrastructure in Welsh hands so that they can be planned together, and will continue to press on that issue.
The Welsh Conservatives have blamed a lack of attention to detail by Labour ministers when Valleys rail electrification was first announced for the row over money that put the entire project at risk. Originally the UK government expected the entire £460 million cost to be repaid by the Welsh Government, primarily by increasing train fares.
Under the new deal announced today the UK Government will contribute £230 million to the scheme, though the rest of the money will still have to be repaid.
This deal will have a hugely beneficial impact on the lives of tens of thousands. It is a massively important investment that puts Wales first, prioritises infrastructure and transport, and provides a hugely welcome boost for business.
Labour didn't electrify an inch of rail track – and their mistakes and lack of attention to detail led to the circumstances preceding today’s solution. In stark contrast - this announcement is the real action Wales needs.
I wholeheartedly welcome the hard work of Conservatives in Wales in securing a pivotal and life-changing deal for our communities. From Newport to Swansea and - crucially, into the Valleys - this is what the region needs to secure growth and move forward.
Network Rail say the go-ahead for rail electrification in the Valleys will mean a better train service and boost the Welsh economy.
Electrification will transform the railway in south Wales, making journeys faster, more reliable, greener and quieter. An electrified railway will also help support economic growth by creating jobs and boosting the supply chain when work is undertaken, as well as providing a building block for future growth. It will help reduce journey times and boost commuting opportunities, making Wales a better place to do business.
Arriva Trains Wales has responded to today's announcement that the UK Government will pay £230 million towards electrifying the Valley Lines.
Electrification will bring many benefits including quicker journey times, reduced running costs, lower carbon emissions and the replacement of the current rolling stock on this part of the network which is nearing forty years old.
This important investment builds on the huge growth we have already seen in Wales over the past 10 years and is a great recognition of the importance of rail services in Wales.
The UK Govt has today agreed to pay £230 million -half the estimated total cost- towards electrifying the Valleys lines.Read the full story ›
First Minister Carwyn Jones will today announce an £8.1 million funding package for training at Airbus at Broughton, in Flintshire, which employs 6,000 people.
It will enable the workforce to exploit new technology at the site.
The announcement will be made at Wales' UK Investment Summit at the Celtic Manor Resort near Newport.
This funding will help safeguard jobs at Broughton and ensure we remain at the cutting edge of new technology and innovation in a fiercely competitive global market.
Airbus makes a major contribution to the Welsh economy and employs 6,000 people in North Wales in a world class, highly advanced manufacturing facility responsible for assembling more than 900 Airbus aircraft wings a year.
Six companies have announced jobs in the financial and manufacturing sectors, on the eve of the UK Investment Summit.Read the full story ›
Welsh Secretary Stephen Crabb has welcomed the announcement of more than a thousand new jobs at six projects in Wales. He said the news is sign that the UK Government's long term economic plan is working and that Wales is poised to benefit from this week's investment summit.
The UK Government has a long term economic plan for getting right behind Welsh businesses and creating the perfect conditions for growth. We have reduced the deficit, cut Corporation Tax and slashed red tape to make our economy more competitive and more attractive for inward investment.
This has led to 8,000 new businesses starting each year in Wales and the creation of around 100,000 new private sector jobs since 2010.
This week’s summit will send a message to the world that we are an ambitious nation that is open for business. There has never been a better time for Wales to capitalise on an investment summit - to turn the success of the recent Nato summit into jobs and prosperity so that more people in Wales can benefit from the security of a regular wage.