Economy Minister's speech to focus on urgent need to invest in young people in Wales

Vaughan Gething PA
The Economy Minister's speech will focus on investing in young people here in Wales Credit: PA

The Economy Minister will give a speech today which focuses on the urgent need to retain and attract young people to Wales.

Vaughan Gething will set out his vision for the economy in his first major speech since taking up the post in the Welsh Government.

Recent figures have suggested that 16-64 year-olds could make up just 58% of the working population by 2043.

The long-term demographic challenge facing the Welsh economy will have a major impact on employment and tax revenues.

As part of his plans, the Economy Minister will focus on investing in young people who are already here in Wales, attracting more young people to come here, as well as retaining graduate talent and support graduate start ups.

The speech will take place at Transport for Wales’ new headquarters in Pontypridd.

The Economy Minister will also focus on better jobs, tackling poverty and helping businesses get back on their feet after the pandemic and Brexit.

A 'Team Wales' model will be explained which will hope to offer certainty to businesses facing a volatile recovery.

Investment in the economy will be linked to fairness in work, decarbonisation and skills.

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.

Vaughan Gething will set out the Welsh Government’s economic policy at a virtual summit Credit: PA

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.

The Economy Minister also acknowledged the impact Brexit has had on Wales, explaining that "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."