ABSTRACT
T H E D A S H F O R G A S – C O N S E Q U E N C E S & O P P O R T U N I T I E S
Wales has weathered the recent recession, but not without casualties. Its manufacturing base, which is relatively larger than that of the UK as a whole, has stood the Principality in good stead. However, the Welsh economy has a tradition of dependence on external capital, and manufacturing in Wales has sustained its importance with the assistance of considerable inward investment. Maintaining the current level and increasing the development of high added value industries will require an increasing level of skills. The growth of indigenous businesses in Wales needs encouragement, in order that the economy may be sufficiently robust to withstand any departures by companies, possibly looking elsewhere for lower costs and faster access to European markets. Without the complementary and independent growth of local businesses, as well as the continued development of a skilled workforce and access to capital on reasonable terms, inward investment could be less of a solution and more of a problem in waiting.
