Wales business start-ups enjoy a number of competitive advantages. The Celtic nation boasts easy access to UK and European markets, a highly-skilled workforce, one of the best retention rates in Europe, world-class communications infrastructure, easy access to funding, a strong working relationship between industry and academia, plus a desirable location that helps local firms recruit skilled staff in an ever competitive labor market. Key Wales business sectors are as follows:
food products – The food and drink supply chain (from farming to food processing), is the largest combined industry in Wales. (With crop production accounting for just a small share of total farm output, its Welsh lamb, beef and dairy that are the most notable agri-foods produced).
renewable energy – Wales has a growing alternative energy portfolio including wind, wave and tidal farms. It is also a leader in the development of photovoltaics and hydrogen fuel technology.
manufacturing – Wales is home to numerous major automotive, optoelectronics, aerospace and defense companies, and is a leader in the development of advanced technologies in each field.
information & communication technologies (ICT) – Driving productivity and competitiveness across the whole economy, the ICT sector in Wales spans electronics, software development and new technologies with a healthy mix of large multinationals and home-grown businesses.
creative industries – Thanks to the UK’s large creative sector (largest in Europe) and the diversity of Welsh landscapes, the nation has become a favorite location for film and television production. In addition, Wales has an exciting music industry and a rich visual arts heritage.
biotechnology and life sciences – One of the fastest growing sectors in the Welsh economy, local companies and universities are at the forefront of innovation in fields of medical technology, diagnostics, wound healing, and contract research organizations.
construction – Large player in Welsh economy, accounting for roughly 10% of GDP (wales.com).
financial services – A preferred location for contact and shared service centers in the UK, and its relative proximity to London (a global center for finance), have helped Wales become one of the UK’s fastest growing destinations for financial services investment.
tourism – Wales is a favorite tourist destination thanks to its stunning landscapes and seascapes, a rich history, plus a multitude of popular cultural and sporting events.