Welsh entrepreneurs abroad 'ready to invest here'

Welsh entrepreneurs living abroad are ready to invest here, says new study of diaspora

More could to be done to encourage Welsh entrepreneurs living abroad to invest in their home country, according to an academic.

Dr Sarah Louisa Birchley, a specialist in global diaspora entrepreneurship, said her study of 1,700 Welsh emigrants living in 45 countries had identified 500 entrepreneurs - and a quarter were prepared to invest in their birthplace.

"There are a few barriers that we have to overcome to enable them to be able to come back," she said.

The Welsh government said it was always open to new ways of working with diaspora.

Dr Birchley said: "The messaging about what's happening in Wales isn't really getting out to the members of the diaspora, and especially these entrepreneurs.

"They need more information about... what's possible in Wales to be able to bring them back," she told BBC Radio Wales Sunday Supplement."

Dr Birchley, of Toyo Gakuen University, Tokoyo, Japan, led the study supported by Welsh Water and Newport-based group Global Welsh which found 54% of emigrants would consider returning to Wales, representing a significant "brain gain" opportunity.

The report, Brain drain to brain gain, also found:

• 25% of Welsh diaspora entrepreneurs ready to invest in Wales within 12 months

• 45% hold a master's degree or higher

• 62% willing to engage in knowledge transfer and mentoring to those in Wales

• Welsh diaspora have ties to sectors like technology (24%), creative industries (7%), and healthcare (6%)

How many Welsh people live abroad?

Global Welsh estimates more than three million Welsh people living abroad, a similar number to those living in Wales.

Dr Birchley took part in a discussion on the Welsh diaspora at the Hay Festival Winter Weekend in Powys on Sunday with Julia Gillard, the former Australian prime minister, who was born in Barry.

Sir Terry Matthews was Wales' first billionaire, making a fortune in the telecommunications industry after landing job in Canada.

He went on to buy and redevelop the house where he was born, investing more than £100m in Newport's Celtic Manor Resort.

Welsh billionaires Sir Terry Matthews and Sir Michael Moritz made their fortune abroad

And Cardiff-born billionaire Sir Michael Moritz donated £75m to Oxford University to help the poorest students.

The venture capitalist, who moved to the US after graduating from the university in 1976, was the only pupil in his year group to go to Oxford from the now-closed Howardian High School in Penylan.

'Valuable resource'

Dr Birchley said greater collaboration with the Welsh diaspora could "really harness the power of this amazing group of people".

And she called for a "stakeholder meeting where everybody involved meet together at least once at the beginning to align the goals and values on how we can communicate and not lose this valuable resource".

Dr Birchley said there were more complex issues to address, including tax implications, infrastructure and housing, as well as relocating loved ones.

She called on organisations like Global Welsh, Welsh government, universities and businesses to work together to "really harness the power of the diaspora".

"It takes everybody getting round the table at least once to be able to look and how to see how their values align."

A Welsh government spokesperson said: "We have seen excellent examples of where our diaspora can play a key role, not only in supporting and investing in our businesses and communities, but also in showcasing our strengths internationally.

“We are always open to new ways of working with our diaspora and will consider how this insightful report from Global Welsh can help shape future engagement."