William at Welsh summit as first minister vows to boost economy

The Prince of Wales spoke to employees at a Newport semiconductor company as part of his visit

First Minister Eluned Morgan has promised to "put the rocket boosters under our economy" with the help of global investors who gathered in Newport.

She spoke at the opening of the country's first investment summit, where she was joined by the Prince of Wales and delegates from major global companies, such as chip-maker Nvidia and telecoms giant Vodafone.

Morgan told attendees at the International Convention Centre that she wanted to make it easier to do business in Wales.

But opposition politicians say the Labour Welsh government has already been given ample time to attract investors and grow the economy.

The summit, organised by the Welsh Government, comes five months ahead of the next Senedd election, where Morgan faces the prospect of her party losing power in Wales for the first time as former supporters look to other parties.

In October, the Labour party lost the Caerphilly Senedd by-election to Plaid Cymru.

Prince William said Wales had reached a "significant moment" in terms of potential investment, as the world confronts the challenges of climate change and energy insecurity.

Clean energy projects in Wales, such as floating offshore wind in the Celtic Sea, are "creating new opportunities for investment, job creation and long-term prosperity", the prince said.

He cited Wales as the place where "cutting-edge technology, research, innovation and a skilled workforce" meet.

Before addressing the summit, the Prince of Wales visited the newly-opened premises of international semiconductor company KLA, in Newport.

Prince William was shown around the building by senior director Andrew Evans, who explained how staff produce chips and wafers for some of the world's leading semiconductor and microelectronic device manufacturers.

Prince William said Wales is where "cutting-edge technology, research, innovation and a skilled workforce" all meet.

In her opening address, the first minister said recent announcements from Westminster regarding a new nuclear power station at Wylfa, and AI growth zones in north and south Wales, reflected the "partnership of nations".

Referencing her time working in the private sector, Morgan said she wanted to make it easier to do business in Wales.

She said: "I've challenged my team to ensure that we become the fastest nation in the UK where you can get planning permission."

Wales now had "all the building blocks in place, and we're ready to scale at pace, particularly when it comes to frontier sector businesses," she said.

The first minister added: "We want growth, but we want growth with purpose... growth that creates good jobs, growth that builds opportunity in every part of Wales."

Among the announcements made on the eve of the summit was a £10bn investment by data-centre provider Vantage, which will be spread across south Wales, including at the former Ford engine plant in Bridgend.

Morgan thanked the Prince of Wales for his efforts in promoting the country in her opening speech at the International Convention Centre, in the grounds of the Celtic Manor Resort on the outskirts of Newport.

Eluned Morgan opened the first Wales Investment Summit on Monday

Chancellor Rachel Reeves also attended the summit amid a growing row about last week's budget, and whether ministers had been misled on some of its figures.

Reeves said she was "excited" to be at the summit in Newport: "I'm in no doubt that investors and businesses who are here today will see the benefits of investing in Wales, whether that is in AI and tech, in semiconductors, in nuclear power or in clean energy, and the cultural industries," she said.

Asked if the money spent on developing AI would lead to people losing their jobs, the chancellor stressed investment in artificial intelligence "secures jobs and helps support the Welsh economy".

She claimed plans for an AI growth zone planned for north Wales would bring more jobs than the estimated 3,000 jobs linked to nuclear plans at Wylfa.

"In the same way that Wales powered the last Industrial Revolution, I'm determined that Wales plays its core part in this new one," she said.

Westminster business secretary Peter Kyle said the recent announcement of AI growth zones was proof of the UK government's "commitment to Wales".

He told delegates the zones "will ensure that this country continues to lead a technology that will define not just the next decade, but the next century too".

Chancellor Rachel Reeves promised investment in AI would secure jobs.

On Sunday's BBC Politics Wales, Labour Economy Secretary Rebecca Evans said Wales had attracted £4.5bn of inward investment since the summit was announced.

Plaid Cymru said such announcements were coming "too late in the day", while the Conservatives cited low tax and less bureaucracy as more likely to attract investment.

Welsh Conservative Shadow Cabinet Secretary for the Economy, Samuel Kurtz, said: "This summit is nothing more than a panic exercise by a Labour government, compensating for their ill thought-out economic policies that are stifling economic productivity."

Plaid Cymru's economy spokesperson, Luke Fletcher, welcomed the summit, but added: "It is important that any deals struck in the summit are thoroughly scrutinised by the Senedd - because while investment is welcome, any money spent on securing these deals must not come at the expense of growing and supporting Welsh businesses."

CBI chief executive Rain Newton-Smith said the summit was a "moment for Wales to showcase itself to the world".