North Wales Growth Deal: 'No better time' to seek investors

The Morlais scheme in Anglesey could start this year

The woman leading a huge investment drive in north Wales insists there is "no better" time to approach investors.

The North Wales Growth Deal was signed last month by all six local authorities, higher education sectors and business leaders.

It will receive a joint £240m kickstart by both UK and Welsh governments over 15 years.

Alwen Williams said Covid and Brexit should not deter businesses from seeking investors.

To create the 3,800 jobs promised, the Growth Deal will need hundreds of millions of pounds' further investment from the private sector.

But Mrs Williams, programme director of the North Wales Economic Ambition Board, said she was confident there were "huge opportunities" available.

"The economy has been severely impacted through Covid and Brexit," she said.

"I think there's no better time actually to go out into the market with opportunities for business investors to think about.

"I know there are many investment funds and investors who are looking for suitable investment opportunities.

"I really believe that what we've scoped through the Growth Deal offers huge opportunities in areas we know will attract growth in the future such as low carbon energy."

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'Horizon scanning'

The North Wales Growth Deal proposes 14 projects in sectors such as low carbon energy, high-value manufacturing, agri-food and tourism, digital connectivity and land and property.

The first project, Morlais, could get under way later in 2021. The proposal for a 35 sq km (13 sq mile) tidal energy technology area off the coast of Anglesey, costing £35m, is currently being considered by the Planning Inspectorate.

"There will be some investors who'll want to wait," said Mrs Williams.

"Some of these large capital projects may take a number of years anyway, so we are looking at investment coming in over a number of years anyway rather than needing it immediately.

"The reality is we may be looking for the investment in two to three years' time and therefore having that dialogue now is appropriate because at least it allows for that horizon scanning.

"It allows for that positive engagement around opportunities to invest which may come much further down the line."