An independent panel of 11 business leaders has begun advising the Welsh Government on the creation of an economic development agency for Wales.
Chair Jonathan Lewis convened the group’s first meeting in Cardiff, where the members discussed the agency’s purpose, priorities and potential impact on investment and economic growth.
Wales’ cabinet minister for enterprise, connectivity and energy, Adam Price, also attended.
The minister said the initiative represented a generational opportunity to establish a modern institution tailored to the needs of present-day businesses and Wales’ future economy.
The first meeting considered how experience from businesses and organisations across the country could be used to identify barriers, determine where a new agency could add value and support stronger growth.
The Welsh Government’s programme for the agency will incorporate recommendations from the panel, which is expected to spend around six months examining its work before submitting a report.
During the inaugural session, members assessed Wales’ present economic position, recognised emerging issues and began establishing the group’s priorities.
Discussions also covered engagement with member organisations, including the Confederation of British Industry, the Federation of Small Businesses and Make UK.
Further consultation is planned with businesses from across Wales, unions, organisations that support businesses and other key stakeholders.
Lewis said the panel’s work had started rapidly and stressed that the design process should include a broad range of perspectives.
The group consists of experienced senior businesspeople who volunteered their time and expertise to provide a strong business contribution.
Evidence gathered by the panel, advice from its members and views from Welsh businesses and other stakeholders are expected to help determine the agency’s direction.
Wales aims, within 10 years, to halve the productivity difference between the country and the rest of the UK.