§ 6. Mr. Mark Robinsonasked the Secretary of State for Wales if he will make a statement regarding the progress of WINvest since it inauguration in April 1983.
§ Mr. Nicholas EdwardsWINvest has made a very positive start to its operations. The different bodies involved in inward investment have been welded together into a unified, effective and professional organisation, well equipped to sell the considerable attractions that Wales has to offer to potential investors.
§ Mr. RobinsonHow many overseas companies have recently shown an intention to set up in Wales, how many 592 overseas companies have recently shown that they are expanding their operations in Wales, and how many jobs are involved?
§ Mr. EdwardsAs I said in the recent Welsh day debate, since 1 April, 18 overseas companies have announced their intention to set up in Wales, providing nearly 2,000 jobs. In the same period, 10 existing overseas companies have announced expansion projects, creating a further 350 new jobs and safeguarding almost 2,000.
§ Mr. WigleyDoes the right hon. Gentleman accept that in his recent study, "Overseas Investment in Wales", Professor Glyn Davies of Cardiff said that the most important consideration for these companies was the availability of regional development grants? In view of the Government's intention to save millions of pounds by cutting these grants, does not the Secretary of State fear that there will be less investment in Wales in the future?
§ Mr. EdwardsUndoubtedly, regional policy has a part to play, and we shall continue to have an effective regional policy. As the hon. Gentleman knows, there has been considerable waste of grant on large capital projects that would have gone ahead in any case. I speak as the Member for a constituency that has benefited considerably in that respect because of the large number of oil refineries.