§ 8. Mr. WhittingdaleTo ask the Secretary of State for Wales what assessment he has made of the principal reasons why overseas investors have chosen to invest in Wales; and if he will make a statement. [285]
§ Mr. HagueCompanies regularly tell me that they invest in Wales because of the quality of the work force, the competitive conditions and the excellent economic outlook. We have created an environment for success, which both inward investors and home-grown companies recognise.
§ Mr. WhittingdaleI congratulate my right hon. Friend and the Government on their success in creating the conditions that have led to companies choosing to invest in Wales and the resulting creation of thousands of jobs. Is it not the case that the qualities and attractions that he has described would be totally undermined by the new taxes, burdens on employers and strikes that new Labour would bring to Wales?
§ Mr. HagueMy hon. Friend is right. We have had an excellent year for inward investment in Wales. So far this calendar year, there have been over 100 inward investment projects, large and small, bringing or promising 13,500 new jobs, with £2.3 billion of investment. I announced two further projects last week and hope to have further good news to announce this week. That good news will continue, provided that the policies that have brought it about continue. My hon. Friend was right to point out the dangers of the European job-destroying social chapter and the policies of higher taxation that would obviously accompany Opposition Members into power. Only if those things can be avoided can we continue to build on that excellent record.
§ Mr. Denzil DaviesI understand that, on Wednesday, the Secretary of State will come to my constituency to visit a car component factory that relocated to Wales from abroad many years ago. When he goes to the factory he will see that the Llanelli area now has several excellent car component firms. Will he confirm that the time is now right for Llanelli to have a car assembly plant—a major inward investment to take advantage of those firms?
§ Mr. HagueI am looking forward to visiting the firm in the right hon. Gentleman's constituency on Wednesday morning. It is part of Wales's ever-growing success in automotive components. There are now 20,000 people in Wales working in automotive components businesses and that number is climbing all the time. I would certainly welcome further additions to the total and further additions that broaden the industry, and I shall make every effort to bring that about.