§ Mr. RedwoodTo ask the Secretary of State for Wales if he will make a statement on his action to promote inward investment into Wales; and if he must seek the approval of the Secretary of State for Trade and Industry before making any offer to a potential investor. [66136]
§ Mr. HainWe continue to create an attractive commercial and economic environment for indigenous as well as inward investing companies. My right hon. Friend will be leading an inward investment mission to North America in the Spring, hosting events for inward investors, promoting Wales generally and meeting potential investors to further Wales' prospects of even greater success. These activities are in addition to the work undertaken by the strengthened Welsh Development Agency and other bodies in Wales.
Although there is no requirement to seek the approval of the Secretary of State for Trade and Industry before making offers of support to potential investors, offers of assistance are subject to inter-Departmentally agreed rules designed to ensure appropriate co-ordination of assistance offered across the UK. These rules are currently being revised to reflect the devolution settlements and the revised arrangements will be set out in a concordat on financial assistance to industry, which we hope to publish shortly.