An independent expert panel has held its first meeting to advise the Welsh Government on the establishment of a new economic development agency.
The 11-member panel is chaired by Jonathan Lewis and includes senior business figures.
It will examine the role, structure and priorities of a new organisation intended to strengthen economic development across Wales.
The panel is expected to work for approximately six months before submitting recommendations.
Businesses, trade unions and other organisations will be consulted.
Economy Minister Adam Price has linked the proposals to the Government’s ambition to halve the productivity gap between Wales and the rest of the UK within ten years.
Why it matters: Wales already has a complex economic development landscape involving the Welsh Government, Development Bank of Wales, Business Wales, local authorities and regional economic bodies.
A new agency could potentially coordinate investment, support businesses and strengthen regional economic development.
However, its effectiveness will depend on whether it simplifies existing arrangements or creates additional organisational complexity.
Key questions: What functions will transfer to the agency? Will it have its own investment budget? How will it work with existing organisations? What measurable economic outcomes will justify its establishment?
Status: The advisory panel has begun work. The agency’s structure, budget and statutory powers have not yet been determined.
