4 June 2008
City of London Lord Mayor urges Wales to go global
The leader of the world’s leading international financial
centre, the City of London, visits Swansea and Cardiff this week
(Wednesday 4 June– Sunday 8 June) for talks on how Welsh
entrepreneurs and businesses can take advantage of the Square
Mile’s pools of funding and expertise – to underpin and expand the
Welsh economy and employment.
Lord Mayor David Lewis, who acts as the global ambassador for
the UK-based financial services industry and whose non-London home
is his family’s Carmarthenshire farm, said:
“More than 32,000 jobs in Wales now depend on its success as a
provider of financial services and the sector has grown 30% in
Wales in the last decade.
“Welsh ambition, proven success and entrepreneurial flair are
taking Wales-based firms to the next level and London’s pools of
capital and advice can play a key role in that next step.”
“In the past Wales has been good at producing talent – but
perhaps has been insular and not so good at being outward-facing.
That’s changing, inspired by the efforts of International Business
Wales and others. But more could be done and a key gateway to
global enterprise is the City of London.
“Firms that have grown up in Wales or who have moved here have
achieved success – based on the commitment and flair of their Welsh
workforce – and the City of London is keen to partner with Wales to
win further growth and secure even more employment.”
He added that International Business Wales, a division of the
Welsh Assembly Government, had already taken advantage of
membership of the Lord Mayor’s overseas delegation visits to
fast-growth overseas markets.
“Firms want to be here because of Wales’s strengths in
education, skills, training, innovation and new technology; it’s a
success story we all want to share and grow.
“And while I have been in international corporate finance for 40
years I have been a proud Welshman since birth – so I have an added
incentive to help Wales succeed!”
Lord Mayor Lewis, whose role as global ambassador for an
industry that accounts for 14.5% of UK GDP and nearly 27% of the
corporate taxes, will meet First Minister Rhodri Morgan, Deputy
First Minister & Economy Minister Ieuan Wyn Jones, the Lord
Mayor of Swansea Councillor Gareth Sullivan, the Lord Mayor of
Cardiff Councillor Kate Lloyd, International Business Wales and
business leaders from leading firms, and the Lords Lieutenant for
West Glamorgan and for South Glamorgan.
First Minister Rhodri Morgan said: “The visit provides us with a
superb platform to highlight and promote the sector in Wales while
giving industry representatives an opportunity to meet Lord Mayor
David Lewis who is a superb ambassador for Wales.
“International Business Wales - our overseas trade and
investment division – has linked into a number of events organised
by the Lord Mayor’s office in the UK and key overseas markets which
have enabled them to meet and network with key companies and
promote Wales.
“London is undoubtedly the leading global financial centre but
we are securing investment in Wales through second wave
developments from companies and expansion projects."
Deputy First Minister and Minister for the Economy &
Transport said: “Wales continues to develop and grow as a financial
service centre and we have one of the most competitive cost bases
in the UK and also benefit from the availability of a skilled and
motivated workforce.
“ Wales had a number of great success stories in the financial
services sector including Admiral Insurance which started with 50
people and now employs 2,500 people, Legal and General’s largest UK
operation is based in Cardiff employing more than 2000 people while
ING Direct established their Internet banking operation in
Cardiff.”
Lord Mayor David Lewis will visit Shakerscope, the Institute for
Life Sciences at Swansea University, Boots Innovation Centre,
Admiral Insurance, Cardiff Business School, St David’s II Shopping
Centre, the Principality Building Society, Wales Millennium Centre,
and the Museum of Wales.
Ends
Notes to editors:
The Lord Mayor acts as the ambassador for UK-based financial
services and spends around 100 days of his year visiting more than
20 countries. He is also the annually-elected head of the City of
London Corporation which provides local government services for the
Square Mile, the financial and commercial heart of the UK. The Lord
Mayor, the City of London, UKTI and the UK Treasury work in
partnership to promote UK financial services.
Press enquiries: Greg Williams , City of London T: 020 7332 1455
or 07889 167 205