Speaking at a South Wales Chamber of Commerce business breakfast, Secretary of State for Wales Stephen Crabb has today recognised the vital role that small businesses play in driving UK exports.
The acknowledgement coincides with newly released figures which indicate that three quarters of Welsh small and medium sized (SMEs) businesses are reporting robust or rising sales overseas. The survey – compiled alongside the Mid Wales, West Cheshire and North Wales Chambers – gives a comprehensive snapshot of the region’s economic wellbeing.
Secretary of State for Wales Stephen Crabb said: “Our small businesses are helping to secure Wales’ economic future.
“In a tough global marketplace, it is the ambitious companies with the confidence to be creative that are prospering.
“Small businesses are the lifeblood of our enterprise economy and the increase in orders reported today shows that they are in good shape.
“However with fewer businesses reporting an improvement in export sales, we need to keep working hard to provide Welsh companies with the right conditions for growth and support them in overseas markets.”
The importance of Welsh SMEs is well documented. Last year SMEs in Wales accounted for 99.9% of private sector businesses, three quarters of employment and 59% of turnover.
Indicative of UK Government’s growing confidence in Welsh businesses, a raft of major investment projects are also underway. These include the most significant investment in rail infrastructure since the development of the rail network in the 19th century, the roll-out of high speed broadband and the offer of a City Deal for Cardiff.
According to Mr Crabb, Wales had been narrowing the productivity gap with the rest of the UK since 2010. He concluded: “We must build and continue on this path.”
More information on the Quarterly Economic Survey can be found here.
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