Economic Development in Cardiff Capital Region with Ken Poole

As we prepare for the Interceltic Business Forum, we are excited to highlight some of the influential figures who will be sharing their insights and expertise. One such figure is Ken Poole, the Head of Economic Development for Cardiff Council.

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Since its inception, Cardiff Capital Region has grown to become a dynamic body uniting the 10 councils of South East Wales, including Cardiff, one of the fastest-growing cities in the UK. Ken's leadership has been instrumental in driving investments that improve residents’ quality of life through job creation, enhanced transport, and community development.

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Join us as we explore Ken's journey in transforming the regional economy and the critical role Cardiff Capital Region plays in fostering sustainable growth and collaboration across Wales.

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What is Cardiff Capital Region ?

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Cardiff Capital Region is a regional body(also known as a Corporate Joint Committee) made up of the 10 councils across South East Wales including Cardiff, the capital city and one of the fastest growing cities in the UK and a growth engine of the Welsh economy. The 10local authorities have been working together successfully as a partnership since 2017. Our investments and wider activity has already created and safeguarded more than 3,000 jobs across our region; we’ve supported over 200 businesses and invested millions in our Metro transport system.

We invest in things that improve our residents’ quality of life – jobs, transport, homes and communities – and have recently adopted new responsibilities for transport and planning to mean we will have the opportunity to do more. 

We also work collaboratively with our partners in the Welsh and UK Governments to improve the lives of our region’s 1.5m residents. 

Corporate Joint Committees are being implemented across the four regions of Wales and provide a framework for greater collaboration between councils, leading to a more consistent, simplified and democratically-controlled way of regional working.

Why are Wales and Cardiff perfect landing spots for companies targeting the UK?

1. Economic Growth and Development: Cardiff, as the capital of Wales, is a rapidly growing city within a growing Capital Cardiff region. It has seen significant investment in infrastructure, business facilities, and innovative urban regeneration, which creates a favorable environment for businesses.

2. Business Incentives: Cardiff and its region can provide a range of business incentives including grants, loans and tax relief schemes from the UK Government, The Welsh Government, Cardiff Capital Region and local authorities to qualifying businesses looking to set up in the region.  These are designed to attract foreign investment and support business expansion in key sectors. The Development Bank for Wales, ultimately owned by the Welsh Government, was set up to support the economy of Wales by making it easier for businesses to get the finance they need to start up strengthen and grow through their flexible business loans. The £50 million Innovation Investment Fund has been recently established by the Cardiff Capital Region, managed by PWC, to support innovative and established businesses with equity funding in key growth areas.

3. Strategic Location: Cardiff and the Capital Region’s location provides easy access to major UK markets, including London, which is less than two hours away by train. This proximity allows businesses to tap into larger markets while benefiting from the lower operating costs of Cardiff and quality of life issues.

4. Skilled Workforce: Cardiff and its region has a highly educated and skilled workforce, with around two thirds of the labour force possessing a degree or equivalent. This provides businesses with access to talent in a range of fields compound semiconductors, cyber, AI, med tech engineering, and life sciences. The region's Universities  account for 75000 students, and they have been at the forefront in collaboration with business and innovation.

5. Competitive  Operating Costs: Compared to other major UK cities, Cardiff and its region offers lower costs for office space, utilities, and living expenses. This makes it an attractive option for companies looking to minimize overhead while establishing themselves in the UK.

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6. Supportive Business Environment: Cardiff Capital Region and Wales have a supportive business ecosystem, with a range of business parks, incubators, and innovation hubs that foster collaboration and growth. The City and region has been at the forefront in creating incubation and start up landing space for business, with significant provision across the public and private sectors. Tramshed Tech is a case in point, an innovative private sector initiative with support space established across the Cardiff Capital Region. 

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7. Quality of Life: Cardiff offers a high quality of life as recognized by numerous EU surveys of residents, with a blend of high quality urban amenities and natural beauty (including national Park, protected coastline and forests). This can be a significant factor in attracting and retaining talent, as employees often seek locations with good living conditions and work-life balance.

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8. Diverse Economy: The Cardiff and Capital City Region economy is now diverse, with strong sectors in manufacturing, financial services, technology, and creative industries. This diversity provides opportunities for businesses across various sectors to find a niche and thrive.

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By leveraging these advantages, companies entering the UK market can benefit from a supportive and cost-effective environment in Cardiff and Wales, facilitating a smoother and more successful market entry.

Why is it important for you to take part in the Interceltic Business Forum?

Cardiff’s participation in the Interceltic Business Forum in Lorient in 2024 is important for several reasons, which align with strategic goals for economic development, cultural exchange, and international collaboration. Here are the key reasons why this participation matters:

1. Strengthening Economic Ties: The Interceltic Business Forum provides Cardiff with an opportunity to strengthen economic ties with other Celtic regions. This can lead to increased trade, investment opportunities, and business partnerships, benefiting local businesses and the regional economy.

2. Cultural and Economic Networking: The forum is an excellent platform for networking with representatives from other Celtic nations, such as Brittany, Scotland, and Ireland. These connections can lead to collaborations in sectors like tourism, technology, and the creative industries, which are important for Cardiff’s economic growth.

3. Promoting Welsh Business and Innovation:Cardiff’s participation allows it to showcase Welsh business innovation and expertise on an international stage. Highlighting successful businesses and startups can attract foreign investment and interest from companies looking to expand into Wales.

4. Enhancing Cultural Exchange: As part of the wider Inter Celtic Festival, the forum also emphasizes cultural connections among Celtic regions. Cardiff’s involvement can promote Welsh culture, heritage, and language, fostering cultural tourism and enhancing its global profile.

5. Learning and Sharing Best Practices: Engaging with other regions allows Cardiff to learn about successful economic strategies and practices. This exchange of ideas can inform local policy and business strategies, helping Cardiff improve its economic development initiatives.

6. Building International Relationships:The forum aids in building long-term relationships with international partners. These relationships can facilitate future collaborations, not only in business but also in education, technology, and research.

7. Supporting Sustainable Development: The forum often discusses sustainable economic practices, which can align with Cardiff’s goals for sustainable urban development. Participating in these discussions can help Cardiff adopt innovative, sustainable practices from other regions.

By participating in the Interceltic Business Forum, Cardiff positions itself as a proactive and engaged city within the Celtic community, enhancing its economic prospects and cultural connections.

As we look forward to the Interceltic Business Forum, the insights and opportunities shared by speakers like Ken are invaluable for driving economic growth and collaboration among the Celtic nations.

Don’t miss out on the chance to be part of this dynamic event. Join us on August 12th in Lorient to network, learn, and help shape the future of our interconnected economies.

‍Sign up now and be a part of this exciting journey!

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