Manufacturing businesses in Wales are set to be given a financial boost, after the European Union (EU) revealed it would provide funds for the sector.
The EU has confirmed finance of £1.25 million will be given to 400 Welsh industry employees to create high-level skills training opportunities.
This is an extension of the Materials and Manufacturing Education Training and Learning (METaL) project, which is currently running in West Wales and the Valleys.
While this has helped to develop targeted courses that are in demand within the industry, the latest funding will go towards other accredited training schemes until 2022.
Jeremy Miles, counsel general and Brexit Minister, whose job is to manage EU funding in Wales, noted that Wales has always had a strong manufacturing and engineering presence.
Indeed, he stated that Welsh productivity within these industries is higher than the UK average, and this money will help improve skills within the country to give the sector even more of an advantage.
“The manufacturing industry is moving quickly in new directions. It’s vital that Welsh employees have up-to-date, high level technical skills and knowledge to inform research and develop products which are competitive in the global market,” Mr Miles commented.
He went on to say the finance is a good example of how the EU helps to contribute to a prosperous economy, benefiting “everyone in Wales”.
The country’s economy minister Ken Skates also noted that improving technical skills will not only help the industry, but is “vital to the long-term health of our economy”.
He stated it would help Wales build upon “existing industrial and academic excellence”, which will enable it to assert itself as one of the most acclaimed countries within the industries.
EU funding has been integral to Welsh businesses over the years, and has created more than 49,000 new jobs and 13,400 enterprises since 2007. Over the last 12 years, it has also assisted 27,000 companies, and helped 90,000 people in the country find employment, showing just how important EU support has been for Wales.
Welsh companies that require extra backing can also seek assistance from the Go For Growth initiative, which will enable them to survive many of the challenges independent firms face.
This project brings together more than 20 businesses from around North Wales and was set up by Gamlins Law, Wales247 reported recently.
It provides a number of services for small businesses to assist them with their growth plans. With help from accountants Salisbury’s and Grant Thornton, financial advisers Innes Reid and Sanlam, PR and marketing experts at Mason Media, health and safety specialists at SHEQ, recruiter JVP Group and commercial insurer Daulby Read, up-and-coming companies can tap into the resources they need at this vulnerable time when they are just starting out.
Gamlins Law managing director Ron Davison said the project also encourages companies, including those in the manufacturing and engineering industries, to “[get thinking about] other services they might require as their business continues to grow”.
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