Cardiff is the capital, largest, and most populated county of Wales. It serves as Wales’ major commercial center and is a very popular tourist destination.
Cardiff offers easily one of the most competitive business environments in the UK and offers a favorable business platform for prosperity. It is also one of the fastest growing economies in the UK and houses world-class universities and businesses. The city has a well-developed transportation infrastructure to allow easy and quick access to all the prominent markets. In addition, its ICT connectivity is further enhanced by the considerable amount of new BT investments.
The city is a thriving innovation hub supporting a growing cluster of companies in sectors like biotechnology, ICT, financial and business services and creative industries.
Cardiff is a flourishing innovation hub providing assistance to a growing cluster of companies in different sectors including ICT, biotechnology, creative industries and financial and business services. Following are some key sectors of Cardiff:
Wales boasts of a flourishing pharmaceuticals, bioscience and medical device industry with more than 250 companies employing more than 15,000 workers. The bioscience cluster in Cardiff is established around the links between Cardiff University and various private sector companies present in the locality.
Cardiff has a thriving pharmaceutical industry, accounting for approximately one-third of the total pharmaceutical jobs in the Wales. The Cardiff pharmaceutical industry is estimated to register GVA growth of an impressive 6.75% per year, which is the same as that of the UK.
The Bioscience sector too is strengthened by the merger of the University of Wales College of Medicine (UWCM) and Cardiff University. This sector will get a further boost by the development of Healthcare and Life Sciences Cluster at the Roath Basin in Cardiff Bay.
Cardiff is a key center for Financial and Business Services. This service accounts for more than 5% Welsh GDP. Cardiff also accommodates many internationally recognized financial services companies such as Lloyds, HSBC, HBOS, TSB, GE and GMAC.
Besides, local companies such as Julian Hodge Bank, The Admiral Group, Thomas Carroll and The Principality Building Society have been hugely successful and have grown significantly over the past few years.
Support and Funding:
Businesses in Cardiff have access to many tailored and generic business supports for encouraging investment, skills development, investment and access to overseas markets. Business in Cardiff can also access a variety of financial support programs and subsidy specialist advice through the ‘Flexible Solutions for Business’ service of the Welsh Assembly Government.
Business can also access funds through many sources including a host of private equity companies and Financial Wales, which is an Assembly Government supported public limited company furnishing commercial funding solutions to SMEs in Wales.
To facilitate knowledge transfer, the Welsh Assembly Government has started a new program-A4B (Academic Expertise for Business). It’s a six-year project financed by the Welsh Assembly Government and European Structural Funds and aimed at furnishing a simplified and integrated package of support for the purpose of knowledge transfer from business to academia.
Considering its affordability and location, Cardiff can provide the perfect opportunity for budding investors. It has many attractive factors that distinguish it from other cities: a great place to live and business-friendly policies.