The country of Wales is a part of the UK. Both Welsh and English are spoken here. It lies on the Western edge of Britain. The capital city of Wales is Cardiff which is an international hub for business and cultural events.
The country boasts of state of the art infrastructure facilities. The telecommunication and transport network of Wales is excellent. Access to the UK is rapid and cost effective from Wales. Some major auto parts companies have their bases at Wales. The strategic location of Wales makes it easily accessible to London. Also, it has a great rail, road, air and sea connectivity to the rest of the world.
Certain places in Wales are very well industrialized since the early 18th century. Mining is being done in the country since a very long time. Some of the elements that are mined and quarried here are coal, gold, silver, iron, lead and copper. 1970S onwards the economy of Wales underwent some drastic changes that changed it face completely. Several heavy industries disappeared and their place was taken up by light industries and the services industry.
The telecommunication sector of Wales holds good potential for investment. In the UK, Wales is one of the frontrunners in the field of ICT (Information Communication Technologies). Broadband connectivity is excellent and cheap. Many competitive broadband services are available in the country. The software and IT sector of Wales is also a thriving.
Manufacturing is a key industry of Welsh economy. It makes up for over 24% of the economy. Other important sectors of the Welsh economy are aerospace and defence, bioscience and healthcare, financial services and automobile.
Companies have a slew of business property options to choose from – offices and industrial properties. There are virtually no constraints on foreign investors to own real estate in Wales barring a few exceptions. The cost of offices in Wales is very low. It is just a fraction of costs in London.
Today, Wales attracts a large amount of FDI (Foreign Direct Investment) annually. Wales is a great location for business in both the UK and Europe. The business environment of Wales is so good that over 500 companies from all over the world have chosen to make the country their base. These companies are mostly from North America, Japan and European Union. Wales offers business several competitive advantages:
One of the best assets of Wales is its skilled and qualified workforce. Wales has the highest Staff Retention in the whole of US. The frequency of industrial disputes is also very low.
The Welsh government provides full support to people who want to start up a business. The economic future of Wales is very bright. A large number of companies are flocking to the country every year to set up their businesses. With the various advantages that Wales offers, it is a wise option to invest in this country.