Regional Collaboration Key to Driving Newport Forward
I've often said that Newport's economic potential is enormous. We are the fastest growing area in Wales, and we offer something for everyone, from the smallest shop to the largest factory.
We can boast the world's first compound semiconductor cluster and Newport is home to Vantage, Europe's largest data centre, IQE, KLA Corporation, and the Compound Semiconductor Applications Catapult.
More than 1,500 people across the region are employed by the compound semiconductor cluster (predominantly in Newport) but is expected to grow to around 5,000 jobs over the next five years.
The KLA Corporation has invested over $100m to expand operations in the city, developing their new base at Imperial Park. This is a huge boost to our city's economy, and proof that major companies see Newport as somewhere to invest in.
There is also a strong regional supply chain with around 70 firms involved in supplying the four major companies in the cluster.
Newport is at the heart of the emerging investment zone for southeast Wales with the priority focus being on the compound semiconductor sector.
Working with both Welsh and UK governments who are supporting and prioritising this sector, we can attract further inward investment and deliver on local, regional and national commitments to economic growth.
We also have the Associated British Ports (ABP) owned and operated Newport Docks in the city. Newport has a proud industrial past and thrived because of its port.
When Welsh black gold was king, by 1914 over six million tonnes of coal was shipped from the port of Newport and today the port, the UK's biggest steel port, handles around £1 billion of UK trade every year. ABP are investing in and growing the offer at the port in order to deliver good quality and sustainable jobs, both now and in the future.
By 2040, ABP's vision is of a highly efficient zero-carbon port integrated with a new 'clean growth hub'. Together, these facilities will be a powerful combination, attracting businesses looking to futureproof their manufacturing and supply chains.
The port will offer connections to low-carbon sea and rail transport, solar energy, wind energy, heat networks, hydrogen production, and carbon capture facilities – all alongside the land needed to build the next generation of businesses.
The results will bring new jobs and prosperity to Newport, drive growth across the sub-region, and help us improve the well-being of current and future generations across Wales.
Our area's potential for growth is unmatched. South Wales and western England are forecast to grow faster than any UK region outside London and strengthen the union and as local leaders, we are committed to making sure we can deliver on that potential.
We know business sees no borders and with over 100,000 car journeys across the Severn Bridge every day, cross border working will be essential for our area to ensure we can make decisions which capitalise on our potential.
One of the great advantages we have to us is our location. Visitors and businesses can be in Bristol with 20 minutes or London within 90 minutes by train, and can access international airports within 45 minutes. Importantly we have 3.3 million people living within a one-hour drive of the city.
Newport is also a team player. We thrive and succeed in working together with partners, investors and agencies to deliver economic growth and positive outcomes.
Newport was proud to be part of the former Western Gateway partnership which was a unique pan-regional partnership for south Wales and western England, bringing together business, local leaders and academia to grow a greener, fairer future for the area.
While the Western Gateway no longer exists as a formal entity, we have established strong links with partners, and we are committed to retaining these close ties despite the loss of funding for the partnership.
We cannot allow the progress made on exploring the potential to harness tidal energy in the Severn Estuary go to waste. I'm pleased to see colleagues in Cardiff Capital Region and West of England Combined Authority picking up the baton on this.
Newport has also been part of the Cardiff Capital Region since 2016. This is an incredibly powerful partnership between the 10 local authorities in southeast Wales and brings a wealth of opportunity to share knowledge and expertise and also align national and strategic priorities.
The Cardiff Capital Region partnership has directly invested in the Newport Mega-Foundry at Imperial Park, Tŷ Hotel Newport and also a housing development in Ringland.
It has also invested in Simec Atlantis Energy's project to transform the former Uskmouth power station into one of the UK's largest battery energy storage systems.
This is a major project, which represents a tremendous economic and sustainable energy opportunity for Newport, bringing over 500 jobs to the region while growing our capacity to generate clean energy.
The phrase 'stronger together' applies in Newport, whether we are working together with our residents, businesses, stakeholders, investors and partners.
The collaborative working is the key to us unlocking our potential and driving Newport forward to be the city we all know it can be.
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