Agenda item

Alwen Williams, Portfolio Director, to provide and update to the board about the development of a strategy to address the required investment for the Growth Deal.

To note the update on the development of an investment strategy.

The report was submitted by Alwen Williams (Portfolio Director).

DECISION

To note the update on the development of an investment strategy.

REASONS FOR THE DECISION

Each year the North Wales Growth Deal enters into an independent Gateway Review as part of its governance and assurance process. The Portfolio’s Gateway Review, held in August 2021 delivered a delivery confidence rating of Amber/Green, which recognises that successful delivery appears probable. However, constant attention will be needed to ensure risks do not materialise into major issues threatening delivery.

One of the review panel's recommendation was that that a portfolio level strategy for attracting and securing private, and other, sector investment should be developed and adopted

DISCUSSION

The report was presented and it was noted that each year the Growth Deal entered into an independent Gateway Review as part of its governance and assurance process. The Review was held in August 2021, and a delivery confidence rating of Amber/Green was achieved, which recognised that successful delivery appeared probable. It was explained that the review panel recommended that a portfolio level strategy be developed for attracting and securing private, and other, sector investment.

It was explained that the Growth Deal is based on the delivery of projects across five programmes with an anticipated total capital expenditure of up to £1.1 billion. Of this total, it was added that £240million had been committed by UK and Welsh Government, and it was noted that £179.2million was expected to come from other public sector sources and £722million was to be committed by the private sector. It was noted that the investment would collectively contribute to the region’s economic growth over a ten to fifteen-year term and that the investment was targeted at strategically important industrial sectors, via the portfolio’s five programmes.

In line with the recommendations of the review panel, it was noted that an initial draft of the Strategy had been submitted to the Portfolio Board on 26 November for consideration. The Portfolio Board requested additional time to consider and provide input to the document. It was stated that the strategy noted seven key objectives to get to grips with its aims effectively as well as encouraging regional collaboration and seeking to identify potential opportunities and threats associated with securing investment. It was added that successful deliver of the objectives would ensure a co-ordinated approach to securing the necessary investment.

Members were guided through the seven objectives within the Investment Strategy. It was explained that there would be continued collaboration with the regional stakeholders to build the approach which had been outlined and it was noted that an update on the Strategy would be given to Welsh and UK Government on 14 December 2021.

Observations arising from the discussion

¾     Concern was expressed that the local element was missing from the strategy and that the element of local discussion was taken from the region. It was explained that it was not intended for the document to lose the local element and it was noted that the full document disclosed much more. The importance of looking locally for investment and to extend further to attract other investment was noted. It was noted that the purpose of the strategy was to implement definite objectives to facilitate investment opportunities in the region and to ensure that the area attracted the right investors as well. It was explained that it was important to understand how every authority wanted to attract the investors and to include this in the strategy. 

¾     The need to get businesses to invest was noted and to do this there was a need to work together and be a welcoming area.