In this report the Welsh Affairs Committee says that investment opportunities have been missed by the lack of a dedicated trade promotion agency. The abolition of the Welsh Development Agency (WDA) has reduced Wales's visibility in the global market place. Nearly five years on, the WDA remains one of the most recognisable of all Welsh brands. The Welsh Government must urgently consider how it can be used to promote more clearly Wales's global identity. The Committee argues for the establishment of a dedicated trade promotion agency, either sitting within the Welsh Government or as a private sector vehicle. Such a body should have a mix of skills with an emphasis on private sector experience. Wales does not have sufficient resources to work alone in attracting inward investment nor the advantages that UK Trade & Investment, the UK Government department with lead responsibility for trade and investment, has in terms of resources and networks. The Welsh Government must engage with politicians in the UK Government to maximise opportunities to attract inward investment to Wales and so improve the long-term prospects of the Welsh economy. The UK Government and the Welsh Government must work together effectively, and work with education providers and industry, for the improvement of the Welsh economy and the Welsh people.

The inauguration of the National Assembly of Wales creates a new opportunity to consider the economic agenda for Wales. This thought-provoking collection of papers carefully considers the recent past and makes a detailed analysis of the many facets of the regional economy. Individual chapters cover foreign investment, transport, small businesses, earnings, the rural dimension and outline the policy perspective. The book then looks forward and outlines the policy options for change which may provide a prosperous future for the region in an increasingly competitive world. For more information about the Welsh Economy Research Unit at Cardiff University, visit www.weru.org.uk

Additional written evidence is contained in Volume 3, available on the Committee website at www.parliament.uk/welshcom