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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED: That the development of a Regional Investment Strategy, for South West Wales, be commissioned in accordance with the information contained within the circulated report and that it be funded per paragraph 2 of the circulated report.
The Chairperson welcomed everyone to the meeting.
There were no declarations of interests received.
Decision as recorded
RESOLVED: That the development of a Regional Investment Strategy, for South West Wales, be commissioned in accordance with the information contained within the circulated report and that it be funded per paragraph 2 of the circulated report.
The Committee received a report in relation to commissioning the development of a Regional Investment Strategy for South West Wales. Officers explained that they were seeking approval from the South West Wales Corporate Joint Committee (SWWCJC) for the allocation of funding in order to progress with this work. It was noted that one of the SWWCJC’s responsibilities was to promote regional economic development in the area; this proposal was to commission growth experts, economic analysts, and sector specialists to help develop an actionable investment strategy that would work in tandem with the Regional Economic Development Plan. Members were informed that the purpose of the Regional Investment Strategy will be to identify and articulate the region's growth opportunities, align public sector funding with private sector investment, and position the region to retract substantial external investment. It was mentioned that the circulated report included a short outline of the type of work programme Officers were looking to undertake and stated that this process will need to be underpinned by rigorous data analysis. Further to the above, Officers expressed that they were hoping to commission this as soon as possible as it was recognised that it would take some time for consultants to develop this level of work. Subject to Members approval, it was explained that Officers would use Carmarthenshire Councils Contract Procedure Rules as they were the host Authority for the SWWCJC’s procurement and contractual arrangements. In terms of costings, it was stated that the current estimated value for this work programme was £75k; it was proposed that £40k of the funding be allocated from the Economic Wellbeing and Regional Economic Development Sub-Committee and a further £35k be vired from the consultancy specialist advisors budget. It was highlighted that this work was focused on private sector led growth, leveraging public sector funding and aligning with existing economic policies in the Southwest, and the review of the existing regional economic development framework. Officers mentioned that they had been working with the Chair of the Private Sector Advisory Board (PSAB) on a scope for this work; including the development approach, which would be led by the private sector growth experts and economic analysts but managed by a local Welsh partner. In addition, Officers stated that the objectives of the work will include forming an evidence base on economic trends, identifying regional clusters and investment opportunities, addressing economic market failures, exploring a devolved regional investment fund and promoting innovation through HE and FE partnerships. Members were informed that stakeholder engagement will be wide, looking at sector advisors, Local Authorities and economic development teams within the four Local Authorities; the expected outcomes and aims will be an investment prospectus and materials to attract over a billion pounds in regional investments. A discussion took place in regard to the financial elements of this work. It was explained that over the past two years, when setting the SWWCJC budget, the financial requirements of each Sub Committee theme was not clear; during this period, Officers had developed budget contingencies to ensure that there were resources available should there be a need to develop pieces of work, such as that contained in the circulated report. The Committee was informed that from the last budget setting process, which was approved in January 2025, there was an overall contingency of £54k; this was set aside in readiness for some of the unknown pieces of work that would need to be undertaken as the workstreams developed. Officers confirmed that the vision of each of the workstreams were becoming clearer; they had also received funding support from Welsh Government in a number of areas. In terms of replenishment, it was noted that next year’s budget will be replenished through the levy contribution from each of the Local Authorities and any future funding that becomes available. The Committee asked for information relating to the timings of this piece of work. It was confirmed that, subject to Members approval, the procurement phase would start at the beginning of September; by the end of September/early October 2025, Officers could be in a position to commission the successful tenderer. It was highlighted that this piece of work would take approximately eight weeks to complete, meaning that the regional investment prospectus could be showcased at the investment conference that would be taking place at the beginning of December 2025. Officers added that the new funding streams will be coming into place, from UK Government, in April; they were hopeful that the investment strategy will be seen as an economic strategic piece of work that will help justify any investment for UK government in the future. RESOLVED: That the development of a Regional Investment Strategy, for South West Wales, be commissioned in accordance with the information contained within the circulated report and that it be funded per paragraph 2 of the circulated report.
The Chief Executive of Swansea Council provided an update in regard to the UK Real Estate Investment and Infrastructure Forum (REIIF), following attending this years forum and finding it of value. Members were informed that Officers had recently received confirmation that Welsh Government had reserved a pavilion for UK REIIF 2026; Officers had reached out to Welsh Government to confirm how they plan to organise the sessions, which span over three days, and will liaise with colleagues to determine a proposed schedule and plan for pitching the region at the session. It was confirmed that the Economic Well Being and Regional Economic Development Sub-Committee will receive any updates and proposals in readiness for the event; Officers would also provide confirmation of the Welsh Government representation, when that information was made available. There were no urgent reports received.
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