A Welsh business group is calling for a focus on supporting SMEs to trade internationally and the introduction of an agency to help businesses.
The Federation of Small Businesses believes that the Welsh Government should set out a clear ambition to grow the number of exporting Welsh firms and task a dedicated agency with delivering on this.
This agency, which the FSB nominally named International Wales, would, in its opinion, work best operating alongside other organisations such as the Development Bank of Wales and Business Wales. The FSB says this would create a strong business landscape in Wales and provide businesses with the architecture that they need to be able to not just survive, but grow and thrive in the future.
The FSB's paper, Internationalising Welsh Businesses: International Trade, Export and Investment, looked into how SMEs could be supported to take advantage of international opportunities in order to help Welsh businesses adapt and grow in a post-Brexit and post-Covid landscape.
The paper, said that discussion over Wales’ role in the world comes at an incredibly significant time for businesses across the country as we approach the end of the UK’s Brexit transition period and look ahead to a future trading relationship outside of the European Union.
Its proposed agency would help SMEs to develop a brand, explore opportunities abroad, make connections and take part in trade missions.
A recent report from the OECD has also made a strong case for a dedicated agency to support regional investment in Wales, which further demonstrates the need for better structures of support for businesses to develop in Wales and beyond.
Ben Francis, FSB Wales policy chair, said: "Wales’ role in the world has never been more important; with Brexit now around the corner Wales’ firms need all the support we can muster in order to take advantage of global trading opportunities.
"We believe that an arms-length body, tasked explicitly with supporting Welsh businesses to break into new markets and exploit new opportunities around the world is a vital way of helping more businesses develop their opportunities. OECD’s recent recommendation adds a compelling dimension to a discussion of what role such an agency might play in developing the Welsh economy and businesses.
" When thinking about how we develop and task an agency, it’s critical that we focus on moving forwards and not focus on the past. Welsh SMEs have faced more challenges this year than at any other time, and with Brexit on the horizon we must urgently focus on how businesses can be empowered and supported to exploit international opportunities."
