Small firms will likely have a new agency speaking on their behalf to the Welsh Assembly Government. This consideration is a result of the latest criticism launched by the Federation of Small Businesses.
The complaint by the FSB is an insufficient amount of consultations with small firms. This precedes WAG’s final decision about the important sectors to receive business support.
Six sectors will receive focus by the design of the policy Economic Renewal: A New Direction. These areas include ICT, creative industries, advanced manufacturing and materials, environment and energy, professional and financial services, and life sciences.
There are six parallel panels to the sectors, providing advice. Civilian, established business people with a solid track record will comprise the panels. This new group at the SME will facilitate interaction between the advising panel and SME’s.
Ieuan Wyn Jones, deputy first minister, said, “Out of all of the employment in Wales, SME’s make up 50%. So you can understand why we are interested in building economic growth on the shoulders of SME’s. They differ from big businesses in that they are deficient in financial power and are not able to influence the decisions made in government.”
Jones continued, “This idea of an advisory panel is to give a voice to the SME’s and engage them in the centre of decisions.”
Chair of FSB Wales, Janet Jones, said, “We are eager to cooperate with the government on establishing a panel for SME’s, making certain they are key in the economic renewal process.”