HUNDREDS of millions of pounds have been committed to the UK’s largest semiconductor facility in Newport. The significant investment of £250 million, announced last Thursday (March 27) by Vishay Intertechnology is a vote of confidence in the Welsh economy, and strengthens the world’s first Compound Semiconductor Cluster in South Wales. It will result in hundreds of new jobs in Newport.
The announcement came one day after the Chancellor’s Spring Statement, where she recommitted to her number one mission of growing the economy and promised, through the UK Labour Government’s Plan for Change, to bring about a new era of national renewal, with growth felt across every region and nation of the country.
It was also revealed in the Spring Statement that the economy is set to grow by more than previously expected by 2029, and that households will be, on average, £500 better off a year under this UK Labour Government, showing the Plan for Change is already in motion.
The Chancellor visited the advanced manufacturing plant in Newport and welcomed the investment as part of plans to develop large-scale compound semiconductor manufacturing right here in Wales, bringing with it hundreds of new jobs.
Investing in the jobs of the future is also a key priority for the Welsh Labour Government. Last November, the Welsh Labour Government supported Vishay Intertechnology with a £5 million injection alongside the company’s investment of £51 million into their Newport site to bring yet more skilled jobs to the area.
Last week, First Minister Eluned Morgan made clear that it was the top priority of both governments to grow the economy, as she announced that she would be hosting an international investment summit in December. Investors from across the globe will be welcomed to Wales and encouraged to consider Wales as a destination for overseas investment.
Chancellor of the Exchequer Rachel Reeves said: “Under this government the UK is open for business. This is exactly the type of investment that will help us grow the economy, create highly skilled jobs and boost opportunity for people across the country, as we deliver on our Plan for Change to get more money in working people’s pockets.”.
First Minister Eluned Morgan said: “The industries and jobs are the future are increasingly looking to Wales as a prime destination … investment announcement shows yet again that Wales is open for business, and that we are moving forward in our goal of growing the economy and providing good local jobs for the people of Wales.”
Welsh Secretary Jo Stevens said: “The massive investment by the UK Labour Government and Vishay is a vote of confidence in Wales’ world-leading semiconductor and defence industries.
“It is a huge boost to the Welsh economy that will create and support hundreds of well paid jobs, drive growth and put more pounds in people’s pockets.
“Coming on top of recent investment by the Welsh Labour Government, it is yet another example of two Labour governments can work together to raise living standards across Wales.”
