The Welsh Government has announced plans aimed at creating 10,000 new businesses and more than 28,000 new jobs by expanding its Business Wales service.
As part of the plans £50 million worth of extra government contracts will be awarded over the next five years.
Supported by European Structural Funds and Welsh Government funds, the new contracts commence in January 2016. When combined with the previously awarded £20m Accelerated Growth elements of the service these new contracts will deliver the full Business Wales service including Youth Entrepreneurship and Superfast Broadband exploitation which will be delivered through the Business Wales support services.
Business Wales will also look to increase the volume of goods and services exported from Wales, which it hopes will boost the Welsh economy by £215m.
Economy minister Edwina Hart said: “Stimulating business growth and jobs creation across Wales is a key priority for the Welsh Government and one which underpins our economic policies. EU funds are helping our already successful Business Wales service to expand and provide additional targeted support to new and existing businesses which show growth and export potential. We will continue to offer a service to all individuals and businesses appropriate to their needs.
“The support available is helping to promote the economic recovery in Wales and SMEs and entrepreneurs will continue to benefit from targeted help and support from the Welsh Government”.
The Youth Entrepreneurship Service
Central to the government's added efforts will be The Youth Entrepreneurship Service. Focusing on 5-25 year olds, the service provides a high quality programme of work to inspire the next generation of entrepreneurs in Wales by identifying and enabling over 200,000 people wishing to start a business to fulfil their amibitions.