New funding package for Welsh investors

Ieuan Wyn Jones, Welsh deputy first minister, announced that the new Wales Business Start-Up project will encourage entrepreneurs to set up their businesses in the country, reports the Daily Post.

Noting the country's success at the recent Innovation Awards, Mr Jones said: "Wales has a strong track record in developing new ideas – and it is essential we support these ideas and help people from a wide variety of backgrounds to set up and develop their own business.

The new scheme is expected to see over 8,000 start-ups in Wales and could create more than 10,000 new jobs.

According to International Business Wales (IBW), the country has a track record of success in the manufacturing sector, which contributes 24 per cent of gross value to the economy.

The IBW has also set up a manufacturing forum for overseas firms which plan to enter the sector.