Plans by the Welsh Government to create 10,000 new business and 28,300 new jobs over the next five years through the extended flagship Business Wales service will be supported by an independent, private-sector led advisory board.

The enhanced and extended £50m Business Wales service backed by Welsh Government and EU funding – was launched in January and the new Business Wales Strategic Board announced by Economy Minister Edwina Hart will oversee and advise on the delivery of the full service.

Business Wales now covers Youth Entrepreneurship, Superfast Broadband exploitation, start-up and SME support and provides additional targeted support to new and existing businesses that show growth, employment and export potential.

The Minister said:

“We have set ambitious but achievable targets for the expanded service which builds on the success already realised by Business Wales in creating new jobs and businesses.

Between January 2013 – when Business Wales was first launched – and December 2015 it has helped create 13,249 jobs, safeguarded a further 3,387, and created more than 9,605 new businesses in Wales.

These new businesses and jobs are making a significant impact on the community and the economy throughout Wales. The extended Business Wales service will support even more business start ups and enterprises with enhanced support for those looking to employ staff and with growth potential.

The new Board, which has a wealth of experience and expertise, will play a key role in ensuring these targets are met.

The Board will also provide strategic advice to the Welsh Government on the needs of entrepreneurs, micro-businesses and SMEs to ensure continuous development and improvement.”