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Trade Secretary: Wales Life Sciences sector key to UK growth
Badenoch hosts the Board of Trade in Cardiff, where she will launch the Board’s report on Life Sciences and announce 28 new Export Champions.
- New DIT report reveals how trade and investment will boost growth for the UK’s world-leading Life Sciences sector
- On her first visit to Wales as Trade Secretary, Kemi Badenoch hosts the Board of Trade in Cardiff and will then visit a newly expanded pharmaceutical manufacturing company working on pioneering cancer therapies
- She will also announce 28 leading business figures as the first Export Champions for Wales, Scotland and Northern Ireland to boost trade across the Union
Trade Secretary Kemi Badenoch visits Wales today (Monday 28 November) where she will praise Welsh companies as ‘critical’ to the UK’s life sciences sector and back them to play a pivotal role in the UK Government’s growth plans.
Badenoch will host the Board of Trade in Cardiff and launch the Board’s report on Life Sciences, which sets out the opportunities the sector offers for economic growth across all the UK’s nations and regions. Life sciences is one of five growth industries named by the Chancellor when he set out plans to change EU regulations in his Autumn Statement earlier this month.
The UK directly employs more than a quarter of a million people in the sector, with 50% of jobs located outside of London, East of England and the South East. Wales is known as a hotspot for Life Sciences companies employing more than 12,000 people and generating £2.5bn in turnover across 270 sites, an important contribution to the UK’s economy.
President of the Board of Trade and Trade Secretary Kemi Badenoch said:
Whether it is inventing new ways to combat cancer, diagnose disease or simplify surgery, Wales is critical to our life sciences sector.
Three quarters of our life sciences market is exporting to the world and with a 12,000 strong workforce covering everything from PPE production to tissue regeneration, Wales is fuelling the UK’s position as a science superpower.
This new report from the Board of Trade shows why our support to SMEs across the country to export is so important and why we are committed to ensuring the UK is a world-leading destination for life sciences investment.