A hi-tech American company has confirmed major investment plans for Cardiff in a joint venture that will create more than 100 jobs. It comes as the Welsh Government has announced that its first ever international summit, aimed at attracting global investment and jobs into Wales, will be held in December.
Having first announced plans last December First Minister Eluned Morgan said that her government’s international investment summit will be held at the Celtic Manor and its adjoining International Convention Centre (ICC) Wales in Newport in December this year. The Welsh Government has also confirmed it has entered into a joint venture with US semiconductor design software venture Cadence Design Systems. The tie-up will see investment in a new design centre in Cardiff creating more than 100 high-skilled jobs.
The Cadence Design Centre, in which the Compound Semiconductor Applications (CSA) Catapult is its third partner, will design semiconductor chips, creating a strong pipeline of graduate talent to help address skills shortages in the industry.
The Welsh Government is providing a £2.6m funding commitment to the centre in which it will have a 20% equity stake. It will be located at the Centre 7 office building at Cardiff Gate Business Park, which the Welsh Government acquired last year in a £5.8m property deal.
The Welsh Government investment summit in Newport will take place on December 1.
It will focus on promoting Wales as a destination for overseas investors. There are currently around 1,480 overseas-owned companies operating in Wales employing more than 174,000 workers.
Ms Morgan said:“Wales is rapidly building strength in industries which are shaping the world, from semiconductors for mobile phones and electric vehicles to our celebrated creative industries exporting TV and film to audiences around the globe. Economic growth is my top priority and I’m looking forward to welcoming major players to the biggest ever business event to take place in Wales. The summit will be a chance to share with the world the wealth of opportunities in our dynamic and future-focused nation.”
Dr Wyn Meredith, chair of CSconnected (the compound semiconductor in South Wales), said: "This joint commitment by Cadence, Catapult and the Welsh government is a prime example of the spirit of collaboration that has fuelled the growth of semiconductor activity in the region.
"The new design centre will complement our manufacturing activities in compound semiconductor materials and devices, capital equipment, chip integration and module assembly, and will provide new opportunities for collaboration and supply chain expansion, which is firmly aligned with our plan for growth to 2030."
Rebecca Dobson, corporate vice president for Europe the Middle East and Africa at Cadence said: “Cadence is committed to promoting economic development in Wales,” “We’re investing to support the high-tech industry in Wales by creating jobs and committing to recruiting and developing top talent, which is crucial for continued semiconductor industry growth and innovation. It’s a win-win for Cadence, the industry, and Wales.”
