A new report from Lloyds Bank Commercial Banking entitled Driving Innovation suggests that the automotive sector in Wales is getting ready to recruit thousands more employees as it looks to develop new products and to export abroad.
The report gathered views from across the automotive supply chain, and despite the challenge of the global economic slowdown, 87 per cent of respondents said they had plans to create new jobs over the next two years.
If their plans are fulfilled, about 8,700 jobs would be generated in Wales. The major findings of the research undertaken includes the following:
- Some 87 per cent of those surveyed plan to bring some part of their manufacturing operations back to Wales in the next two years, while 60 per cent have already done so. The motivation for moving work back home included wanting to support the Welsh economy and create jobs, seeking better control over production, and rising labour costs overseas.
- The report also found that Welsh firms believed instability in the global economy was the prevailing challenge to the industry, with 67 per cent of respondents citing it as their top worry.
- But 73 per cent said they plan on entering new markets, while the same proportion plan mergers and acquisitions as they seek to build more robust businesses.
- A total of 82 per cent will target new markets in Western Europe, and 45 per cent in North America. Nine per cent have their eyes on the Far East and Asia.
To read the full report click Driving Innovation.