Customers are also demanding far more of the companies that they work with. Investment decisions are no longer framed in solely economic terms; societal, environmental and cultural factors now play an increasingly important part in the decision-making process.
Wales is embracing this changing landscape. Relationships with businesses will be based around our Economic Contract, which places investment with social purpose at its core. The four pillars of social purpose underpin the contract, with key calls to action identified as the focal point for investment decisions.
Together, they provide a framework for deeper, more meaningful partnerships with the companies that we work with, for everyone's benefit.
The economic contract will ask businesses seeking investment to demonstrate how they will contribute to each of these four pillars.
This will be the first stage requirement for businesses before being considered for funding.
Economic Strength & Adaptability (measured for example, by contribution to secure employment, productivity, or multiplier effects through the supply chain)
Fair Work (as defined by the Fair Work Commission)
Promotion of Wellbeing (considering the contribution made the Wellbeing of Future Generations goals of a healthier society, cohesive communities and vibrant Welsh culture)
Low Carbon and Climate Resilient (progress in reducing carbon footprint whilst taking action to mitigate against and take opportunities presented by the climate crisis)
Companies who can demonstrate the above will then be expected to contribute to at least one of our five calls to action which are designed to address the challenges of tomorrow.