The Economic Contract is part of the Welsh Governments 'Prosperity for All - Economic Action Plan' and been designed to enable the Welsh Government to develop a new and strengthened relationship with business and to drive inclusive growth and responsible business behaviours, including increasing the availability of fair work and decarbonisation.
It means that companies seeking support must now enter into an ongoing dialogue with Welsh Government and commit to a something for something approach that is built firmly on the principles of collaboration.
The Economic Contract will require businesses seeking investment from us to demonstrate all of the following as a minimum requirement:
- growth potential (measured for example, by contribution to employment, productivity, or multiplier effects through the supply chain)
- Fair Work (as defined by the Fair Work Commission), including promoting union/staff representation as applicable
- promotion of health, including a special emphasis on mental health, skills, and learning in the workplace
- progress in reducing carbon footprint
These will be the first stage requirement for businesses to meet before we will consider their proposals for funding.
The Economic Contract will evolve as the priorities of business and government evolve to help us build the prosperous, fair and resilient economy that Wales needs and deserves.
For further information on the 'Prosperity for All - Economic Action Plan' click here.