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On 26 January, a delegation of eleven businesses arrived in the United Arab Emirates (UAE) as part of a four-day trade mission from Wales.
The companies, which are prime examples of the best Wales has to offer from across the medical technology, life sciences, manufacturing and education sectors, attended Arab Health 2020 to network, exchange knowledge and develop their trading relationships with UAE companies.
Commenting on the mission, Welsh Government Minister for International Relations, Eluned Morgan, said: “With its fast-growing, open and diverse economy, the United Arab Emirates is an extremely attractive market for Welsh exporters and Wales remains fully committed to further developing its trading relationship with the UAE, and building on the already-thriving partnership between our two nations.
“The calibre of the delegation in Arab Health 2020 is a reflection of Wales’ position as a leader in healthcare innovation, which is home to world-class medical expertise. The conference will provide an unrivalled opportunity for these Welsh companies to showcase the strength of our medical technology, life sciences, manufacturing and education industries, and the best of what Wales has to offer in this space.”
Launch of a new International Strategy for Wales
Wales launched its new International Strategy, which reflects the country’s position as an outward-looking, high-tech, creative and sustainable nation on the international stage.
Welsh Government Minister for International Relations, Eluned Morgan, said: “Our new International Strategy has outlined the importance of a strong international presence for Wales, which will remain a top priority over the coming years as we continue to work towards increasing exports and attracting inward investment.
“With its fast-growing, open and diverse economy, the United Arab Emirates is an extremely attractive market for Welsh exporters and Wales remains fully committed to further developing its trading relationship with the UAE, and building on the already-thriving partnership between our two nations.”
A thriving UAE-Wales trade relationship
The UAE is well-established as one of Wales’ most important international trade partners. The Welsh Government has had a permanent base in the UAE since 2004, when it established an office at the British Embassy in Dubai. Its purpose is to promote Wales and represent its trade interests both within the Emirates and across the wider Middle East and North Africa (MENA) region.
A number of Welsh companies operate in the UAE. Some have a physical presence and many others are represented by local partners across the Emirates.
Welsh companies with a physical presence or permanent representatives in the UAE include: Siderise; Orangebox; Newmor Wallcoverings; Astutis; University of South Wales; Concrete Canvas; Excelerate; Morris Line Engineering; PMG Group; Sure Chill; Zeta Alarms and Delio Wealth.
In 2018, the UAE was Wales’ seventh-largest destination for goods exports (a total of £498 million) and second only to the USA out of all non-EU markets. Exports from the UAE to Wales totalled £420 million in 2018.
Prominent sectors of trade between Wales and the UAE include: Oil & Gas supply chain, Construction & Infrastructure supply chain, Life Sciences, Food & Drink and the Technology/Innovation Sector including Cyber, AI and VR.
Key imports from the UAE include machinery and transport equipment (£278 million in 2018, and mineral fuels, lubricants and related materials (£132 million).
The MENA region’s rapidly growing healthcare market
A recent report, quoted by Arab Health, suggests that urbanisation and an ageing population are among the factors rapidly boosting the demand for healthcare in the region. The total market is projected to grow from USD 185.5 billion in 2019 to 243.6 billion by 2023, with an 11.7% compound annual growth rate (CAGR) at constant exchange rates.
With world-leading academic expertise and a central life sciences hub, Wales demonstrates a strong competitive advantage in regenerative medicine and cell therapy, and is already creating a world-leading regenerative medicine ecosystem, which includes academics, the NHS, Government and centres of excellence.
Medical technology is the largest subsector within Wales’ life sciences industry. The sector has developed into established clusters of excellence in high-growth markets including in vitro diagnostic, single use technology and wound care.
Eluned Morgan added: “The ongoing growth of the medical sector in the MENA region offers great opportunity for Welsh businesses. With an increasing number of innovative Welsh companies looking to expand overseas, we are keen for UAE organisations to know that Wales is open for business, and the ideal partner to both trade with and invest in.”
Wales’s life sciences ecosystem includes cutting edge research through our Universities, two Medical Schools and industry. We see tremendous opportunities between Wales and the UAE taking advantage of our core specialisms in Oncology, Neurology, Genomics, Diabetes care, Wound care and advances in Medical Technology through Industry.
Examples include opportunities to work with the Welsh Wound Innovation Centre, which on establishment was the first of its kind globally, CUBRIC the Cardiff University Brain Research Imaging Centre: a £44m investment by Wales, and the Genomics Partnership Wales who specialise in Cell and Gene Therapy. On Oncology we are home to the Welsh Cancer Research Centre and first Proton Beam Facility. Further, our industry is at the cutting edge on prosthetics, implants and diagnostics.
Key investment and commercial opportunities offered by the Welsh government
Eluned Morgan said: “Wales is a very distinctive country. We’re constantly working to create the right environment for business – to equip the private sector in Wales with the necessary tools to compete as a high-value player in the global economy.”
“The Welsh economy is built upon the strengths and skills of our people and natural environment. We are a confident, creative and ambitious nation, and Wales is a great place to live and work.”
Innovation is at our core. Whether that’s within our strong and diverse manufacturing sector where, for example, Aston Martin is creating its centre for future electric vehicle development in Wales, or in enabling technologies such as compound semi-conductors and cyber security, where we enjoy a growing world-class reputation.”
Within each segment of industry, international business continues to provide fuel for our economic growth and we are now home to over 1250 foreign owned companies employing close to 160,000.
For years, the Welsh Government has invested millions in making our cities and regions excellent bases for companies to exploit a UK market in excess of 65 million people. We’re incredibly proud of our country and, more than anything, we want new businesses from across the globe to come and share some of the great things going on here.
As well as the market opportunities that exist across key sectors in Wales and the UK from aerospace to neuroscience, and from fintech to marine energy, we are also actively promoting capital investment opportunities to financial institutions, sovereign wealth funds and global corporations.
She added: “Working in partnership with the Department for International Trade of the UK Government, we have identified 10 investment ready opportunities across infrastructure, residential, energy, retail and regeneration. These opportunities, with a minimum investment value of £100m, demonstrate the breadth of potential within Wales and our ambition to maintain Wales’ strong reputation as a go-to destination for international investment. We would welcome the opportunity to discuss these and other investment projects with UAE businesses.”
Wales message to its trading partners
Whatever happens when the UK (including Wales) leaves the EU, Wales’ message to its trading partners across the world (including those in Europe but also further afield), is that we will remain open for business. This is why, as Welsh Government, we are supporting a number of trade missions to ensure that our relationships with other nations and regions remain strong and continue to develop.
We are proud of the delegation that is attending Arab Health 2020 in Dubai this month, which will showcase Wales’ quality and expertise across the healthcare sector, and we are working with these businesses and others across Wales to provide them with the support they need to navigate the steps required and meet the challenges of a post-Brexit environment. This includes supporting those businesses who want to start or expand their trading in overseas territories, including the UAE.
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