'Time Is Right for Business to Invest, Acquire and Export' Economic Conditions Creating Opportunity
Byline: Aled Blake
BUSINESS has the ideal opportunity to invest, acquire and grow as a result of the recession, the head of investment at Finance Wales said yesterday.
Speaking to an audience of executives at Cardiff Breakfast Club, Peter Wright urged the business community to be ambitious despite the difficult economic climate.
Mr Wright, investment director at Finance Wales, told the audience at the St David's Hotel and Spa in Cardiff Bay that the recession has hit the bottom, with some green shoots of recovery poking through.
He said: "When you hit the bottom, that is the time to think about growing, that is the time when you really need to start to investing, acquiring and exporting.
And it takes a lot of guts to do that.
"To my mind this is exactly the time when we should be encouraging business to be thinking about investing. We're seeing more businesses coming to us asking for money to grow.
"If you had asked me six months ago what was happening, a lot of businesses were coming to us and effectively asking for money."
Finance Wales, which is owned by the Welsh Assembly Government, has seen the rate of its investments grow by 30% in each of the last two years, Mr Wright said.
"Some of that is obviously down to the banking situation," he said. "On the ground, getting bank finance is difficult and in every recession banks have quite properly tightened up lending.
"But that creates opportunities for a company like Finance Wales to replace the banks while they are temporarily out of the market and that is driving some of the growth we've seen. …