Wales’ “biggest ever business event” to take place in December

Wales' First Minister Eluned Morgan has announced details of the major international investment summit taking place in Wales later this year. 

The event will take place on Monday 1^st December at International Convention Centre Wales (ICC Wales) and the Celtic Manor Resort in Newport.

It will focus on promoting Wales as a destination for overseas investors. There are currently around 1,480 overseas-owned companies operating in Wales, employing more than 174,000 workers.  

To coincide with today's announcement, the US semiconductor design software leader Cadence Design Systems, Inc. has announced plans to open a new design centre in Cardiff, creating more than 100 highly skilled jobs. The Cadence Design Centre, a joint venture with the Welsh Government and the Compound Semiconductor Applications Catapult, will design semiconductor chips, creating a strong pipeline of graduate talent to help address skills shortages in the industry.

Speaking ahead of the Investment Summit, the First Minister said:

“Wales is rapidly building strength in industries which are shaping the world, from semiconductors for mobile phones and electric vehicles to our celebrated creative industries, exporting TV and film to audiences around the globe.

“Economic growth is my top priority and I'm looking forward to welcoming major players to the biggest ever business event to take place in Wales. The Summit will be a chance to share with the world the wealth of opportunities in our dynamic and future-focused nation.”

Sir Terence Matthews, Chairman of The Celtic Collection, said:

"We are delighted to host the Welsh Government Investment Summit at ICC Wales and the Celtic Manor Resort.  We look forward to welcoming industry leaders from all over the world to Wales.  

"The Summit is a great opportunity for Welsh businesses to attract investors and boost the economy.  Events like this are the reason why we built ICC Wales, because business events are so important to making connections and facilitating trade and investment.  Timing is also good for the profile and growth of new enterprise communications technology in Wales, utilising AI and the design and fabrication of IoT devices using Compound Semiconductors."

Speaking about the Cadence investment, Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, said:

“Cadence's exciting partnership with Welsh Government and Compound Semiconductor Applications Catapult not only reinforces the international confidence in Wales' world-class semiconductor sector but also demonstrates our commitment to working with businesses to create the right conditions and opportunity for growth, investment and job creation here in Wales.

“The Design Centre will diversify the range of capabilities the sector here can offer, complimenting the manufacturing capacity, and capitalising on the growing demand for semiconductor microchips.

“At the heart of this joint venture is the recruitment and training of local talent, providing well-paid careers for graduates and creating a robust pipeline of skilled professionals in high-tech industries that directly support our Net Zero Action Plan.”

Martin McHugh, Chief Executive Officer at CSA Catapult, said:

“The creation of the new semiconductor design centre is a significant milestone for the UK semiconductor industry. We are delighted to be working with Cadence Design Systems and the Welsh Government to create a world-leading facility, creating over a hundred new jobs in Wales.

“Through the joint venture we can address the semiconductor skills gap and strengthen the UK's leadership position in chip design. It builds on the success of the compound semiconductor cluster in Wales and will create new opportunities for the entire UK semiconductor ecosystem. There will be new career paths for graduates of electrical engineering, computer science and physics. With the support of Cadence and the Welsh Government, the new centre will create international partnerships and further investment to the UK.”

Notes to editors

The First Minister initially announced plans for the Investment Summit at the CBI Wales Annual Dinner in Cardiff in November.

The First Minister represented Wales at the International Investment Summit in London last October, hosted by Prime Minister Sir Keir Starmer.

Cadence Design Centre

The Cadence Design Centre will be operated by Compound Semiconductor Applications Catapult (CSAC), the UK Government-backed authority on compound semiconductor applications in the UK, and Cadence, one of the world's leading providers of software tools for designing semiconductor chips.

Cadence is based in the US and has more than 13,000 employees worldwide. The company generated $4.6 billion in revenue in FY 2024.

It will also establish a graduate training programme for engineers and architects, in collaboration with local universities and colleges, developing experts in the chip design process using Cadence technology.

The Cadence Design Centre represents the latest boost for the region's compound semiconductor cluster, and will provide a significant springboard to engagement with a number of key companies in the automotive, defence and aerospace sectors.

Senior representatives from Cadence travelled from California to discuss the centre with Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, in Cardiff earlier this month.

The Cadence Centre will be backed by £2.5m in Welsh Government investment.

CSA Catapult

Compound Semiconductor Applications (CSA) Catapult was established in 2018 by Innovate UK to help the UK become a global leader in compound semiconductors. CSA Catapult is the UK's authority on compound semiconductor applications and commercialisation. CSA Catapult is a centre of excellence with state-of-the-art equipment that specialises in the measurement, characterisation, integration and validation of compound semiconductor technology across four areas – power electronics, advanced packaging, radio frequency (RF) and microwave, and photonics. Compound semiconductors will enable a host of new and exciting applications, helping us achieve Net Zero and ensuring that the UK has a resilient future telecoms network.