Welsh Development Agency
Encyclopedia
The Welsh Development Agency (WDA) was a QUANGO
and later an Assembly Sponsored Public Body (ASPB) established in 1976 to encourage business development
and investment
in Wales
, to clear derelict land and to encourage growth of local businesses. In April 2006 the WDA was abolished and its functions were transferred into the Welsh Government.
The WDA had four objectives: furthering the economic development
of Wales, promoting industrial efficiency and international competitiveness
, developing employment
and improving the environment
. The organisation worked to secure entrepreneurial growth
in Wales by increasing the number of startup businesses
and by persuading multinational companies to relocate or open subsidiary
facilities in Wales. Finance Wales
is a public limited company set up by the WDA and still providing funding to Welsh businesses.
Employing several hundred workers, the WDA was one of Wales's highest-profile employers with a network of offices worldwide and their headquarters in the former Bank of Wales building in Cardiff
. In its 30-year history the WDA was credited with helping to create hundreds of thousands of jobs and securing billions of pounds in investment. It even enjoyed the praise of then Prime Minister
Margaret Thatcher
, who claimed it was doing a marvellous job.
The WDA ceased to exist on 1 April 2006, when it and two other ASPBs - the Wales Tourist Board and ELWa
- were merged into the Welsh Government. The current Welsh Government Minister for Business, Enterprise and Technology is Edwina Hart, replacing Ieuan W Jones who was the Minister for the Economy and Transport at the time of the merger.
In May 2011, a businessman and a former executive of International Business Wales
(IBW), Christopher David, incorporated a new company under the Welsh name "Mae Awdurdod Datblygu Cymru Ltd." claiming that this gives it the right to trade under the English translation of the name, The Welsh Development Agency under Welsh bilingual policy, in the same way that the WDA previously operated under the Welsh translation of the name "Awdurdod Datblygu Cymru". This new company is working on a strategy for a private sector led approach to inward investment.
Nevertheless the rights to the trademarks "WDA" and "The Welsh Development Agency", and its distinctive logo are owned by the Welsh Government, and are not due for renewal with the Intellectual Property Office (IPO) until 2014.
Quango
Quango or qango is an acronym used notably in the United Kingdom, Ireland and elsewhere to label an organisation to which government has devolved power...
and later an Assembly Sponsored Public Body (ASPB) established in 1976 to encourage business development
Business development
A subset of the field of commerce, business development comprises a number of techniques and responsibilities which aim at:1. Researching new types of business/products/services with an emphasis on identifying gaps in the mitigation of needs of potential clients .2. Attracting new customers3...
and investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
in Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, to clear derelict land and to encourage growth of local businesses. In April 2006 the WDA was abolished and its functions were transferred into the Welsh Government.
The WDA had four objectives: furthering the economic development
Economic development
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...
of Wales, promoting industrial efficiency and international competitiveness
Competition (economics)
Competition in economics is a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy goods and services...
, developing employment
Employment
Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as:- Employee :...
and improving the environment
Environment (biophysical)
The biophysical environment is the combined modeling of the physical environment and the biological life forms within the environment, and includes all variables, parameters as well as conditions and modes inside the Earth's biosphere. The biophysical environment can be divided into two categories:...
. The organisation worked to secure entrepreneurial growth
Entrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
in Wales by increasing the number of startup businesses
Startup company
A startup company or startup is a company with a limited operating history. These companies, generally newly created, are in a phase of development and research for markets...
and by persuading multinational companies to relocate or open subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
facilities in Wales. Finance Wales
Finance Wales
The Finance Wales Group is one of the UK’s largest regional SME investment companies and provides growth capital for small and medium-sized businesses in the UK. The Group has funds of £335 million under management and comprises the fund managers Finance Wales and FW Capital, which invest in SMEs...
is a public limited company set up by the WDA and still providing funding to Welsh businesses.
Employing several hundred workers, the WDA was one of Wales's highest-profile employers with a network of offices worldwide and their headquarters in the former Bank of Wales building in Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
. In its 30-year history the WDA was credited with helping to create hundreds of thousands of jobs and securing billions of pounds in investment. It even enjoyed the praise of then Prime Minister
Prime minister
A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. In many systems, the prime minister selects and may dismiss other members of the cabinet, and allocates posts to members within the government. In most systems, the prime...
Margaret Thatcher
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher, was Prime Minister of the United Kingdom from 1979 to 1990...
, who claimed it was doing a marvellous job.
The WDA ceased to exist on 1 April 2006, when it and two other ASPBs - the Wales Tourist Board and ELWa
ELWa
ELWa was an Assembly Sponsored Public Body responsible for post-16 learning in Wales, active from 2000 to 2006. ELWa's functions are now exercised by the Assembly Government's Department for Children, Education, Lifelong Learning and Skills....
- were merged into the Welsh Government. The current Welsh Government Minister for Business, Enterprise and Technology is Edwina Hart, replacing Ieuan W Jones who was the Minister for the Economy and Transport at the time of the merger.
Controversy
In the 1990s the WDA attracted controversy when its chairman, Gwyn Jones, a businessman was appointed by the then Welsh Secretary, Peter Walker after meeting him at a Conservative Party fundraising lunch.. He later resigned from the post ahead of a Commons Public Accounts Committee report that condemned the agency for: giving out illegal redundancy payments, allowing free private motoring for board members, appointing a discharged bankrupt as a marketing director who was later jailed, and flying directors on Concorde.In May 2011, a businessman and a former executive of International Business Wales
International Business Wales
On Monday 5 July 2010 the Welsh Assembly Government announced plans to transform the way it supports businesses and the Welsh economy. 'Economic Renewal: a new direction’ is a vision to make Wales “one of the best places in the world to live, to work and to thrive”....
(IBW), Christopher David, incorporated a new company under the Welsh name "Mae Awdurdod Datblygu Cymru Ltd." claiming that this gives it the right to trade under the English translation of the name, The Welsh Development Agency under Welsh bilingual policy, in the same way that the WDA previously operated under the Welsh translation of the name "Awdurdod Datblygu Cymru". This new company is working on a strategy for a private sector led approach to inward investment.
Nevertheless the rights to the trademarks "WDA" and "The Welsh Development Agency", and its distinctive logo are owned by the Welsh Government, and are not due for renewal with the Intellectual Property Office (IPO) until 2014.