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Embracing the future while reflecting on the past

Author: Robert Lloyd Griffiths, ICAEW Director for Wales

Published: 09 Sep 2025

There’s something quietly significant about turning 60. It’s a moment that invites reflection not just on years gone by, but on what’s been achieved and what still lies ahead. Often referred to as a diamond jubilee, the milestone stands for resilience, strength and accomplishment.

And as I look back on my own career over the past 40 years, I find those qualities not only relevant to my personal journey, but also deeply reflective of the Welsh economy itself. I've spent most of my professional life in Wales, working through the highs and lows of an evolving business landscape.

Today, I have the privilege of serving as the director of ICAEW in Wales, representing a community of chartered accountants who play a crucial role in the growth of our economy. It's a role that combines advocacy, collaboration and support and one that has never felt more important.

Working with our members across Wales, I've seen first-hand the dedication and adaptability that define the accountancy profession. These professionals serve every corner of our economy from tourism businesses in Anglesey to family-run shops in Brecon and high-growth tech firms in Cardiff and the insights they offer often shape financial strategy and influence policy at the highest levels.

One of the most rewarding aspects of my role is working closely with stakeholders, including both the Welsh and UK governments. It's our aim to create meaningful change - whether that's pushing for better support for SMEs, advocating for sustainable finance or ensuring the next generation of talent sees the value of a career in accountancy.

Driving growth isn't just about big numbers - it's about resilient systems, future-facing thinking and strong partnerships.

Wales has always shown economic resilience. From the coalfields and foundries of the last century to the innovation hubs and green industries of today, the nation has continued to evolve. The steelworks at Port Talbot, while facing its share of challenges, remains a vital part of our industrial identity. Likewise, Welsh agriculture has shown remarkable agility adapting to shifting regulations, market demands and post-Brexit realities without losing its core strengths. These industries may look different today, but their contribution remains solid.

Resilience isn't about bouncing back - it's about adjusting, learning and continuing forward. Economic strength today is as much about ideas and infrastructure as it is about output. Wales has begun to position itself as a home for innovation, with sectors like life sciences, fintech and digital technology all gaining ground. The partnerships between academia, business and government have created a strong ecosystem of support and fertile ground for start-ups and research-led enterprises.

Initiatives like the compound semiconductor cluster in south Wales are examples of the ambition and collaboration needed to compete globally. At ICAEW, we're supporting these movements through our work with business leaders and policymakers ensuring that regulation, talent and funding align with the needs of the future. Chartered accountants are often at the heart of these conversations, helping organisations plan responsibly and grow sustainably.

Economic accomplishment can be found in many places - some large and some surprisingly small. Tourism, which contributes more than £5bn a year to the Welsh economy, shows the power of culture, landscape and experience. Our creative industries, food exports and educational institutions all play a part in shaping the image and impact of modern Wales. And we shouldn't overlook the accomplishments of our small businesses. During the pandemic, I was inspired by how local firms pivoted to survive and serve their communities - whether through online platforms, new products or creative service models. These entrepreneurs reflect the energy and optimism that continue to shape our economic narrative.

For me, reaching 60 isn't about slowing down it's about seeing the road ahead more clearly. From where I stand, I'm excited about the future of Welsh business. There are challenges, certainly - geopolitical, climate change, cost pressures, global competition and evolving regulation. But the fundamental outlook is one of opportunity.

At ICAEW, our mission remains clear - support our members, engage with our partners and advocate for thoughtful change. That means continuing to develop the skills and insights our economy needs, while also ensuring that ethical leadership and financial transparency remain at the heart of everything we do.

My 60th birthday has been a personal milestone. I'm now looking forward to the golden years ahead - with hope not only for continued happiness and good health, but also for brighter days in the economy and the world around us.

Robert Lloyd Griffiths
Robert Lloyd Griffiths OBE Director Wales

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