Wales’s next chapter must be built on skills, confidence and long-term thinking

The ceremony formally marked the beginning of a new Senedd term. This comes at a notable point in Wales’s democratic journey, with many newly elected Members beginning their work on behalf of communities across the nation.

Watching the coverage of the ceremony was a strong reminder that the long-term success of Wales will depend on our ability to strengthen the foundations of economic growth.

Opportunities

In my conversations with ICAEW members across Wales, there is a clear recognition that while economic conditions remain challenging, there is also significant opportunity. Chartered accountants sit at the heart of decision-making in businesses large and small, providing a valuable barometer of business confidence and economic performance. Across sectors and regions, members consistently highlight the importance of attracting, retaining and developing skilled people as a critical factor in achieving sustainable growth.

Earlier this month, I attended the Welsh Government’s Skills Summit in Swansea, which brought together employers, educators and policymakers to discuss how Wales can develop the workforce needed for the future economy. The timing of that discussion could hardly have been more relevant.

Challenges

Across Wales, businesses continue to navigate a challenging operating environment. Employers face pressures ranging from rising costs and productivity challenges to technological change and shifting labour market demands. At the same time, significant opportunities are emerging in sectors including advanced manufacturing, green industries, digital technology, professional services and life sciences. The common thread running through all of these sectors is the need for people with the right skills.

For Wales to compete successfully in a global economy, we must continue investing in knowledge, professional capability and lifelong learning. Economic development strategies, infrastructure investment and business support all matter. However, sustainable prosperity ultimately depends on people. Businesses can only grow when they can recruit, retain and develop talented individuals.

This is why the conversation taking place in Swansea was so important. The summit recognised that preparing Wales for future economic success requires collaboration between government, education providers and employers. No single organisation can solve the skills challenge alone.

Skills development

At ICAEW, skills development sits at the heart of our mission. Through professional qualifications, apprenticeships, continuing professional development and leadership programmes, we support individuals at every stage of their careers. Our aim is not simply to develop technical expertise, but to cultivate the leadership, commercial and professional capabilities that help organisations thrive.

The accountancy and finance profession offers a useful illustration of why skills matter. Modern chartered accountants are no longer solely focused on reporting historic financial performance. They help organisations manage risk, support investment decisions, navigate regulatory change, embrace technology and drive productivity improvements. These are precisely the kinds of capabilities that businesses across Wales increasingly require.

Importantly, the skills agenda is not just about young people entering the workforce, although attracting and nurturing new talent remains essential. It is equally about helping existing workers adapt to changing technologies and business models. As artificial intelligence, automation and digital transformation continue to reshape workplaces, the concept of lifelong learning becomes more important than ever.

Wales has an opportunity in the coming weeks to showcase its commitment to excellence in skills development on a national stage. Next month, Cardiff and Vale College will host the WorldSkills UK National Finals, bringing together some of the country’s most talented learners and apprentices. The event will see competitors from across the UK demonstrate high-level capabilities in disciplines ranging from engineering and cyber security to hospitality and creative industries. It will also bring together employers, educators and policymakers to highlight the critical importance of skills investment.

The significance of hosting WorldSkills should not be underestimated. These competitions celebrate achievement, but they also send a powerful message. Skills deserve recognition. Technical excellence deserves recognition. Professional achievement deserves recognition.

For many years, economic debates have rightly focused on attracting investment and supporting enterprise. However, investment follows talent. Businesses locate and expand where they can access skilled people. Strong skills systems create stronger economies.

If we continue to invest in people, support lifelong learning and strengthen collaboration between education and employers, Wales can build a more productive, innovative and resilient economy. The discussions in Swansea demonstrated a shared commitment to that goal. The WorldSkills Finals in Cardiff will showcase its potential. And the opening of this new Senedd term has provided an ideal moment to reaffirm why it matters.