As Wales looks to the future, how will tech support economic growth?

Guest blog by Tara McGeehan, President at CGI #LocalDigitalIndex #StrongerTechEconomies

In an era dominated by technological advancements, nations worldwide leverage innovation to drive economic growth and foster prosperity. With its rich history and distinct identity, Wales stands poised to harness technology's transformative power to propel its economy to new heights. Technology can be a vital catalyst for a thriving Welsh economy.

One of the fundamental pillars of economic development is digital connectivity and digital infrastructure. Ensuring that both rural and urban areas have access to high-speed broadband and cutting-edge communication networks is essential. By bridging the digital divide, Wales can create a level playing field, allowing businesses across the region to connect, collaborate and compete on a global scale. Becoming smart cities and rural economies is crucial to this ambition.

The future workforce needs to be equipped with digital skills, so it is imperative to develop and nurture a tech-savvy workforce. Initiatives to promote digital literacy, coding boot camps and specialised training programmes can empower Welsh workers to thrive in an increasingly tech-driven economy. Furthermore, this approach can help to retain and attract the very best talent to Wales to support economic prosperity. This enhances employability and fuels innovation as individuals bring their newfound skills across industries. Focusing on developing skills in the early years and throughout education also ensures that the necessary skills are maintained.

Technology thrives in environments that encourage collaboration, creativity and innovation. Fostering innovation ecosystems by establishing innovation hubs, incubators, and accelerators can create these ecosystems where startups and SMEs can flourish. These spaces provide the necessary support, mentorship, and resources for entrepreneurs to turn their ideas into successful ventures, contributing to economic diversity.

Streamlining government services through digital transformation not only enhances efficiency but also improves the overall business environment. E-government initiatives, such as transparent public services, automated resourcing systems, and online self-services reduce bureaucratic hurdles for businesses and citizens alike, fostering a more agile, responsible, efficient and cost-effective form of government.

In an interconnected world, trust is paramount. Strengthening cybersecurity measures protects businesses, individuals, and critical infrastructure from cyber threats. A secure digital environment instils confidence in online transactions, attracting more businesses to operate in Wales and contributing to the overall economic growth.

Data is the new currency and as such, it is this valuable resource that, when harnessed correctly, can guide informed decision-making. Encouraging businesses to adopt data analytics tools enables them to gain valuable insights, optimise processes, and identify growth opportunities. This data-driven approach enhances competitiveness and positions Welsh businesses at the forefront of innovation.

Embracing technology in traditional sectors like health and social care, agriculture, manufacturing and tourism can unlock new possibilities. Leveraging AI and emerging technologies in education and healthcare, smart farming practices, industry 4.0 in manufacturing, and immersive technologies in tourism can enhance productivity, reduce environmental impact, and attract a new wave of tech-savvy consumers.

In the pursuit of economic growth, sustainability should not be overlooked. Promoting green IT initiatives, such as supporting the transition to green energy, and leveraging energy-efficient technologies and responsible e-waste management as well as leveraging innovative technologies, aligns economic development with environmental stewardship, ensuring a prosperous and sustainable future for Wales.

As Wales looks to the future, the role of technology in supporting economic growth cannot be overstated. By investing in digital infrastructure, nurturing a tech-savvy workforce, fostering innovation, and embracing sustainable practices, Wales can position itself as a vibrant and competitive player in the UK and in a global economy. The journey towards economic growth and thriving through technology is an ongoing one, but with strategic planning and a commitment to innovation, Wales has the potential to unlock unprecedented opportunities for both the public and private sectors as well as the citizens of Wales.

About CGI

From the seabed to space, CGI is trusted by our clients around the world and across all industries, to deliver complex, mission-critical things well. We are leveraging the most cutting-edge technologies and innovations, and we understand the impact of society on the environment. Working in partnership with academia, governments, organisations and communities we leverage innovative IT, supporting our clients on their digital transformation journeys and transition to net-zero. We are proud to be a responsible business, committed to a more inclusive and sustainable world, for future generations.

www.cgi.com/wales

techUK – Building Stronger Local Economies

techUK champions the tech sector throughout the UK. We work with local authorities, devolved government, and local and national policy makers to advocate for the tech sector in strengthening economic growth and resilience. We provide opportunities for our members and local stakeholders to meet, build relationships, and collaborate to drive forward local projects. For more information or to get in touch, please visit our Nations and Regions Hub and click ‘contact us’.

Upcoming Nations and Regions events:

Latest news and insights:

30 May 2024

Local investment, national impact: how we can support regional tech start-ups across the UK

Robin explores the UK’s thriving tech start-up scene, highlighting London’s dominance, the growth of regional hubs, and the need for greater investment and talent to ensure nationwide competitiveness.

Industry views