Wales' brand has become blurred for investors, adviser says
Wales' image has become "blurred", making it harder to attract foreign investment, according to a Welsh government adviser on the economy.
Mark Rhydderch-Roberts, director of the Welsh Industrial Development Advisory Board, said Wales was traditionally "incredibly successful in attracting foreign direct investment" but has seen a reduction in recent years.
First Minister Eluned Morgan said growing the economy was her "top priority".
The Welsh government is planning to hold an international investment summit in December to attract investors.
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"I think currently the image of Wales outside of Wales is quite blurred," said Mr Rhydderch-Roberts.
"Is it castles and dragons, is it a centre for investment?"
The former investment banker said the nation was currently attracting 3.5% of the UK's Foreign Direct Investment projects, while Scotland was attracting 8.4%.
"During the late eighties and nineties we were one of the best in the UK at attracting inward investment," he told BBC Radio Wales' Sunday Supplement.
"Since then we've really struggled. I think for all sorts of reasons."
Mr Rhydderch-Roberts said some reasons were part of UK wide issues.
"Our tax burden is very high, our infrastructure is creaking, our energy costs are the highest in the world," he said.
"Those kind of structural factors are pretty much out of the Welsh government's control."
Mr Rhydderch-Roberts is also chairman of Glamorgan Cricket which recently sold a 50% stake in Welsh Fire, its Hundred franchise team, in a multimillion pound deal.
"One of the things that really resonated with investors... was that Cardiff as a events city is second only to London but, also, the Welsh brand which made us unique among the other seven franchises," he said.
Mr Rhydderch-Roberts said Wales as a nation could do more to improve its branding.
"What are we selling here in Wales because sometimes our image is rather tarnished by 20 mile an hour speed limits for example," he said, referring to the Welsh government's controversial decision to reduce speed limits across the country.
"Those kind of things... the noise in the background... prevents us from looking at the real positives."
The Welsh government has confirmed its international investment summit will take place in Newport on 1 December.
The first minister told BBC Wales on Friday that she was "looking for billions of pounds of investment to come in and thousands of jobs to be delivered".
Welsh Industrial Development Advisory Board
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