THE Welsh economy is seeing the green shoots of recovery after one of its most difficult challenges since the 1930s, First Minister Carwyn Jones said yesterday.

Mr Jones was speaking at an Institute of Directors in Wales lunch at the St David’s Hotel and Spa in Cardiff. He said: “We have hit the bottom and evidence of this can be seen in the cranes moving again in Cardiff Bay.

“As we see an improvement in the economy we must ask how can we, in Wales, put ourselves in the strongest position to benefit from this.

“The last thing Welsh business must do is sell itself on the basis that we are a low-wage economy.

“Our future doesn’t lie in that direction. Our future has to lie in ensuring we have those skills which will give us an advantage over our competitors.”

On the aid provided for business by the Welsh Assembly Government, Mr Jones said there is a need to help companies get off the ground.

He said Wales still suffers from an element of cultural conservatism – the belief that where its far safer to get a job which pays a regular salary and pension at the end of it than starting out in business. We have to instil in people a confidence to believe that they can set up their own businesses.

“We have set up bodies like the Young Enterprise Scheme to help this happen and help talented people succeed.”

The First Minister said he wanted to provide support for Wales’ SMEs, to help them grow.

“I want to look for better ways to access capital. So the challenge for us in Government is to find a way of creating a form of bank that is able to provide the right level of finance in Wales and we are working on that now.”

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