Foundational Economy

The Economic Action Plan (EAP) has set the direction for a broader and more balanced approach to economic development with a shift towards a focus on place and making communities stronger and more resilient. The EAP places a greater emphasis on tackling inequality and signals a shift to a'something for something' relationship with business. Promoting inclusive growth through a new focus on the foundational economy sits alongside the other three pillars of our Economic Contract; supporting business investment that future-proofs the economy through Calls to Action; a regional approach to investing in the skills people need to enter, remain and progress in work; and the infrastructure communities need to be connected and vibrant. The foundational economy approach offers the chance to reverse the deterioration of employment conditions, reduce the leakage of money from communities and address the environmental cost of extended supply chains.With join-up across portfolio responsibilities we are driving a greater synergy between the Valleys Taskforce, Better Jobs Closer to Home programmes and maximising the social value of procurement with what may be described as mainstream Government economic interventions. A Ministerial Advisory Board Task and Finish Group on the Foundational Economy has been established to provide advice to Welsh Ministers on current and future interventions and best practice; support wider engagement with stakeholders in the foundational economy; and promote join-up of relevant government and non-governmental initiatives.