The deal, signed last Monday evening in San Francisco, will promise unique opportunities for companies and businesses that were developed and patented in Wales but deployed across the United States’ market.
The First Minister, Carwyn Jones, stated that the Welsh Government had been “delighted” to work with the two companies and it would support them in their joint venture in an effort to continue their growth.
“I welcome this new venture involving two companies that between them have the potential to bring about real environmental benefits through mitigating the damaging effects of disasters, whether they be natural or man-made,” started Mr Jones.
“This agreement today will not only launch Hydro into the U.S. emergency response arena, a truly significant market, but will also generate a good number of high quality jobs in Wales.” he added.
A visit to San Francisco for the First Minister is high on the Welsh Government’s agenda because in the third quarter of 2012 the Welsh exports were worth £1bn to North America.
The most recent figures show that the total of Welsh exports has fallen to £950 million in 2013. With figures showing that companies are more likely to invest in other parts of the European Union rather than Wales at present. A significant drop from when Wales stood at the top of the investment league 7 years ago.
Speaking to The Archer, Jane Bryan of the Welsh Economy Research Unit at Cardiff Business School lauded the move, “The 100 jobs are very important, but in this case the business relationship is an entry to the US market and an opportunity to showcase Welsh innovation.”
She stressed the importance of Welsh trade missions. “The British Council in the USA have set up networking opportunities that attract significant interest. In short, a trade mission can achieve an impetus that individuals cannot achieve on their own,” she said.
Carwyn Jones’ four-day trade mission to San Francisco comes to an end today. Mr Jones together with the representatives of 18 Welsh information technology-based and creative businesses arrived in California last Monday. They met political and business leaders of Silicon Valley.
Ms Bryan commented: “I expect they have been working hard at this collaboration for months. There will probably be other good opportunities that germinated from the trade mission but they may not come to fruition for months or even years.”