Committee publication · Correspondence · 11 March 2026
Correspondence to and from Lord Stockwood, relating to the evidence session on 2 February, dated 5 and 24 February
From: Welsh Affairs Committee
Summary
Correspondence between the Welsh Affairs Committee and Lord Stockwood (Minister for Investment) following his 2 February 2026 evidence session on promoting Wales for inward investment. The Committee requests further detail on engagement with the Welsh diaspora, departmental coordination, declining DBT-sourced enquiries, and Board representation for Wales. Lord Stockwood's response emphasizes recent FDI performance improvements, joint UK-Government and Welsh Government promotional activity, and a UK-wide rather than nation-specific governance approach.
Key findings
- Welsh Affairs Committee sought clarification on Office for Investment's plans to engage the Welsh diaspora for inward investment support.
- Committee questioned Lord Stockwood on his role coordinating relationships between Department for Business and Trade departments and Welsh Government to ensure consistency in inward investment efforts.
- Welsh Government reported a downward trend in DBT-sourced inward investment enquiries since 2021-22; Committee asked for explanation and remedial action.
- Lord Stockwood reported that Wales's FDI performance has improved, rising from 2.8% of UK FDI projects in 2022-23 to 4.7% in 2024-25, despite lower quantity of enquiries reflecting a shift toward higher-quality leads.
- Lord Stockwood confirmed the Office for Investment Board operates on a UK-wide rather than nation-representative basis; Wales's interests are reflected through UK mandate and close devolved government working, not dedicated seats. No formal external advisory board currently exists.
Tone
ProceduralTopics
Key actors
Lord Stockwood, Ruth Jones MP, Welsh Affairs Committee, Department for Business and Trade, Welsh Government, Office for Investment, Simon Hoare MP, KLA
Notable line
“Wales's FDI performance has seen improvement. The proportion of UK FDI projects landing in Wales has risen each year since 2021 – 22, increasing from 2.8% in 2022 – 23, to 3.4% in 2023 – 24, and 4.7% in 2024 –”
Key Quotes
“The Welsh Government also pointed to a downward trend in DBT-sourced inward investment enquiries since 2021-22. What information can you provide about this trend?”
“DBT/ OFI does not routinely track or publish the transfers of enquiries between DBT post teams and partners.”
“This is anticipated to reduce the quantity of leads but increase their quality and economic impact.”
“The Office for Investment Board is comprised of senior leaders from across central government, reflecting the Office for Investment's role as a joint unit of HM Treasury, the Department for Business and Trade, and No.10.”
“Wales's interests are reflected through this UK ‑ wide mandate and through close working with devolved governments and delivery partners, rather than through dedicated nation- specific seats on the Board.”
Source · parliament.uk record ↗