The £36 million Business Start-Up project is intended to create more than 10,000 jobs and support a total of around 8,000 Welsh businesses.

Deputy first minister Ieuan Wyn Jones announced the project, which is half-funded by the European Commission in order to develop the local economy.

Jones, who is also the minister for the economy and transport, says the project will be ‘valuable’ and ‘important’ to fledgling firms in the principality as it supports their growth through the ‘difficult early stages’.

‘It is essential that we support [Welsh businesses’] ideas and help people from a wide variety of backgrounds to set up their own business,’ he comments, citing local companies’ recent successes in the Innovation Awards.

According to business locations advisory service Businessfacilities.com, Wales attracts almost ten per cent of foreign investment to the UK despite its population making up five per cent of those living in the UK.