Welsh Entrepreneurs Abroad Show Readiness to Invest in Homeland

An academic suggests that more efforts could be made to encourage Welsh entrepreneurs residing overseas to invest in their native country. Dr. Sarah Louisa Birchley, an expert in global diaspora entrepreneurship, stated that her research involving 1,700 Welsh emigrants across 45 nations identified 500 entrepreneurs, with a quarter of them indicating a willingness to invest in their place of birth. “There are a few barriers that we have to overcome to enable them to be able to come back,” she commented. The Welsh government affirmed its continuous openness to exploring new methods of collaboration with the diaspora. Dr. Birchley remarked, “The messaging about what’s happening in Wales isn’t really getting out to the members of the diaspora, and especially these entrepreneurs.” She further explained to BBC Radio Wales Sunday Supplement that “They need more information about… what’s possible in Wales to be able to bring them back.” The study, spearheaded by Dr. Birchley from Toyo Gakuen University in Tokyo, Japan, and supported by Welsh Water and the Newport-based organization Global Welsh, revealed that 54% of emigrants would consider returning to Wales, presenting a notable “brain gain” prospect. The report, titled “Brain drain to brain gain,” also noted that Global Welsh estimates over three million Welsh individuals live abroad, a figure comparable to the population residing in Wales. Dr. Birchley participated in a discussion concerning the Welsh diaspora at the Hay Festival Winter Weekend in Powys on Sunday, alongside Julia Gillard, the former Australian prime minister, who was born in Barry. Sir Terry Matthews, recognized as Wales’ first billionaire, amassed his wealth in the telecommunications sector after securing employment in Canada. He subsequently purchased and redeveloped his childhood home, investing more than £100m into Newport’s Celtic Manor Resort. Similarly, Cardiff-born billionaire Sir Michael Moritz contributed £75m to Oxford University to support its most financially disadvantaged students. The venture capitalist, who relocated to the US after graduating from the university in 1976, was the sole student from the now-closed Howardian High School in Penylan in his graduating year to attend Oxford. Dr. Birchley asserted that enhanced collaboration with the Welsh diaspora could “really harness the power of this amazing group of people.” She also advocated for a “stakeholder meeting where everybody involved meet together at least once at the beginning to align the goals and values on how we can communicate and not lose this valuable resource.” Dr. Birchley identified additional complex issues requiring attention, such as tax implications, infrastructure, housing, and the relocation of family members. She urged organizations including Global Welsh, the Welsh government, universities, and businesses to cooperate to “really harness the power of the diaspora.” “It takes everybody getting round the table at least once to be able to look and how to see how their values align.” A spokesperson for the Welsh government stated: “We have seen excellent examples of where our diaspora can play a key role, not only in supporting and investing in our businesses and communities, but also in showcasing our strengths internationally.“We are always open to new ways of working with our diaspora and will consider how this insightful report from Global Welsh can help shape future engagement.”