A substantial investment of £250 million has been made in Newport.

The money is being invested in the UK's largest semiconductor facility.

This generous financial support from Vishay Intertechnology, revealed on Thursday, March 27, signifies confidence in the Welsh economy and bolsters the world's inaugural Compound Semiconductor Cluster in South Wales.

The investment will result in hundreds of new job opportunities in Newport.

The announcement comes a day after the chancellor's spring statement, where she reaffirmed her primary mission of economic growth.

The promise was made to usher in a new era of national renewal, with prosperity anticipated to reach every region and nation of the country.

The spring statement disclosed that the economy is predicted to grow more than expected by 2029, with households anticipated to be, on average, £500 better off annually under the current UK Government's Plan for Change.

Investment in future job opportunities remains a key priority for the Welsh Government.

Last November, they provided Vishay Intertechnology with a £5 million boost, complementing the company’s investment of £51 million into their Newport site.

This was part of an effort to create more skilled jobs in the area.

First Minister Eluned Morgan said: "The industries and jobs of the future are increasingly looking to Wales as a prime destination.

"Today’s investment announcement shows yet again that Wales is open for business and that we are moving forward in our goal of growing the economy and providing good local jobs for the people of Wales."

Welsh secretary Jo Stevens said: "The massive investment by the UK Labour Government and Vishay is a vote of confidence in Wales’ world-leading semiconductor and defence industries.

"It is a huge boost to the Welsh economy that will create and support hundreds of well-paid jobs, drive growth and put more pounds in people’s pockets.

"Coming on top of recent investment by the Welsh Labour Government, it is yet another example of how two Labour governments can work together to raise living standards across Wales."

The chancellor visited the advanced manufacturing plant in Newport and will welcome the investment, which aligns with plans to cultivate large-scale compound semiconductor manufacturing in Wales.

Rachel Reeves, chancellor of the exchequer, said: "Under this government, the UK is open for business.

"This is exactly the type of investment that will help us grow the economy, create highly skilled jobs, and boost opportunity for people across the country, as we deliver on our Plan for Change to get more money in working people’s pockets."

The announcements align with the First Minister's declaration last week, stating that economic growth is the top priority for both governments.

She announced her intention to host an international investment summit in December, welcoming investors from around the world to consider Wales as a potential destination for overseas investment.