An additional £7.5m to help Welsh businesses 'build resilience' ahead of Brexit has being announced by Economy Secretary, Ken Skates.

The money forms part of the Welsh Government’s £50m EU Transition Fund, and will be used over the next three years to help companies develop the new expertise and processes they will need in order to thrive, post Brexit.

Part of the funding will be invested in strengthening the Welsh Government’s export support services so that more Welsh businesses can develop the skills and confidence needed to begin or increase overseas trading, both inside of and outside of the EU. The government says it will also be used to ensure businesses have access to the high quality exporting intelligence and technical information they need to successfully develop new export opportunities.

Speaking ahead of an FSB Business Breakfast where he will formally announce the funding, Economy Secretary Ken Skates said:

“It is now just a matter of months until the UK leaves the EU but unfortunately the UK Government’s approach to Brexit means businesses in Wales are still left with many unanswered questions about what the future holds.

“As Economy Secretary my focus remains very much on delivering our Economic Action Plan, which has been designed to help us future proof our economy, and maintaining an honest, direct and ongoing dialogue with the business sector so we can work together to prepare for the challenges ahead.

Another element of the funding will be directed into a Brexit Resilience Grant which businesses from across Wales will be able to bid for a share of. This will complement the high quality advice and support available through the Welsh Government’s Business Wales service to help businesses invest in overcoming immediate challenges related to Brexit, such as additional administrative burdens and complexities.

Commenting, Shadow Economy spokesman and Montgomeryshire AM, Russell George AM, said:

“A greater policy focus on export opportunities is cautiously welcome, although the Welsh Government track record on diversifying the destination of Welsh exports remains poor.

“What businesses of all shapes and sizes in Wales want above all is a decent transport network, decent digital and broad band coverage, a strong skills base and an economic policy that gets the fundamentals like public procurement right.

“The Welsh Labour Government is still a long way off building the right business environment in Wales for Welsh firms to thrive”.

The government say more details on how businesses can apply for the funding will be published in the coming weeks.