This week’s Wales Investment Summit arrives with a striking headline namely more than £16bn of investment and 10,000 jobs linked to projects being showcased to global investors.

At first glance, it creates the impression of a transformative moment for the Welsh economy but a closer examination reveals a very different picture and one in which the economic substance is far less impressive than the political presentation.

Much of what is being promoted has been known for some time with Vantage Data Centers, Vodafone, RWE, GE Aerospace and Eni having all announced their projects over the past year. In fact, the summit did not generate these investments, but has simply assembled them into a single narrative and whilst that is not inherently problematic, it does blur the line between genuine new activity and the rebranding of existing commitments.

The job figures are also difficult to interpret as the headline of 10,000 roles includes a majority number of temporary construction jobs with fewer permanent positions at the end of the build phase. The largest single project - Vantage’s £10bn programme across South Wales - may ultimately support around 500 long-term jobs but highlights the gap between activity that is capital-intensive and activity that genuinely supports long-term employment.

There is an additional complication as Wales does not yet know how many of these construction jobs will be filled by Welsh workers. Major data centre and energy projects rely on specialist contractors and if the necessary skills are not available locally, companies........

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