Pembrokeshire Coastal Forum (PCF) has received funding for a project that will explore marine supply chain potential in Wales.
The project, boosted by Leader program funding, aims to help local companies understand the opportunities presented by the marine energy sector, and to help them receive adequate support to ensure they are best placed to bid for and secure contracts.
PCF, the company behind projects such as Marine Energy Wales and Marine Energy Pembrokeshire, said the existing businesses in Pembrokeshire are well positioned to diversify and benefit from the new opportunities provided by marine energy sector.
Opportunities exist in key areas such as foundations, marine operations, consultancy services, consenting and component manufacturing, among others, according to PCF.
This is expected to be achieved through a number of stakeholder engagement events including ‘Meet the Buyer’ opportunities, the creation of a supply chain directory and an assessment of the current supply chain capabilities.
“The global marine energy sector is set to be worth £76 billion by 2050. Wales, with an investment to date of £68.3 million and 5-year investment predictions of over £1.4 billion, is well placed to benefit substantially from this growing market,” PCF said.
Leader program is part of the Welsh Government Rural Communities – Rural Development Program 2014 – 2020, financed by the Welsh government and European Agricultural Fund for Rural Development (EAFRD).