Cardiff’s former
industry-dominated economy has shifted in recent years towards the
service sector, which employs more than 80 per cent of the workforce.
One of the main growth areas is financial services, which
employs more than 37,000 people in the city. Cardiff’s formal
position as political, administrative and commercial capital of
Wales reinforces this transformed economic profile. The National
Assembly has brought many new jobs to the area. Business tourism,
conferences and conventions is another expanding market, as is the
high-tech media sector.
This growth in the service sectors, along with re-industrialisation
centred on incoming international electronics and motor
components firms, have been highlights of the business environment
in recent years. They have created new employment in the Cardiff
area, where unemployment rates are now lower (at 2.8 per cent) than
in Wales overall (4 per cent) and the UK as a whole (3.3 per cent).
The biggest manufacturing employer in Cardiff is the Matsushita
Corporation, and overall, industrial jobs occupy about 10 per
cent of the local workforce. The British government (through
the Welsh Office and the Welsh Development Agency) and the European
Union have attracted many national and multinational companies
to Wales.
Major commercial developments have been taking place in the city
centre, notably the new Callaghan Square complex. Commercial activity
takes place in the city centre, at Cardiff Bay and at Llanishen,
although there are several business/industrial estates on the outskirts
of the city, including Ocean Park on the site of the old
East Moors Steel Works and the newer Pengam Green complex.
Business Etiquette
As in most modern urban centres, the nine-to-five mentality is no
longer prevalent, with many employees working much longer hours.
All public-sector organisations are bilingual but most private companies
conduct business in English unless all parties speak Welsh.
Cardiff Commercial Information
Cardiff
Chamber of Commerce, Trade and Industry
1st Floor, Corys Building, 57 Bute Street, Cardiff CF10 5AS
Telephone: (029) 2025 3000. Fax: (029) 2048 9785.
Welsh
Development Agency
Principality House, The Friary, Cardiff CF10 3FE
Telephone: (01443) 845 500. Fax: (01443) 845 589.
Email: enquiries@wda.co.uk
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