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Business

Business Profile: South Wales has recently seen a period of re-industrialisation, centred around the incoming international electronics and motor components firms. This has created manufacturing employment in the Cardiff area, where unemployment rates are lower than the rest of Wales - 3.7% compared to 4.6%. The British government (through the Welsh Office and the Welsh Development Agency) and the European Union have attracted national and multinational companies to Wales with generous incentives. Nonetheless, unemployment is still higher than the average for Britain.

From an industrial powerhouse, the city has now become predominantly a service economy; 82.5% of the workforce is employed in service industries. This economic profile is reinforced by the city's formal position as the political, administrative and commercial capital of Wales. The financial service sector employs around 12,000 people in Cardiff and is one of the main growth areas. Between 1991 and 1996, 22 million pounds was invested in Cardiff by 45 financial services projects. Business tourism - including conferences and conventions - is an increasingly important market. A further important sector is the media. In addition to the regional radio and TV networks, the Independent Television Commission (ITC) (website: www.itc.org.uk) is also based in the city. It is hoped that the high-tech business park Celtic Gateway, which has already become the European headquarters of the American company NTL CableTel, will tap into the growth of the multimedia industry in Wales. Most registered businesses are now online and have their own website.

The regeneration of Cardiff Bay will provide 1.35 million sq metres (14.5 million sq ft) of both commercial and industrial space and 31,000 new jobs through 1.8 billion pounds of investment. It has already attracted high-profile businesses, including the European headquarters of NCM Credit Insurance. The City Centre Initiative also involves the development of a large-scale office complex at Bute Square.

Although business is centred around the city centre, Cardiff Bay and Llanishen, 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 newly available Pengam Green.

Business Etiquette: Like most modern urban centres, the nine-to-five mentality is no longer all-pervasive, 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. It is usual to shake hands in greeting and to use surnames until both parties agree to use forenames. Professional or honorary titles should be acknowledged. Punctuality is expected for business meetings and suits are customary for both men and women; men should also wear a tie. It is advisable to carry business cards.



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