We encourage the incoming Welsh Government to seriously consider establishing a dedicated investment promotion agency. If the Welsh Government establishes an investment promotion agency for Wales, the Department for Business and Trade must set out how it will work with the agency in a Memorandum of Understanding. DBT should do this in conjunction with the Wales Office and in collaboration with the Welsh Government. This is a vital step, as it provides certainty to investors about how the two governments will work together. (Recommendation, Paragraph 83) Untapped potential