What is the First Minister's latest estimate for the annual return on investment for the international relations budget and how is this estimate calculated?
The International Relations budget funds delivery of the International Strategy, including work with priority partners and overseas offices. It promotes Wales and Welsh interests by developing trade, attracting investment and strengthening cultural ties.
The budget also supports Wales’ soft power efforts which showcase Welsh values, culture and policies internationally. Initiatives like the Well-being of Future Generations Act and Wales and Africa position Wales as a leader in sustainability and social justice. While soft power’s impact is long-term, and difficult to measure, it plays a crucial role in increasing Welsh influence and strengthening global profile. The annual report will highlight both tangible and intangible benefits.
Separately, the trade and invest budget delivers measurable returns through key performance indicators, complementing our wider international strategy.