Mr George , the Member of the Welsh Parliament for Montgomeryshire and Shadow Minister for Economy, has outlined plans his party's plans to to re-establish the best aspects of both organisations as well as ensuring a one-stop shop approach to business support.
Mr George said: "Our plan is to rebuild Wales by creating new skilled jobs across a range of sectors. We have an ambitious plan which will support new firms and encourage existing businesses to grow and export, and will move us away from the command-and-control economy of the current Welsh Government.
"To help revive the Welsh economy, we would bring back the very best of the hugely successful Welsh Development Agency and Development Board for Rural Wales as well as bringing together the Development Bank of Wales and Business Wales.
"Our aim would be to create a more nimble, agile, and dynamic business entity to respond to the needs of firms large and small after the pandemic. This one-stop shop for business would be arms-length from the stranglehold of Welsh Government and would drive new opportunities for inward investment and private sector growth into all four corners of Wales."
Mr George suggests that the Welsh Government's decision to scrap the WDA in 2006 puts Wales at a disadvantage in terms of job creation, a position from which we have yet to fully recover.
"With the challenges we face moving forward, and with the Welsh Government's disastrous two decade track record of economic mismanagement, it’s time we put on the afterburners in Wales and inject some real urgency to help the private sector to thrive.
"While immediate support is the priority, and more funding is needed now to support our businesses, the package of financial assistance should not solely be a support package for the "here and now" to navigate the worst effects of the Coronavirus but also as a means to future proof the Welsh economy as we eventually move into a recovery phase, allowing businesses to adapt their business model, innovate through the use of technology, and ensure that they are in a strong position to capitalise upon the opportunities of future growth.
"I appreciate these are unprecedented times, but we must remember to look to the future. I believe that a reinvigorated Welsh Development Agency can form a central part of this economic future for Wales."