It has been an exciting few weeks for the Welsh business community, especially in terms of inward investment.

Last month, we heard that multi-national defence contractor General Dynamics will create 250 skilled jobs in Oakdale when it moves its assembly, integration and test facility to Wales and that insurance giant, Admiral, will be hiring more than 130 additional staff at its office in Newport.

This is encouraging for south east Wales, providing an economic and an employment boost to the region.

More generally, inward investment from major companies has a hugely positive impact, and not just in terms of job numbers, but for the wider supply chain too.

From constructing new offices to supplying the stationery, many large companies employ local firms to support their core business function when they move to an area. This drives money into the local economy and helps SMEs to grow.

Attracting major employers can also create new, highly-skilled jobs, which enables people to forge a career with well-respected employers and ensure that the very best employees want to stay here in Wales.

The public, private and academic sectors must continue to work together to achieve this.

Universities can help lead the way by establishing links with industry, such as in Coventry where the university has teamed up with Aston Martin.

Close working links with major companies not only results in internationally-acclaimed research projects but also creates a highly-skilled, industry-trained workforce that encourages employers to locate their operations close by.

While there are clearly direct benefits to inward investment, such as building local supply chains and lower unemployment, major inward investment can also have a wider knock-on effect. Skilled jobs generally mean better pay and if people have more disposable income it presents opportunities for the retail, hospitality and leisure sectors.

While SMEs are the backbone of the Welsh economy, it is clear that we need to think big in terms of attracting investors to Wales if we are to build a sustainable economy. We have a great deal to offer large companies and we need to make sure that Wales is an attractive place for them to do business. This will ensure that our SMEs can continue to thrive, along with the whole of the Welsh economy.