Welsh businesses must invest more in skills and training to tackle the country’s growing productivity problem, according to former BBC business correspondent and presenter Declan Curry.

Addressing an audience of more than 170 guests and members of the M4 Business Network, Mr Curry, stated that productivity in the UK was lagging far behind the US, Germany and even France, which works a shorter thirty-five hour week.

He said that the solutions to solving efficiency issue would be sustained investments to skills and education.

He said: “When it comes to productivity, we are trailing behind almost every other country, and it’s obvious that something needs to change. We need to work smarter, not harder.

“A long list of solutions has been circulating for a while, but only now is the issue gaining any real political traction. The answer is to invest more in skills, both as individuals and as businesses, and ensure that training is received throughout our working lives.”

Mr Curry encouraged his audience to realise the increasing opportunities available for Welsh companies to expand and sell their services into Chinese markets, thanks to China’s slowing and maturing economy. This is particularly important, he said, given Europe’s current fragile economic situation, with Greece unable to repay its loans to Germany.

The business commentator then flagged the potentially damaging impact of the national living wage, highlighting the risks that companies may feel pressured into greater levels of automation in order to cut costs and remain competitive.

Mr Curry also pointed out that longer life expectancies and an ageing population are rendering traditional health and welfare models redundant, but they also present further opportunities for companies within the healthcare and finance sectors.

M4 Business Network chairman and managing partner of UHY Hacker Young, Paul Byett, said: “The network is delighted to have had Declan Curry join us today for the final event of our 2015 calendar, and what a fantastic end to the year it has been. We have been joined by some truly inspirational figures from the sporting and business world.”

The M4 Business Network’s 2016 event calendar and guest speaker line up will be revealed in the coming months.

Sponsors of the M4 Business Network include the South Wales Argus.

For further information on becoming a member of the M4 Business Network please visit www.m4businessnetwork.org or contact Paul Byett at UHY Hacker Young on 01633 213318.