Martin Whitaker, chief executive of Circuit of Wales has stated his belief that the planned Circuit of Wales racetrack sends a strong message internationally that Wales is open for business.

Speaking to a cross section of Welsh business leaders at an M4 Business Network breakfast event at the Celtic Manor, the former head of Ford Europe's Motorsport programme gave an insight into the current situation at the £375m Circuit of Wales racetrack development near Ebbw Vale.

Mr Whitaker stressed that despite the 'ongoing media debates', the Circuit of Wales 'is still very much a going concern'.

He acknowledged that the development had been faced with overcoming a number of difficult hurdles over the past year, including spring’s Welsh elections and the uncertainty prior to the reappointment of Welsh Labour leader, Carwyn Jones, as First Minister.

However, he went on to state that 'in this post-Brexit era it’s really refreshing to us and the whole community, that all of our investments are still totally in place, and we have expressions of interest from others on an almost weekly basis'.

Moving forward, Mr Whitaker said that his team were '100 per cent' working with Welsh Government to meet the challenges and objectives set to them by the Cabinet Secretary for Economy and Infrastructure, Ken Skates.

Mr Whitaker was also keen to clarify any uncertainly surrounding the funding for the racetrack.

He said: “I think a lot of people seem to think that we are relying on government money to get this project across the line. We have our money in place, it’s purely a government guarantee which our primary investor Aviva is looking for. That guarantee would only come in once the Circuit is built.”

He continued to explain that until construction was complete – an estimated two years - and the first race had taken place, all risk remained with the Circuit.

Following this Welsh Government could expect a dividend, which would be approaching £4m a year for the duration of the circa 30 years the Welsh Government guarantee would be in place.

In the CEO’s opinion, the Circuit of Wales reflected Welsh Government’s statements that Wales is open for business, saying: “Ultimately, I think government recognises that this is good for Wales, and it’s good for them.”

Mr Whitaker, who previously also managed the development of the Bahrain International Circuit, linked this with upcoming government trade missions to Japan and the Middle East, stating that the experience and personal motorsport connections he and his team possessed in those regions could be beneficial to those discussions.

Focusing closer to home, he outlined the Circuit’s plans to promote Welsh brands, generate increased investment, jobs and tourism while establishing south Wales at the heart of the UK automotive sector.

Paul Byett, chair of the M4 Business Network and managing partner of its main sponsor, UHY Hacker Young, said: “I think we can all see that the Circuit is more than a racetrack. Focusing the attention of motorsport’s enormous worldwide following on Wales can only benefit the region and its businesses. That, combined with the potential for attracting non-sporting events, the motoring industry and increased tourism, can only be good for our economy.”

The next meeting of the M4 Breakfast Network will take place at the Celtic Manor Resort on November 1 and the guest speaker will be former England and Glamorgan cricketer, Hugh Morris.

The M4 Business Network has established itself as the premier networking organisation in south Wales, attracting members from along the M4 corridor. Current sponsors of the club include UHY Hacker Young Chartered Accountants, the South Wales Argus, University of South Wales, Working Word, Barclays Business, Thomas Carroll, The Celtic Manor, Carbon Financial Planning, Newport City Council, McAlister & Co Insolvency Practitioners, South Wales Chamber of Commerce, QualitySolicitors Rubin Lewis O’Brien and Johnsey Estates.

For more information about the M4 Business Network or to join call 01633 213318 or visit www.m4businessnetwork.org.