Back in 2011, Chancellor George Osborne stated that he wanted to rebalance the economy through greater support for manufacturing through the so-called “march of the makers” – and, to some extent, there has been a significant recovery in the sector since the 2008 economic recession.
According to leading analysts the Boston Consultancy Group, improved cost competitiveness compared with its European neighbours, flexible labour markets and lower taxes have fuelled a growth in the UK manufacturing industry since 2010, especially in the automotive sector where output in February was 13.1% up on the same period in 2015.
In Wales, manufacturing grew by 17% between 2010-14, adding a further £1.3bn to the economy, a higher rate of growth than the Welsh economy as a whole.
But it is not only here in the UK that manufacturing is again becoming important. After years of decline, it would seem that it is slowly coming back on to the economic agenda of policymakers in developed nations globally.
In the USA, the largest economy in the world, politicians at a federal and state level are looking carefully at what can be done to stimulate and support advanced manufacturing.
In particular, a study from the National Governors Association has examined some key trends that could affect the industry over the next decade and ensure companies are ready for the challenges ahead.
The good news is that the Making Our Future report showed that not only is manufacturing too important to lose, but that it is changing rapidly and the deindustrialisation that many had predicted is not inevitable within developed economies.
For example, new technologies such as robotics and 3D printing are changing manufacturing methods in companies that are adopting these new techniques to become more flexible and adaptable. In addition, trends such as rising wages in emerging economies, along with increasing transportation and logistical costs, are resulting in more and more manufacturing companies making decisions to “onshore” jobs back to the USA that were previously exported to low-wage countries.
However, while new technologies and advanced manufacturing processes are creating new opportunities, there is also an acceptance that small to medium-sized enterprises (SMEs) could be doing far more, with the right support, to expand their operations through innovation and global exports, and thus grow the US economy further.
In particular, SMEs face barriers such as lack of access to modern equipment, rapid prototyping and testing facilities that can help them create new products and implement new processes and technologies.
So what did this report tell us about how manufacturing could and should be assisted?
First of all, it suggested that there should be an integrated advanced manufacturing strategy that should connect large and small firms with other partners such as universities and government.
To achieve this, some US state governors are adopting a more systematic and lasting employer engagement strategy of working with manufacturers as partners in not only setting economic priorities but also implementing them.
As a result, employers share the ownership of the manufacturing strategy and, more importantly, continue to contribute their experience and expertise to drive results over time.
In addition, investing in strong research capabilities to help key sectors, and sharing this knowledge and expertise across sectors, could make a significant impact in the future.
However, perhaps the most important conclusion was that there needed to be an absolute focus on skills, not only in providing the talent needed by specialised manufacturers but in creating lifelong learning that is relevant to the needs of manufacturing workers at all levels.
For SMEs, it can be a particular challenge in finding and keeping a skilled workforce because of the way that the skills needed to operate manufacturing equipment are rapidly changing.
As a result, employers, as well as education and training organisations, can find it difficult to keep up with current requirements. Also, getting new employees into manufacturing can be problematic because of the general negative perception by the public of the industry and the lack of information for young people about careers in manufacturing.
But for the UK and Welsh governments, perhaps the most important lesson is that those wanting to support manufacturing need to stop talking about it and instead secure some early achievements and momentum that make a real difference to companies large and small.
In fact, it would be wonderful if the Welsh Government followed the lead of various American states that have committed not only to saving manufacturing industry, but also to creating the best location for the development of new technologies that can either be transformed into innovative new products or used to improve production processes.
Certainly that should be the aim of any plan to save the Welsh steel industry - namely transforming the industry into a world-class performer rather than merely putting it on life-support for the immediate future.
That focus, along with scaling up our smaller manufacturing firms to compete on a global scale, could truly rejuvenate the economy over the next decade and create the well-paid and high-quality jobs we need here in Wales.