Cologne's status as a 'place to be' for young people gives the city an advantage when it comes to digital and hi-tech industries, a fact not lost on the likes of Electronic Arts, IBM and Microsoft, which are located within the city.

Cologne's reputation as a strong trade destination dates back for centuries, but more recently the city has made its name through its hosting of trade fairs and conferences at its huge Koelnmesse exhibition centre.

The continued presence of other leading aerospace and aviation companies, close proximity to three large airports and close links with educational establishments combine to give Cologne confidence that its aerospace sector can rise above the loss of Lufthansa’s headquarters. 

Iceland's cool climate has helped the country carve a niche as one of the world's most cost-effective destinations for data centres. Now, it is looking to exploit its other quirks – such as its near-complete reliance on renewable energy – to attract more foreign investment.

The decline of once-dominant telecommunications giant Nokia had grim repercussions for the Finnish city of Tampere, in which it employed 4000 people at its peak. However, with an educated, highly skilled workforce, and its innovative streak still fully intact, Tampere is filling the 'Nokia gap' with a number of exciting projects.

For as long as he has been operating in the country, the founder and co-owner of Istil Group, Mohammad Zahoor, says that Ukraine has faced problems. Which is why, despite having business assets seized as a result of current political frictions, he is pressing ahead with existing projects in the country and optimistically predicting that a resolution to the current hostilities with Russia is on the horizon.

A year after his first visit, Michal Kaczmarski returns to Cardiff Capital Region, tracking the changes in the region's economic development landscape.