The Welsh Government is refining its approach to regional development, adopting a regional lens directed to four regions to better allocate resources and address local needs. This OECD Multi-level Governance Study – a follow up to the 2020 OECD report The Future of Regional Development and Public Investment in Wales, United Kingdom – summarises the progress Wales has made to advance this regional lens, and identifies key areas of attention going forward. It synthesises the results of a vision-setting exercise, capacity-building workshops with the national government and regional bodies, and a multi-stakeholder workshop on collaborative working among Welsh regional development actors. This report identifies enablers for the effective use of a regional lens in Wales, including robust regional data, long-term and future-oriented objectives, effective co-ordination across Welsh Government policy areas related to regional development, capacitated regional structures, and trust and collaborative working among levels of government. The report's insights on establishing strategic direction and fostering collaboration among national, regional, and local levels could be valuable for countries exploring ways to optimise regional development policy, including in the face of resource constraints.