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Rishi Sunak and Liz Truss will face questions from Welsh Conservative members in a hustings later.
Wednesday's event in Cardiff marks the first time either has visited Wales since the contest began.
It follows a row over a quickly-abandoned policy from Liz Truss on regional pay for public sector workers.
The winner of the contest will be declared on 5 September, and will replace Boris Johnson as prime minister.
Of the contenders Mr Sunak has wider support among MPs and MSs in Wales.
Backers include former Welsh Secretary Simon Hart, Brecon and Radnorshire MP Fay Jones, Montgomeryshire MP Craig Williams and Senedd Tory chief whip Darren Millar.
Ms Truss, who is foreign secretary, is supported by Clwyd West MP David Jones and Senedd members Janet Finch Saunders and Laura Anne Jones.
In a column in the Western Mail on Tuesday Mr Sunak said a government led by him "would be the most active UK government in Wales in history".
He backed calls for a Wales Covid inquiry, and criticised plans for more Senedd members.
The same day Ms Truss announced proposal to link public sector pay to local living costs.
It faced criticism from some Conservatives, including Simon Hart who claimed 430,000 workers in Wales, including police officers and the armed forces, faced a "near £3,000 pay cut". The plan was later ditched by Ms Truss.
"I never had any intention of changing the terms and conditions of teachers and nurses," she said.
'She will put money back in people's pockets'
Janet Finch Saunders, Aberconwy MS, said she "took her hat off to someone who isn't afraid if they have gone back and thought, do you know what, that isn't going to work".
Supporter David Jones said: "People across Wales are feeling real financial pain in the wake of the pandemic. Liz understands that this is no time to be piling more taxes on them.
"She will reverse the National Insurance increase and suspend green levies on energy. That will put money back in people's pockets now - when they need it - rather than giving them vague promises of possible tax reductions in years to come."
Welsh Labour's Shadow Welsh Secretary Jo Stevens welcomed the pair to Cardiff, but said: "Neither Liz Truss nor Rishi Sunak has had anything to say about Wales during this campaign, but their record of 12 years of Tory neglect tells us all we need to know: a high-tax, low-growth economy and the biggest drop in living standards since records began."