Joint statement by World Trade Center Utah President and CEO Derek B. Miller, Commissioner of Agriculture and Food LuAnn Adams and Utah Governor’s Office of Energy Development Executive Director Dr. Laura Nelson
The recent announcement of a trade deal that will allow U.S. beef and natural gas exports into China is a big win for Utah companies. This change will lead to new opportunities in a country that is already one of Utah’s top trading partners.
Agriculture production and processing make up approximately 15 percent of total Utah GDP, and the cattle industry represents a sizable percentage of that. Many hard working, family-owned cattle ranchers across the state will have access to millions of new potential customers with this change. As exports increase, so will the stability of Utah’s economy. It is exciting to think about the positive reverberations this will have in rural communities.
PMI Foods, a global enterprise located in Salt Lake City, is an example of a company that will see a boom in business thanks to this trade agreement. Offering a range of food products, PMI Foods is already positioning itself to jump head first into this new market for beef.
Energy also plays an important role in Utah’s continued economic growth. As the Crossroads of the West for energy development and innovation, Utah is in a unique position to expand its global energy partnerships.
Currently the state ranks 11th in the nation for natural gas production, contributing 408 billion cubic feet. Utah is home to abundant natural gas storage options, including innovative underground salt caverns, supplying highly flexible natural gas storage services. As a key regional player, Utah stands poised to provide solutions to energy and population demands within the U.S. and beyond.