Utah Gov. Spencer J. Cox met with the United Kingdom’s Trade Minister Nigel Huddleston to sign a Memorandum of Understanding (MOU) to boost trade and investment with the United Kingdom.
“We have an excellent working relationship with the British Consulate in Los Angeles and our counterparts in the U.K.,” Gov. Cox said. “This agreement will lead to a broader exchange of best practices, government-led missions, private-sector partnerships, academic cooperation and capital investment, and we look forward to the increased collaboration.”
The U.K.-Utah MOU is the first to prioritize fintech as well as aerospace, supply chain resilience and life sciences. This MOU is the fifth such arrangement between the U.K. and a U.S. state and marks a milestone in the U.K. trade ties with Utah.
According to the Governor’s Office of Economic Opportunity, more than 10,700 Utahns are employed by U.K. subsidiaries and 38,330 Utah jobs are supported by exports to the United Kingdom. In 2022 alone, Utah exports to the U.K. exceeded $7 billion. The U.K. is Utah’s largest trading partner (in terms of exports from Utah to the U.K.).
“Our MOU with Utah builds on our existing strong relationship and unlocks new opportunities for British businesses, particularly those in the fintech sector in which Britain is a global leader,” International Trade Minister Nigel Huddleston said. “The MOUs we have agreed with U.S. states are already helping U.K. businesses grow their commercial links across the Atlantic.”
The state-level trade pact will strengthen Utah’s trading relationship with the U.K., unlocking opportunities for businesses to export more and encourage investment opportunities, which will in turn drive economic growth and create jobs.
Earlier in the week, Gov. Cox also signed a Letter of Intent (LOI) with President Renaud Muselier of France’s Region Sud. The LOI formalizes Utah’s relationship with Region Sud, an area that shares Utah’s leadership in tourism and innovation. The LOI includes establishing a partnership between a natural park in Utah and a natural park in Region Sud to exchange best practices in tourism. Both Utah and France also agreed to explore collaboration in new technologies, innovation, and health care.