Ogden, UTAH – According to the statement, the U.K.-Utah MOU is the first to prioritize fintech as well as aerospace, supply chain resilience and life sciences.
State officials also said that this Memorandum of Understanding 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.).
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.