Vision Statement
Utah will lead the nation as the best performing economy and be recognized as a premier global business destination.
GOED takes a three-pronged approach to realizing Governor Herbert’s economic vision: BUSINESS OUTREACH & INTERNATIONAL TRADE • Works to identify and leverage specific industries and business “clusters” where Utah has competitive advantages. • Assists emerging and rural companies with business needs. Encourages development of Utah’s physical infrastructure and facilitates networking, access to human capital and financing sources. • Through the International Trade and Diplomacy Office, conducts activities such as trade missions to encourage expansion of international business opportunities for Utah companies and to attract foreign investment. CORPORATE RECRUITMENT & BUSINESS SERVICES • Focuses on retention and expansion of existing Utah companies, and the recruitment and relocation of new companies to the State. • Works with existing small businesses to generate opportunities by engaging with local PTAC and BRC offices.
Four Objectives • Utilizes incentives to companies, in the form 1. Strengthen and grow existing Utah businesses, both urban and rural of post-performance 2. Increase innovation, entrepreneurship and investment grants and tax credits, which are contingent 3. Increase national and international business upon the creation of 4. Prioritize education to develop the workforce of the future new jobs and the generation of new state tax revenue. Incentives are post-performance, disbursements made only after the company meets contractual performance metrics. • Incentives for film production have also become a determining factor in building the economic base of the Utah film industry. TOURISM, FILM & GLOBAL BRANDING • Focuses on publicizing Utah to key domestic and international markets through trade shows, sales missions and familiarization tours. • Promotes Utah to create a positive brand for the State, which attracts new businesses and assists Utah companies as they seek to market new technologies, increase international trade and generate economic activity. • Creates opportunities for production companies to utilize Utah’s scenic backdrop and skilled workforce for film, television, commercial and other uses.
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Governor’s Office of Economic Development • 2012 Annual Report • www.business.utah.gov
