International Trade and Diplomacy
OVERVIEW We are growing Utah’s economy through: 1. Foreign Direct Investment (FDI): facilitating FDI opportunities in Utah through the promotion of Utah’s dedicated workforce and vibrant economy to foreign investors. 2. Global Market Development: assisting Utah businesses to secure international business contacts and increase goods and service exports. 3. Diplomacy: facilitating diplomacy meetings for the state and leveraging diplomatic contacts to develop and expand foreign markets for Utah. Foreign Direct Investment Utah has a stable and business friendly climate. It consistently receives recognition for its low operating costs, high economic growth and excellent governance. Innovation, industry, education and good governance culminate in Utah to create a diverse and thriving economy that is now home to multiple world-class corporations. The continued importance of the U.S. market to global firms will continue to facilitate inward investment opportunities into the various States. Utah’s unique advantages provide excellent opportunities to bring many of those global companies here. Currently, there are 189 foreign firms from 29 countries doing business in Utah. Together, they employ over 36,000 Utahns across various industries. The top five countries for the number of foreign firms doing business in Utah represent 63 percent of the total foreign direct investment within Utah. These countries and the number of establishments in Utah are: Canada (37), the United Kingdom (25), Japan (20), Germany (19), and France (18). In the past year, our international trade strategy has continued to support export expansion while placing greater emphasis on increasing foreign direct investment in Utah. International Trade and Diplomacy Office (ITDO) has trade representatives in the European Union, China, Mexico and Israel. We continue to leverage diplomatic ties and connections with international site selectors to attract new companies to Utah. FY2015 international inward investment highlights include Oemeta, a German-based industrial machining company, which announced they will build a high-tech manufacturing plant in Salt Lake County. Over the next 7 years, the company is expected to create 58 new jobs, add approximately $560,000 in new tax revenues and invest $5 million in capital. Israel-based Micronet Enertec Technologies Inc. acquired Utah-based Beijer Electronics Inc., makers of MRM/FM rugged tablets. The $6.5 million acquisition included $4.85 million of bank funding and $1.65 million though Micronet’s own independent resources. 38
Governor’s Office of Economic Development • 2015 Annual Report • www.business.utah.gov
