Gov. Gary R. Herbert was the leader of a trade mission that just returned from a trade mission to Japan and Hong Kong. Representatives from 22 Utah companies and organizations joined Herbert on the trip organized by the World Trade Center Utah (WTCUtah) and the Utah Governor’s Office of Economic Development (GOED). Japan was selected for its vast trade opportunities and stable economy.{mprestriction ids="1,3"}
Japan boasts the world’s third-largest GDP and trade between the United States and Japan is robust. As of 2017, U.S. investments in Japan were approximately $129.06 billion and Utah’s exports to Japan have had a five-year 45.75 percent increase to $805.5 million in 2017.
“The importance of international trade for Utah’s economy must not be underestimated,” said Herbert. “Trade is particularly critical when we consider our relationship with Japan, Hong Kong and other Asian regions. As we strengthen our trade ties with our international partners, we are indeed strengthening our own state.”
As a lucrative market for aircraft, aircraft parts and engines, U.S. firms have an overwhelming presence in Japan due to long-standing relationships with domestic manufacturers and trading firms. Additionally, Mitsubishi Heavy Industries/Aerospace (MHI Aerospace) is increasing its investments into the United States. Members of the delegation from the aerospace industry met with MHI Aerospace to discuss the rapid growth of Utah’s aerospace industry and opportunities for Utah aerospace companies to build commercial ties with Mitsubishi.
“Parallels between Utah and Japan’s thriving industries are abundant,” said Miles Hansen, president and CEO of World Trade Center Utah. “Aerospace, life sciences and energy are top priorities for both markets, and each excels at innovation in these areas.”
While in Japan, the delegation met with key investors, government officials, business leaders and trade associations to forge relationships and explore opportunities for Utah to expand its economic footprint in Asia and to attract more Japanese investment to Utah.
“Trade missions are a valuable economic development tool,” said Val Hale, executive director of the Utah Governor’s Office of Economic Development. “They provide a unique opportunity for Utah business leaders to meet and build relationships with leaders from around the globe. I’ve seen successful outcomes following each trade mission.”
Other members of the delegation, including Laura Nelson of the Governor’s Office of Energy Development, met with Mitsubishi Hitachi Power Systems (MHPS) and Mitsubishi Heavy Industries (MHI). In May of 2019, MHPS and Utah-based Magnum Development announced an initiative to launch the Advanced Clean Energy Storage project in central Utah — the world’s largest project of its kind. The project will incorporate 100 percent clean energy storage, deploying utility-scale technologies, which include renewable hydrogen, compressed air energy storage, large-scale flow batteries, and solid oxide fuel cells. During the meeting, the group discussed ways to strengthen this partnership and expand Mitsubishi’s investments in Utah.
Before joining Herbert in Japan, Justin Harding, the governor’s chief of staff, and Hale led the Utah business delegation to Hong Kong. U.S. foreign direct investment in Hong Kong was $81.2 billion in 2017, a 17.8 percent increase from 2016.
Continuing the discussion of global trade logistics, the delegation met with Orient Overseas Container Line (OOCL), a Hong Kong-based container shipping and logistics service company that is one of the world’s largest shipping companies and has its North American headquarters in Utah.
With the support of World Trade Center Utah, the Utah Governor’s Office of Economic Development, Zions Bank, the U.S. Commercial Service, the U.S. Small Business Administration and the Utah Governor’s Office of Energy Development, those participating in the mission included Alegra Learning Inc., Applied Composite Technology Aerospace Inc., Coalatree LLC, Colliers International, CommGap International Language Services, DPS Skis, Hand Out Gloves, Laub’s Feeding and Cubing, law offices of Thomas N. Jacobson, Marcia Ling and Associates, Modal Living, Nu Skin Enterprises, Rakuten Bank America, Rezzimax LLC, Rhodes Ward Agro, Sno-Go, Sunwarrior and the Utah Farm Bureau Federation.{/mprestriction}
