On June 22, officials from the United Kingdom and Utah signed a Memorandum of Understanding (MoU) designed to foster cooperation and favorable trade policies between the two regions. This agreement focuses on boosting investment and trade in eight key sectors that align closely between the U.K. and Utah.
The MoU aims to enhance collaboration in fintech, aerospace, healthcare, health technology, supply chain resilience, academic cooperation, conservation, women’s economic empowerment, and workforce development, particularly in high-wage job sectors. Utah is now the fifth U.S. state to formalize such an agreement with the U.K. government.
“The primary goal of the MoU is to establish cooperative relationships with significant partners,” explained Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “We don’t engage in MoUs with foreign countries just for the sake of it.”
Starks’ office, along with other business leaders from Utah, undertook a trade mission to the U.K. in June, aiming to finalize the agreement. The group also attended the Paris Air Show, using the trip to strengthen connections with the U.K.
“From the data alone, we identified excellent opportunities for a more formal partnership,” Starks noted.
Franz Kolb, director of international trade, diplomacy, and protocol in the Utah Governor’s Office of Economic Opportunity, emphasized the long-standing relationship between the U.K. and Utah.
“I recall Margaret Thatcher’s visit to Utah years ago,” Kolb said. “The United Kingdom remains one of our largest investors, and a lot of effort went into formalizing this relationship.”
He highlighted that visits by ambassadors, consuls general, and industry leaders have played a crucial role in solidifying this connection over the years.
Paul McIntosh, CEO of the U.K.-focused business development firm Bridgehead Agency, remarked on the potential benefits for businesses in priority sectors due to direct-trade initiatives from the U.K. or state governments. “If your business operates in one of these priority sectors or trades broadly with the U.S., consider how your organization tracks developments like the MoU and engages with emerging policies early on,” he advised.
McIntosh stressed that his organization, focused on the go-to-market sector, must stay ahead of critical developments between both regions. He acknowledged that the emphasis on technology and innovation underscores shared interests between the U.K. and Utah.
“Both the U.K. and Utah have vibrant tech ecosystems,” McIntosh said. “This agreement paves the way for joint ventures, startup exchanges, and the transfer of cutting-edge technologies by fostering collaboration in research, knowledge exchange, and innovation-driven projects.”
Read the article on this by Utah Business here.
