World Trade Center Utah, in partnership with the Governor’s Office of Economic Development, is coordinating an official state trade mission led by Governor Gary R. Herbert to Hong Kong and Japan. Both regions offer tremendous opportunities for Utah companies interested in increasing their footprint in Asia.
The trade mission will take place from September 13 through September 21, 2019.
This international trade mission will give delegates seeking business opportunities in Asia unparalleled exclusive access to companies, government agencies, and officials in the market. After a thorough market analysis and connecting with experts in the regions, we have determined to focus on the following key industries: Outdoor, Life Sciences and Financial Services. Whether or not your company lies outside of these industry sectors, apply for the trade mission and we will work with you to accomplish your objectives.
The deadline to register for the trade mission is Friday, June 21, 2019.
Why Hong Kong?
Hong Kong has healthy purchasing power parity, coming in at $455.9 Billion. U.S. foreign direct investment in Hong Kong (stock) was $81.2 billion in 2017, a 17.8% increase from 2016. U.S. direct investment in Hong Kong is led by nonbank holding companies, wholesale trade and finance and insurance.
Hong Kong relies heavily on imports to satisfy its medical equipment needs since the city’s medical equipment production is low. Total medical equipment imports in 2017 amounted to US$2.08 billion, representing an increase of 4.6 percent over 2016. The United States was the market leader in the high-end market segment, capturing about 23 percent of the total import market in 2017, an increase of 1.2 percent of total market share from 2016.
Hong Kong is a leading market in terms of cloud adoption rates, penetration of advanced solutions and a regional hub for the provision of cloud services. In a recent report published by the Asia Cloud Computing Association, Hong Kong was named the most prepared APAC location in implementation of cloud computing, scoring high in the indexes of addressing data privacy issues, connectivity and data center risk management.
Japan boasts the world’s third largest GDP and a robust purchasing power parity, coming in at $5.443 Trillion. Trade between the United States and Japan is robust; In 2017, the U.S. investments made in Japan were valued at approximately $129.06 billion U.S. dollars. On the flip side, Utah’s imports to Japan have had a five year 45.75% increase to $805.5 Million in 2017, which shows Japan as a healthy destination for Utah goods.
The Japanese market for prescription and nonprescription pharmaceuticals in 2017 totaled $95 billion (up 2.3 percent from 2016 in yen terms). The market is expected to remain one of the largest due to continued demands for drugs from Japan’s aging population.
Japan continues to offer a lucrative market for imported aircraft, aircraft parts and engines. U.S. firms have an overwhelming presence in the market due to long-standing relationships, some spanning over 60 years, with domestic manufacturers and trading firms. U.S. firms are presented with opportunities in the market as the Japanese industry undertakes international projects, develops transport and patrol aircraft for defense and develops small jets and small jet engines for civil aviation.
Participation fee: There is a required $850 participation fee for each company participant who attends the trade mission. Fee will be due at time of registration.
This cost includes:
All official trade mission events and material
Hotels: There will be a select WTC Utah hotel for the delegation. Negotiated rates will align closely with $300-$350 per night. Additional information will be relayed as trade mission approaches. Stay tuned.
Participants who choose NOT to stay at the trade delegation hotel are responsible for booking their own accommodations.
Flights: Participants are responsible for booking and paying for their own flights. WTC Utah has recommended the following flights but you are welcome to choose any flight you prefer.
Flight #1 (Flight: Multi-city – Delta)
SLC>HKG (Hong Kong)
Date: Friday, September 13
Departing: 8:55 AM from SLC
Arriving: 10:30 PM to HKG (Arrives Next Day, Saturday)
Flight Number: DL 2379, DL 199, DL 7897
*Please note that Delta changed the first flight number and time from what was previously mentioned
Leg #2 (Flight: Multi-city – Delta)
NRT (Tokyo) > SLC
Date: Saturday, September 21
Departing: 4:10 PM from NRT
Arriving: 2:07 PM to SLC
Flight Number: DL 68, DL 847
Flight #2 (Flight: One-way flight – Cathay Pacific (American Airlines Partner))
HKG > HND (Haneda, Tokyo)
Date: Wednesday, September 18
Departing: 8:45 AM from HKG
Arriving: 1:55 PM to HND
Flight Number: CX 548
Cultural Excursion: Participants have the option of joining the trade delegation for cultural excursions in both Hong Kong and Tokyo.
Delegates who wish to participate will be required to provide a $100 fee per participant.
Gold Key: The U.S. Commercial Service’s Gold Key Service is an additional cost (please see the Gold Key tab to the left of the screen).
Gold Key Service
The Gold Key Service through U.S. Commercial Service provides Utah companies traveling as part of the state’s trade mission to Hong Kong & Japan with pre-screened appointments to establish relationships with potential overseas agents, distributors, sales representatives, business partners and other local entities in-country.
You must be an established, export-ready U.S. company seeking to export goods or services of U.S. origin or that have at least 51% U.S. content to utilize this service. All applicants will be screened by the Embassy or Consulate to ensure there is a viable market for their product/service before the service is accepted.
The fee for a Gold Key Service is $950 for up to five meetings for small companies. If local demand is high for a product/service and warrants a second day of meetings, that day can be scheduled for $350.
The fee includes:
Pre-trip debriefings with U.S. Commercial Service trade specialists in the market on your product/service.
Up to five pre-screened appointments to establish relationships with potential overseas agents, distributors, sales representatives, business partners and other local entities in-country in your industry.
Post-meeting debriefs onsite with trade specialists and assistance in developing appropriate follow-up strategies.
The fee for the service does not include other direct costs, such as translation, transportation, use of contractors, catering and venue rental. These costs will be made known to the applicant if applicable.
Appointments with prospective trade partners in key industry sectors
Post-meeting debriefing with trade specialists and assistance in developing appropriate follow-up strategies
The fee for the service does not include other direct costs not included in the service description, such as translation, transportation, use of contractors, catering and venue rental.
Deadline for this registration is June 21, 2019.
U.S. Commercial Service (Gold Key) Contact:
Day 1: September 13
Depart Salt Lake City for Hong Kong. Leave the morning of September 13th.
Day 2: September 14
Arrive in Hong Kong on September 14. Check-in to hotel.
Day 3: September 15
This will be a rest day. Enjoy time on your own getting to know this breathtaking city. Visit the city’s center, where the world’s prettiest views can be seen. This day/evening will be free for exploring Hong Kong or you can join the optional cultural excursion arranged by WTC Utah.
Day 4: September 16
The day will start with a Market/Country Briefing with experts from the region. That will be followed by site visits to premier companies in Hong Kong, business to business matchmaking meetings and your own individual research and meetings. The evening will end with a Governor’s Networking Reception.
Day 5: September 17
There will be a Market/Country Briefing in the morning followed by Gold Key meetings, B2B meetings, site visits and Governor meetings. In the evening, the Governor’s Networking Reception will be attended by industry sector leaders and government officials.
Day 6: September 18
Morning flight to Tokyo, Japan. The day is free for you to choose either business meetings in the evening or cultural activities.
Day 7: September 19
The morning will consist of Gold Key meetings, B2B meetings, site visits, and Governor meetings, with free time in the evening.
Day 8: September 20
This morning will be business focused. In the afternoon, there will be an option of joining WTC Utah’s cultural excursion or taking your own time to meet with business contacts.
Day 9: September 21
Return to Salt Lake City