Joint Statement by World Trade Center Utah President and CEO Derek B. Miller, Commissioner of Agriculture and Food LuAnn Adams and Utah Governor’s Office of Energy Development Executive Director Dr. Laura Nelson
SALT LAKE CITY – The recent announcement of a trade deal that will allow U.S. beef and natural gas exports into China is a big win for Utah companies. This change will lead to new opportunities in a country that is already one of Utah’s top trading partners.
Agriculture production and processing make up approximately 15 percent of total Utah GDP, and the cattle industry represents a sizable percentage of that. Many hard working, family-owned cattle ranchers across the state will have access to millions of new potential customers with this change. As exports increase, so will the stability of Utah’s economy. It is exciting to think about the positive reverberations this will have in rural communities.
PMI Foods, a global enterprise located in Salt Lake City, is an example of a company that will see a boom in business thanks to this trade agreement. Offering a range of food products, PMI Foods is already positioning itself to jump head first into this new market for beef.
Energy also plays an important role in Utah’s continued economic growth. As the Crossroads of the West for energy development and innovation, Utah is in a unique position to expand its global energy partnerships.
Currently the state ranks 11th in the nation for natural gas production, contributing 408 billion cubic feet. Utah is home to abundant natural gas storage options, including innovative underground salt caverns, supplying highly flexible natural gas storage services. As a key regional player, Utah stands poised to provide solutions to energy and population demands within the U.S. and beyond.
About World Trade Center Utah (WTC Utah)
The mission of World Trade Center Utah (WTC Utah) is to help Utah companies think, act and succeed globally. WTC Utah accomplishes this mission through three key objectives. First is to motivate and educate Utah businesses to expand their global presence through training seminars, regional forums and newsletters focused on international business development, trade issues and export opportunities. Second is to build capacity of Utah businesses for international trade through B2B consultations to identify expansion goals, assess current capabilities, determine overseas opportunities and connect companies with market experts and potential partners. Third is to expand global network of Utah businesses through trade missions and networking with foreign trade officials.
About Utah Governor’s Office of Energy Development (OED)
Governor Gary R. Herbert recognizes energy as one of the four cornerstones of Utah’s strength, along with education, job creation, and self-determination. In recognition of this priority, the Governor’s Office of Energy Development (OED) was created in 2011 to advance Utah’s diverse energy sector through planning, policy and direct engagement with the private sector; and thereby to foster economic growth through energy development and conservation activities and through the provision of affordable, reliable energy.
About the Utah Department of Agriculture and Food
With roots dating to 1921, the Utah Department of Agriculture and Food is one of the State’s oldest agencies. It oversees dozens of legislatively mandated programs that promote the healthy growth of Utah agriculture, the conservation of our natural resources and the protection of our food supply.