June 2020 Newsletter
As a result of Utah’s early efforts to both crush the curve and flatten the economic dip, Utah has earned national recognition for the manner in which we have navigated the challenges we’ve experienced over the past few months. Thanks to this success and all of our commitment to support public health measures that are essential to ensure we remain on the path towards recovery, Utah companies are in a position to find success re-engaging internationally, jumping back into global markets from a position of relative strength.
We know that companies that engage in international business during times of economic downturn are far more resilient than those that do not, and World Trade Center Utah is excited to announce that we are moving full-steam ahead with many global opportunities designed to strengthen Utah businesses.
Most notably, we are working with the Governor’s office and our partners in Saudi Arabia and the United Arab Emirates to identify potential dates to reschedule the Governor-led trade mission to Saudi Arabia and the United Arab Emirates – originally scheduled for April – for later in the year. Nothing is confirmed yet, but we are working towards that end. The cities of Riyadh, Abu Dhabi and Dubai offer tremendous opportunities for Utah companies to increase their sales and connect with new partners throughout the Middle East and South Asia.
In the meantime, World Trade Center Utah is continuing to offer innovative solutions for international connections. Without leaving home, companies are invited to represent the Utah business community in our virtual trade missions and connect with business leaders, experts and opportunities abroad.
We invite Utah’s businesses to participate in the following virtual trade missions and gain insight from in-country experts that will help launch or grow your business in new markets. We are accepting registrations NOW for the India trade mission and will send updates on the others as we get closer to those dates.
Virtual Trade Mission to India: June 17th, July 1st, and July 8th
As the second-fastest-growing economy in the world, India will be more resilient to the current economic downturn than other Asian countries. The US Commercial Services group in New Delhi will provide a market overview and discuss the primary industries where there may be opportunities for Utah companies to break into the Indian market. Participants will also hear from local market business and government leaders as they share their perspectives on business and investment opportunities in India. Lastly, Dezan Shira & Associates will speak on the supply chain in India. Click here to learn more and register now.
Virtual Trade Mission to Israel: July 13-17
The United States is Israel’s single largest trading partner. In 2018, U.S. exports of goods to Israel were $13.7 billion, a 9% increase over that figure in 2017. This trade mission will focus on the current business environment in Israel, touch briefly on the political environment, and address opportunities for Utah companies to conduct business in Israel. There will be breakout sessions where experts focus on the following industries: technology and innovation, defense and security (including cybersecurity), water and life science and healthcare.
Virtual Trade Mission to Australia: August 10-11
Australia was the United States’ 16th largest goods export market in 2018. U.S. goods exported to Australia were $25.3 billion. Austrade will provide an overview of the economy and investment opportunities in Australia and then speak specifically about technology and immediate investment opportunities available in that industry.
Virtual Trade Mission to Canada: September 14
The United States and Canada enjoy the world’s largest and most comprehensive trading relationship that supports millions of jobs in each country and constitutes a $1.6 trillion bilateral trade and investment relationship. This trade mission will address opportunities for investment and partnership in the following industries: life science, advanced manufacturing, supply chain, and technology and entrepreneurship. In addition to the Consul General’s office giving a market overview of Canada, there will be a panel discussion where the cities of Toronto, Montreal and Vancouver each have representatives that speak on behalf of their respective cities regarding each of these industries.
Trade information provided by the Office of the United States Trade Representative, the U.S. Commercial Service, and the International Trade Administration.
Utah Companies Find Success at ISPO Munich, January 2020
Eight local outdoor product companies represented the state of Utah at ISPO Munich 2020 last January. Their hard work resulted in 350 meetings, 50 prospects, and approximately $3.4m in new trade opportunities. Each of the companies has been able to create international connections and partnerships, and those connections have helped them withstand COVID-19 headwinds.
Coalatree, Dark Energy, Pivot RnD, UltrAspire, Gnarwalls.com/Buzz Graphics Inc., Nomatic, Sawtooth Tonneau LLC, and DPS Skis also exhibited at the show. All companies were recipients of the State Trade Expansion Program (STEP) Grant, which is funded in part through a grant with the U.S. Small Business Administration. The STEP Grant is administered by World Trade Center (WTC) Utah in order to help small businesses build capacity for international trade. WTC Utah accompanied the businesses at the trade show and helped facilitate meaningful interactions with potential customers and partners.
Nomatic, a high-end luggage and backpack brand, received a large number of orders from new companies in addition to signing an exclusive distributor agreement for the countries of Switzerland, Austria and Germany. Sales Director of Nomatic Todd Switzler later said, “Considering the impact of coronavirus, it is very likely that had we not gone to ISPO we would not have been able to make this deal happen at all this year.”
More than 2,800 international exhibitors presented their latest products to nearly 85,000 visitors from 120 countries at ISPO Munich. For 50 years, the ISPO Munich Trade Show has been the leading international sports trade fair and has shown the entire range of sporting goods, sports shoes and sports fashion as well as the latest trends in the segments Snowsports, Outdoor, Health & Fitness, Urban, Teamsports, Vision, Trends, Innovation & Industry Services and Manufacturing & Suppliers.
Click on the Utah Outdoor companies that exhibited at ISPO Munich 2020 below to learn more about them.
Virtual Trade Mission to India: June 17th, July 1st, & July 8th
Connect directly with business and government leaders from India through various webinars on topics related to doing business or expanding your business in India without leaving your home, hosted by World Trade Center Utah.
Despite being ranked fifth-largest in the world by nominal GDP, India’s economy is still characterized as a developing market economy. U.S.-India trade expanded to $142.1 billion in goods and services in 2018 against a backdrop of Indian GDP growth of 7.1 percent. In 2017, India-sourced Foreign Direct Investment into the United States was valued at $13.1 billion. There are tremendous opportunities to create international partnerships with India and elevate your company’s global status. As the second fastest-growing economy in the world, India will be more resilient to the current economic downturn than other Asian countries, so plan to act now and participate in India’s prosperity.
Virtual Trade Mission participants will represent the state in an effort to generate new business opportunities. We encourage you to register now! Once registered, participants will be able to connect with World Trade Center staff to customize their Virtual Trade Mission experience and help shape the discussion.