Pictured: WTC Utah president and CEO Miles Hansen speaking at the 2018 Utah Global Forum.
If you haven’t yet registered for the 13th Annual Utah Economic Summit on May 17, you are running out of time to participate in one of the most exciting events of 2019. For the first time ever, this year’s summit is combined with the annual Utah Global Forum to produce the most comprehensive, high-profile forum for discussing the future of Utah’s economy. With over 130 spoken languages, more than $14 billion in exports and one of the fastest export growth rates in the nation, Utah has become a crossroads for international trade and investment, driving growth across the state.
The economic summit engages the state’s top leaders and decision-makers from business, government and academic communities with the most relevant business topics to help bolster the state’s robust economy. The mix of experts and policymakers in the room provides a unique platform for strategic dialogue about current economic impacts and future growth of Utah’s business communities.
The theme for the summit is “Global Connections – How Utah’s Business-Elevated Mindset Creates Success”. Utah’s role in the global marketplace will feature prominently in general sessions and breakouts, including a keynote speech by Deputy Secretary of the U.S. Department of Commerce Karen Dunn Kelley and a specific track of sessions focused on international trade, featuring a panel made up of Dr. Jesus Seade, Undersecretary for North America for the Mexican Ministry of Foreign Affairs, and Stephane Lessard, Consul General of Canada in Denver.
The Summit will also include keynote speeches from Gov. Gary R. Herbert; Carly Fiorina, chairman of Carly Fiorina Enterprises and former CEO of Hewlett-Packard; and Blake Larson, President of Northrop Grumman Innovation Systems. Attendees will leave the event better informed about Utah’s already strong track record of global exports and how local businesses can benefit from an international strategy.
Our mission is to lead Utah’s international business development and elevate Utah’s global status to promote prosperity and build economic resilience. To that end, we are especially excited to collaborate with the annual Utah Economic Summit because it provides an incredible breadth of content and brings together experts from across multiple industries. As a participant, you’ll be able to learn the best practices, network and build relationships to help you grow your business.
The Summit typically sells out, so I encourage you to register now. Use the promo code: WTCUPARTNER25 to save $25 on your registration price. Any questions about the event can be directed to Hannah Lowry at WTC Utah: firstname.lastname@example.org.
Going Global: AnalySwift
It’s a known fact that Utah has been a leader in the advanced composites industry for more than five decades. Now, a small startup is working to become an important player in that industry.
Launched as a spinoff from research at Utah State University, Georgia Institute of Technology and Purdue University, AnalySwift is making a name for itself in Utah, the U.S. and internationally for its unprecedented combination of efficiency and accuracy in multiphysics modeling. Founded in 2011 on that cutting-edge university technology, the West Jordan-based company’s uniquely powerful solutions provide customers with a competitive advantage through drastic reductions in engineering time, virtual testing earlier in the design process, and the handling of more complex advanced composite structures. Engineers can consider more design options and arrive at the best solution more quickly in order to accelerate time to market while reducing costs.
President and CEO Allan Wood says AnalySwift’s software technologies deliver the accuracy of detailed 3D finite element analysis (FEA) software at the efficiency of simple engineering models, cutting analysis time by orders of magnitude. In fact, the software is so efficient with its use of computational power that it performs magnificently on a typical laptop, as compared to the heavy computing demands of its competitors.
Much of the company’s software development occurred at USU and Georgia Tech, from which AnalySwift licensed the VABS software, while the company licensed its SwiftComp software from the Purdue Research Foundation. Wood says the VABS software is a tool for modeling slender composite structures like wind turbine and helicopter turbine blades. Meanwhile, the SwiftComp software is a general purpose, multiscale modeling tool for advanced composites products like beams, plates, shells and 3D structures – even space components like deployable structures on satellites. One of AnalySwift’s customers is a cell phone manufacturer that uses SwiftComp to design its circuit boards, which contain composites.
In March, AnalySwift leveraged a STEP Grant to join World Trade Center Utah and Team Utah at JEC World in Paris, France. JEC is the leading international composites trade show and served as a dynamic platform for AnalySwift leaders to meet with numerous customers and distributors, including a potential distributor from Turkey.
Wood says 60 percent of AnalySwift’s sales came from exports in 2018 and he expects continued international growth as the company builds its network of distributors across the globe. He also notes that the company is launching an academic partnering program with universities around the world to provide students and professors with free software licenses for composite modeling projects. For example, university students in Europe are using the software to morph helicopter rotor blades. Universities in the United Kingdom, the Middle East, China and Canada are among the many that have joined the partnering program.
What’s more, AnalySwift will sponsor the Society for the Advancement of Material Process Engineering (SAMPE) student bridge contest in May and provide student competitors with free licenses so they can perform rigorous simulation on their composite bridge projects.
For more information about AnalySwift visit www.analyswift.com or call 801-599-5879.
Market Highlight: Switzerland
As you contemplate taking your products to the world marketplace, you should think about doing business in Switzerland.
Switzerland is one of the wealthiest, most modern and stable countries in Europe. It also offers a competitive environment, one of the lowest tax rates, low inflation and high quality of life. Moreover, due to its strategic geographical location, Switzerland is an excellent gateway to European, African and Middle Eastern markets.
According to export.gov, the top U.S. exports to Switzerland include primary metals, manufactured commodities, chemicals, used or second-hand merchandise, transportation equipment and computer and electronic products.
Regarding the healthcare industry, export.gov reports that Swiss healthcare spending reached 12.7% of GDP in 2017, allowing opportunities for U.S. companies offering innovative medical and pharmaceutical products to the Swiss market. “U.S. companies may also find opportunities to supply global pharma companies based in Switzerland, including Novartis and Roche. An abundance of smaller entities and various med-tech companies are active as manufacturers, suppliers, service providers, and sales companies. About 46,000 employees are directly working for the Swiss pharmaceutical industry and another 55,000 are working in the med tech industry,” according to export.gov.
In the aerospace and defense industry, export.gov reports that U.S. companies account for roughly 30% of Swiss imports. Further opportunities for U.S. exporters exist, as the Swiss Defense Ministry relies on cooperation and expertise from foreign companies and Swiss aerospace and defense companies are generally open to broadening their base of U.S. suppliers.
“Local production of aerospace and defense-related products amounts to roughly $3 billion. RUAG, a state-owned enterprise, is a primary supplier to the Swiss armed forces. Switzerland’s sole aircraft maker, Pilatus Aircraft, develops and produces high-performance single-engine turboprops and private business jets. Approximately 30 Swiss manufacturers are involved in the development, production and assembly of structural components, systems integration and services for aircraft, helicopter and defense systems, and civilian aeronautics and space technology,” notes export.gov.
Focusing on equipment and machinery, export.gov reports that U.S. companies producing equipment and machinery (including ICT equipment) may find opportunities to supply Switzerland’s global corporations in the pharmaceutical (Novartis, Roche), chemical (Syngenta, Clariant, Firmenich, Givaudan), machinery (ABB), food processing (Nestlé), financial (UBS, Credit Suisse, Zurich Insurance, SwissRe) and commodity trading (Mercuria) sectors or small and medium enterprises requiring high tech machinery and equipment.
“Opportunities exist in the leading sub-sectors, including in the field of laboratory equipment, batteries and pumps, cloud computing (including software from the cloud), cybersecurity, the construction of data centers, blockchain applications, Internet of Things, Big Data, Health IT, Agro IT and Artificial Intelligence,” says export.gov.
The Swiss consulting company Sig Fiduciaire notes that the Swiss market is a good testing ground for the introduction of new high technology “and spends the most capital in the world in IT. Switzerland is also one of the world’s most advanced countries in research and development.”
As an interesting side note, the website Expatica.com reports that Switzerland has four official languages – German, French, Italian and Romansch. “Romansch is spoken by 1 percent of the population in the eastern part of the country. Swiss-German is a dialect spoken in all the German-speaking cantons, as well as in Ticino. It is the lingua franca of the population, although High German is what is taught in schools and read in newspapers.”
Utah also enjoys a strong connection with Switzerland, since the latter is one of the top five sources of foreign direct investment in Utah, next to Germany and in front of Canada. World Trade Center Utah will be expanding trade and investment opportunities between Switzerland and Utah with our Governor-led trade mission to Europe taking place this June. A delegation of Utah government, business and academic representatives and leaders will have the opportunity to engage in extensive networking, market briefing and site visits while on the trade mission with the primary goal being to continue building beneficial connections for both economies.
|May 11||Utah-China Trade and Investment Forum|
|May 16||Doing Business with Japan and Hong Kong Seminar|
|May 17||Utah Economic Summit|
|June 10-12||Select USA|
|June 10-14||WUSATA Canada
Inbound Trade Mission to Utah & Alaska
|June 12-22||Europe Trade Mission +
Paris Air Show
|Sept 13-21||Hong Kong and Japan Trade Mission|