Utah Trade Delegation Travels to Republic of Korea and Japan to Forge Economic Ties
Utah hosted visits this summer from the consul general of South Korea and Japan to talk about opportunities with local businesses ahead of the trade mission.
SALT LAKE CITY (Sept. 23, 2024) — Gov. Spencer Cox is leading a delegation of 47 Utah businesses and organizations on a trade mission to Seoul, South Korea, and Tokyo, Japan, from Sept. 24 to Oct. 4, 2024. This mission aims to forge economic ties in key sectors, including manufacturing, aerospace and defense, life sciences, innovation, financial services and fintech. This visit builds upon previous governor-led trade missions to South Korea in 2018 and Japan in 2019.
In anticipation of the trade mission, Utah has hosted visits from Lim Jung-taek, Republic of Korea consul general, and Mikami Yoichi, Japan consul general, to discuss opportunities with local businesses.
Utah recognizes the economic potential of stronger ties with South Korea for future trade and development. As a strategic gateway to the Indo-Pacific region, South Korea offers Utah businesses access to new markets. With a vibrant community boasting more than 35,000 Korean Americans and over 200 companies already doing business with South Korea, the foundation for continued Utah-South Korean collaboration is stronger than ever. Additionally, the University of Utah’s Asia Campus is celebrating its 10th anniversary this year, paving the way for future academic and research partnerships. The delegation will attend a luncheon celebrating this partnership during their visit.
As a leading investor in the U.S. and a global hub for advanced industries, Utah acknowledges Japan’s vital role in expanding economic opportunities globally. Utah has a vibrant community of over 25,000 Japanese Americans and is uniquely positioned to strengthen its international ties with Japan. The launch of the U.S.-Japan Economic Policy Consultative Committee aims to align critical and emerging technologies like artificial intelligence, quantum computing, and biotechnology. Additionally, Japan’s new economic security legislation creates opportunities to expand Utah’s high-tech and dual-use technology firms.
Gov. Cox’s 2023 trade missions to France, the United Kingdom, and Mexico generated $193.25 million in New Trade Opportunities (NTO) for Utah. These missions facilitated 208 high-level business meetings across the three countries, involving more than 41 Utah-based companies and organizations. These successful outcomes underscore Utah’s growing influence and competitiveness in international business, significantly expanding the state's global economic footprint.
Organized by the Governor's Office of Economic Opportunity and World Trade Center Utah, international trade missions and shows reinforce Utah’s commitment to foster global partnerships and drive economic prosperity. The return to South Korea and Japan demonstrates Utah’s dedication to nurturing long-term economic partnerships in these key Asian markets.
ABOUT WORLD TRADE CENTER UTAH
World Trade Center Utah is a private, nonprofit organization that’s mission is to accelerate growth for Utah companies through our global network, programs and services. Officially joining the World Trade Center Association in 2007, the organization has helped companies throughout the state actualize their global potential and was recognized with the 2021 President’s “E” Award for Export Service — the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports. For more information, visit wtcutah.com or follow @WTCUtah on Twitter, LinkedIn, Instagram and Facebook.
About the Utah Governor's Office of Economic Opportunity
Under Gov. Spencer J. Cox’s direction, the Governor’s Office of Economic Opportunity provides resources and support for business creation, growth, and recruitment. It also drives increased tourism and film production in Utah. As stewards of the world’s best economy and quality of life, the Economic Opportunity office utilizes federal, state, and private sector resources to administer programs in areas demonstrating the highest potential for economic development and the most opportunity for Utahns.
