Location
Seoul, South Korea
Tokyo, Japan
Dates
September 24–October 5, 2024
Building Connections in South Korea and Japan
A 47-member delegation from 20 Utah organizations recently wrapped up a high-impact trade mission to South Korea and Japan — two key markets in the Indo-Pacific region with strong potential for Utah businesses. Led by Governor Spencer Cox, the delegation participated in 119 industry discussions, B2B meetings, and roundtables with regional and national leaders. Here are a few highlights:
🎉 New Trade Opportunities*: Utah companies generated over $76.7 million in potential deals.
🏦 Finance delegation: 27 meetings with key players, such as PEN Ventures, Korea Venture Investment Corporation, Hanwha Asset Management, Goldman Sachs Japan, HSBC Japan, Standard Chartered Bank Japan, NEC, NCR Voyix, plus visits to major Korean and Japanese stock exchanges, to open doors for new funding partnerships.
✈️ Aerospace and defense: 25 meetings with global brands, including Panasonic, IHI, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, Hanwha Aerospace, Huneed Technologies, NTT, Sumisho, and Northrop Grumman, strengthening ties in this critical sector.
🩺 Life sciences: 22 meetings with organizations, including McKinsey, JNPMEDI, K-BioLab at Yonsei University, Mediso, PharmaLex, and Link-J, expanding reach in growing markets.
From deepening relationships to exploring emerging sectors, the trade delegation built a strong foundation for future growth and success in Utah business and industry for years to come.
*New Trade Opportunities (NTO) = $ Actual Sales and/or Sourcing + $ Prospective Sales and/or Sourcing + $ Actual Investment for Utah businesses resulting from trade and/or investment activity — as reported by businesses in client impact statements
Delegate Insights
Utah companies shared impactful experiences, building connections that expanded opportunities in the Indo-Pacific region and strengthening relationships among delegation members.
Halia Therapeutics: “These meetings gave me new insights and helped me build valuable relationships that I look forward to developing in the future.”
Nusano: “The collaboration with my peers during the trip was invaluable. The ability to discuss real-time opportunities and challenges while having immediate access to public and private leadership was impactful for my company. I come out of the trip smarter, with a stronger network and with a list of growth opportunities. Most importantly, they are relationships that I expect will last a lifetime.”
D-tect Systems: “Connections made with both the international companies and the Utah companies who participated were excellent. The most impactful was a meeting with a potential partner in Japan who is looking to sell $500,000 worth of our equipment in the next year.”
Interested in joining future trade delegations? Email intlprograms@wtcutah.com.
Media
🤝 Gov. Cox strengthens Utah-Korea ties during historic meeting with President Yoon Suk Yeol
🇰🇷✍🏻 Gov. Cox renews 41-year sister state relationship with Gyeonggi Province (한국어)
🇯🇵🔗 Utah governor calls for stronger U.S.-Japan supply chain cooperation
✈️ Delta to launch first-ever nonstop flight From Salt Lake City to Seoul
🙌 University of Utah Asia Campus celebrates 10th anniversary
🌐 JETRO Seminar: 米ユタ州セミナー、州別ビジネスランクトップ獲得の同州の魅力を知事が語る
📈 Japan Ministry of Economy, Trade and Industry: 松尾経済産業審議官が米国ユタ州のスペンサー・コックス知事及びユタ州の企業ミッション団と会談を行いました
Thank you to our partners
Special thanks to the many partners domestically and abroad whose time, connections, and sponsorships made this trade visit a success, including:
Coupang, Deseret Management Corporation (DMC), Japan External Trade Organization (JETRO), Jataki, Kitamura Economic Security, Korean American Chamber of Commerce Utah, Korea Trade-Investment Promotion Agency (KOTRA), Ministry of Economy, Trade, and Industry (METI), Northrop Grumman, Salt Lake City International Airport, Southern Utah University, Strider Technologies, University of Utah Asia Campus, U.S. Translation Company, Utah Inland Port Authority, and Zions Bank.
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.
Returning for the second year in a row, Governor Spencer Cox led a trade mission delegation of 34 Utahns to Mexico to strengthen ties with one of our most important trade partners.