December 19, 2016      wtcutah.com   Facebook Twitter   LinkedIn   Instagram

Helping Utah Companies Think, Act and Succeed Globally

CEO Derek Miller

President's Message
Derek B. Miller, World Trade Center Utah

We recently calculated our year-end numbers and are happy to report that we helped nearly 200 Utah companies with their international expansion efforts during 2016. And while we are thrilled to have worked with that many companies, we want to help even more in 2017.

We are progressively getting the word out that World Trade Center Utah has a dedicated trade services team that will consult with companies one-on-one for no cost, thanks to the generosity of our WTC Utah Board and business members. The trade services team connects companies with appropriate resources and provides them with market research to help them export. It's an invaluable offering and we hope you will share our message that this service is available.

As you know, the goal at WTC Utah is to help Utah businesses think, act and succeed globally. Our trade services team is an integral part of that effort. If you have questions about exporting or international markets, email the team at exportassistance@wtcutah.com. We are here to help!

Happy exporting!

Going Global: IRH USA

As the expert in heavy haul, IRH USA has the distinction of hauling the largest loads ever permitted on roads in Utah and New Mexico – more than 1.8 million pounds gross vehicle weight – as the company hauled two transformers built in China to a substation associated with a wind farm near Monticello.

But IRH, with its 85 employees in two offices in Utah and satellite office in Houston, is also distinctive for its millwright, machinery installation, machinery moving and heavy rigging services, which its customers have come to rely on for more than 20 years. Further, IRH offers warehousing, freight brokerage, crating and packaging services through its logistics department, heavy transport services through its heavy haul division, and transformer and other power equipment decommissioning services through its power asset recovery division.

Steve Knight, a managing member at IRH, says the firm is a full-service company providing transportation, warehousing, trans-loading and storage services from Mexico to Canada, however, most of its work is performed within the United States – often for foreign companies either purchasing production equipment in the U.S. or delivering production equipment to customers in the U.S. Canada is one of IRH's predominant markets. Crews from the IRH power asset recovery division have worked in Canada decommissioning power plant equipment and transformers, and the company often delivers large loads in Canada.

Meanwhile, the IRH logistics department serves the needs of other U.S. exporters by packaging and loading items, most often machinery, for export and specializes in payloads that weigh up to one million pounds. For more information about IRH visit www.irhusa.com or call 800-334-2409.

Seminar: Opportunity Thailand

The Thailand Board of Investment (BOI) will hold an "Opportunity Thailand" seminar on Wed., Feb. 15 in Muang Thong Thani, Bangkok Thailand.

Opportunity Thailand is the biggest event for companies that are interested in exploring investment opportunities in Thailand or expanding in Asia. Participants will hear from the country's decision makers regarding how the new growth model of Thailand 4.0 and investment promotion policy would benefit them. For more information contact Mr. Surasak Pengtam, assistant investment promotion officer, 323-960-1199 or boila@sbcglobal.net.

Keyword at Thought Leader Symposium: Uncertainty

The future of tax policy, international business, energy, finance and healthcare under a Trump administration were discussed during Wednesday’s Thought Leader Symposium hosted by World Trade Center Utah (WTC Utah) and Zions Bank. Uncertainty was the key takeaway because the incoming president has a history of being unpredictable.

All of the panelists gave Utah a current A or B grade in the topics they were asked to cover, but the outlook moving forward was not so definitive. Questions were asked about protectionist policies, proposed tax cuts, the future of the affordable care act and anticipated changes to air quality policy and energy development opportunities.

Titled Utah’s Economy Under a Trump Administration, the Thought Leader Symposium was attended by 200 business and community leaders. It was the fourth Thought Leader Symposium of 2016. The event was produced in partnership with the Salt Lake Chamber, Governor’s Office of Economic Development, EDCUtah and Governor’s Office of Energy Development. A recording of the event can be viewed on the WTC Utah Facebook page.

WTC Utah and EDCUtah Co-host 'What's Up Down South Economic Summit' Reception

Are you attending the "What's Up Down South Economic Summit" on Jan. 12 in St. George? The summit is the go-to source for economic development information and activity taking place in the southwest region of the state. While making plans for your attendance, allow time to join World Trade Center Utah and the Economic Development Corporation of Utah (EDCUtah) on Jan. 11 for a pre-summit reception from 5-7 p.m. at Entrada at Snow Canyon.

The Entrada reception is the perfect networking opportunity, as you will be joined by government, civic, education and business leaders from across the state in a casual, festive atmosphere at the feet of Snow Canyon's majestic cliffs. Register as WTC Utah's guest here.

Toolbox: Doing Business in Hong Kong

In 2016, World Trade Center Utah launched its "Doing Business In" newsletter article series. These articles highlight one of Utah's top export destinations and help navigate the opportunities and challenges the market presents.

Hong Kong has historically been among the top exporting destinations for Utah and in recent months has secured itself as the top destination for Utah's exports. In 2015, Utah exported $13 billion worth of goods worldwide, 15 percent of which were exported to Hong Kong.

Challenges
Hong Kong is facing increasing competition from mainland China, even in areas where Hong Kong has been dominant, including logistics, financial services and container port operations. Additionally, more foreign firms are now bypassing Hong Kong to do business directly in China.

Opportunities
Hong Kong has $16 billion worth of public infrastructure projects in various planning or execution phases. These projects include expanding a university, rail lines, airports and city improvement plans. This expanding infrastructure offers opportunities to foreign companies in a variety of industries, including equipment, consulting and technology. U.S. companies may promote their own products and services or create joint partnerships. Hong Kong is also home to many private procurement agents and purchasing offices for projects in China. Utah's top exports to Hong Kong are metals, food and electronic parts.

Market Entry Strategy
The U.S. Commercial Services offers a few clear pieces of advice for entering Hong Kong in its country commercial guide. Serious exporters should take the time to learn about Hong Kong's business environment. Decisions are made quickly in Hong Kong and fast responses may be needed to stay competitive.

Working through agents or distributors may be the best way to break into the Hong Kong market. Agents and distributors employed in Hong Kong may also cover nearby markets such as China or Macau. Interested parties may want to investigate attending the Asia Pacific Rail 2017 trade show in March 2017.

For more information, or for any other help with your international expansion efforts, please contact the WTC Utah trade services team at exportassistance@wtcutah.com.







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