Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Governor's Trade Mission Update: Day Three in the United Kingdom

 

November 17, 2021

The Governor's trade mission continued today for its final day in the United Kingdom with visits and events in London, England.

Today's events were focused on bringing the opportunities for growth in and trade with Minnesota to business leaders in the United Kingdom. The UK is a critical market for American trade of goods and services and foreign direct investment.

Commissioner Grove started the day with a tour of the Cambridge University Health Campus.

The U.K. was the state's 8th largest export market in 2020. Minnesota's major exports to the UK in 2020 were optic and medical ($110 million), machinery ($81 million), electrical equipment ($66 million), and pharmaceuticals ($43 million). These four areas represented over 60% of the state's exports to the U.K. The U.K. was the state's 11th largest source of imports in 2020. The state's main imports from UK were machinery ($187 million), electrical equipment ($39 million) and optic and medical goods ($35 million). These three areas represented almost 70% of the state's exports to UK.

Additionally, U.K.-based companies operating in Minnesota had $1.8 billion invested in plant, property and equipment, and generated 21,200 jobs for Minnesotans in 2018 – the 4th-highest investment level and 3rd-highest employment level by country for foreign-owned businesses. Overall, foreign-owned companies operating in Minnesota had $35 billion invested in plant, property and equipment, and generated 160,800 jobs for Minnesotans in 2018. These companies represented about 40 countries and operated at over 1,000 business locations.

More than 70 U.K. - based companies operate at more than 180 business locations in Minnesota, and more than 60 Minnesota companies operate at about 150 business locations in the U.K.

The Minnesota Department of Employment and Economic Development (DEED) recently launched a first of its kind coordinated campaign with businesses and economic development partners across the state, Build What Matters. The goal is to share with the world why Minnesota is a phenomenal place to build a business or advance your career, a point that was reiterated through today's events.

Minnesota is the problem-solving capital of the United States, we build businesses here we're passionate about, and work hard to make them succeed. In fact, if you start a business in Minnesota, it has a better chance of surviving beyond five years than in any other state in the nation, a compelling reason for businesses in Finland to grow their investments and expand in Minnesota.

Tomorrow the delegation will travel to Helsinki, Finland. Daily event updates will resume on Thursday, November 18th.

The trade mission to the United Kingdom and Finland will occur from November 13-19, 2021, with stops in the major business centers of London and Helsinki. The mission is focused on increasing state exports, promoting Minnesota as a premier destination for business investment, developing new business opportunities, and strengthening existing ties.

The trade mission is building off of the recently-launched "Build What Matters" campaign, housed at joinusmn.com, which showcases the compelling reasons for doing business in our state.

Stay in touch with trade mission updates by following DEED's Development Blog.

 

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