Utah companies are cashing in on global partnerships

By Glen Mills

Published 07/11 2014 05:22PM

Updated 07/11 2014 06:40PM

SALT LAKE CITY, Utah- (ABC 4 Utah) – Utah's economy is one of the strongest and most diverse in the country, but ambitions run beyond the U.S. border.

"Our goal is to utilize both companies in Utah as well as companies in the Piura region, so they both have economic benefit from performing and working on these projects," said CEO of Utah based Factum Magnus, Patrick Ritter.

His company will facilitate various projects in Peru.

Like a new hospital to improve medical care, landfill remediation to turn materials into energy products and water purity and distribution to open up new areas for farming.

The total budget for five projects is $2.5 billion.

These opportunities were identified during a trade mission to Peru last year, organized by the Governor's Office of Economic Development or GOED.

That visit lead to an agreement signed by Governor Gary Herbert and the government of Peru.

"It’s really about building a relationship with another country, and the governments of another country and being able to explore together opportunities for mutual development," said Brett Heimburger with GOED.

Those relationships are being forged across the globe.

In the last decade Utah trade missions have traveled to Mexico, China and Israel just to name a few.

"The opportunities are endless when you think about all that is happening around the world from an infrastructure standpoint. There is a lot of need and a lot of work," said CEO of World Trade Center Utah, Derek Miller.

With the world at our fingertips Utah companies are ready to capitalize on partnerships that payoff for both sides.

"We create jobs locally, we create income and revenues here locally, because products from Utah will be sold to the projects that are engaged in, in Peru. We create economy in Peru, because jobs will be down there to help facilitate the labor needs for each of the individual projects that we are engaged in," said Ritter.

Two more trade missions will depart from Utah later this year, China in September and Brazil in November.

For more information click here: World Trade Center Utah

Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Sponsored by:

Featured Coupon


Featured Business