Florida Governor Ron DeSantis and United Kingdom (UK) Secretary of State for Business and Trade Kemi Badenoch signed a Memorandum of Understanding (MOU) Tuesday to increase trade and bilateral investment, strengthen business ties and grow academic partnerships between Florida and the United Kingdom.
This MOU follows the Governor’s International Trade Mission to Japan, South Korea, Israel, and the United Kingdom in April of this year where he signed multiple agreements with international companies to expand new and existing business opportunities in Florida.
“Florida is the national leader for business growth and economic development, and today’s MOU signing will continue to ensure our state remains the model for American excellence,” said Governor Ron DeSantis. “I am honored to stand today with MP Badenoch to strengthen the economic partnership between our state and the United Kingdom.”
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“Florida is a major economy in its own right, with a bigger GDP than most European countries. From launching satellites to developing the latest fintech software, Florida’s leading high-tech companies offer huge opportunities to the UK’s rapidly expanding tech sector,” said UK Secretary of State for Business and Trade Kemi Badenoch, MP. “Today’s signing shows our US state-level strategy is working and delivering for UK firms, giving them a competitive edge in some of the most exciting markets in the world and fundamentally helping to grow the UK economy. I want to thank Governor DeSantis and his team for helping to make this MOU happen.”
As the 14th largest economy in the world, Florida’s continuously elevating economy has boasted the #1 ranking for new business formations with more than 2.6 million new businesses formed since 2019, a AAA credit rating, the #1 postsecondary system and the #3 K–12 education system for student achievement, and Florida also had the highest net in-migration in the country in 2022. Florida’s success is a direct result of the Governor’s commitment to investing in workforce education, infrastructure and overall financial readiness.
The United Kingdom is currently the top foreign investor in Florida and the state supplies the UK with a wide range of products including aviation and aerospace products. Additionally, Florida ranks among the top American states for British businesses and tourists.
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The MOU signed today will expand and strengthen trade, promote sustainable growth, bolster economic resilience by safeguarding natural resources, increase investment, and strengthen emerging and innovative industries between the two economic superpowers.
The MOU includes five overall objectives which include multiple priority areas. The five objectives are to increase trade between Florida and the United Kingdom, increase bilateral investment, create a forum to address possible barriers to trade, foster innovation and strengthen business links and finally, to grow academic and research ties.
The MOU establishes priority areas for focus and co-operation which include:
- Space
- Fintech, including reinsurance
- Medical Technology
- Supply Chains and Logistics
- Transportation
- Infrastructure, including cybersecurity
- Legal Services and Law Tech
- Agricultural Biotechnology
- Emerging areas such as semiconductors and photonics
To achieve the goals set forth in the MOU, Florida and the UK will participate in a variety of activities that will further build the economic partnership between the state and country. This includes trade missions, facilitating opportunities for public and private investment and partnership development in addition to facilitating academic co-operation and collaborating on joint projects and events.
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The United Kingdom (UK) is one of Florida’s most significant economic partners and Florida ranks among the top American states for British Businesses and tourists. British companies account for more than 70,000 jobs in Florida, making the UK the top foreign investor in Florida. Each year, Florida companies supply a wide range of products to the UK including aviation and aerospace products.
British affiliates are estimated to have had total holdings of more than $18 billion in Florida with more than 350 companies that employ 70,000 people. The UK is Florida’s 8th largest trade partner with bilateral trade reaching $5.8 billion in 2022 and growing by 119% over the last five years.
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