Oregon Signs Trade Pact With U.K. to Boost Semiconductor and Clean Energy Collaboration
Oregon is forging economic ties with the United Kingdom amid uncertainty about the federal government’s stance on international trade relations.
In a move to strengthen economic development and trade relations, Oregon Governor Tina Kotek yesterday signed a Memorandum of Understanding (MoU) with the U.K.
Oregon Exported $238.4 Million in Goods to the U.K. in 2024
The U.K. is regarded as a top target market for Oregon to attract foreign investment and a growing export market, which last year yielded $238.4 million in goods from the state. This represents a 32% increase compared to 2022.
Several key economic areas have been pinpointed as the main focal points. These are digital technology, semiconductors, Cybersecurity, and clean energy.
Cementing ties in semiconductors with the U.K. makes sense, as Oregon is home to two major semiconductor manufacturers – the large Intel campus in Hillsboro, and Microchip Technology in Gresham. Other key companies include Tektronix in Beaverton and Lattice Semiconductor in Hillsboro.
The MoU Will Also Focus on Advanced Manufacturing, Tourism, and Transportation Services
The MoU also covers advanced manufacturing, tourism, and transportation services. The two MoU partners will share expertise and support innovation across these sectors.
The MoU also accelerates the transition to clean energy, with both committed to phasing out coal-driven power by 2030 while maintaining support for workers and communities dependent on fossil fuel. The MoU will create jobs and foster innovation, while advancing efforts to reach net-zero emissions.
Business Oregon is the lead implementation agency of the MoU. It will work with U.K.-based trade missions to market development and promote business partnerships.
Leading the U.K. MoU is their Department for Business and Trade, and the British Consulate General in San Francisco.