The Gateway of India
By the Governor’s Office of Economic Development
During difficult global economic times, it often requires true diligence to focus on new opportunities in the global economy. While some insulate themselves during distressed times, a disciplined entrepreneur is capable of identifying new opportunities. Even in the current economic situation countries like India provide vast opportunities for Utah businesses to expand and grow. India was one of a handful of countries to avoid a severe recession during the global economic downturn. In 2009, India’s real GDP grew 5.4 percent and is expected to grow 6.4 percent in 2010 . In fact, since 2007 the four largest emerging markets (Brazil, Russia, China, and India) have accounted for 45% of global economic growth . Goldman Sachs predicts continued strong leadership from emerging market economies like India in the short and long term . India was Utah’s 3rd largest export partner in 2009 with $608 million in total exports . Top Utah export sectors included precious metals, industrial machinery, computers, optic and medical equipment, and electric machinery . Growing opportunities in India include computer equipment, aviation equipment, energy, medical equipment, mining and mineral processing equipment, and telecommunications infrastructure . “The growth of India continues to provide unparalleled opportunities for Utah companies in one of the world’s fastest growing markets” states Franz Kolb, Regional Director at the Governor’s Office of Economic Development. Indeed, the state of Utah has continued to shine the spotlight on India through conferences, CEO roundtables, and educational seminars focused on conducting business in India. The University of Utah has also benefited by signing educational collaboration memorandums with Indian companies for commercialization of university technologies. Kolb states, “The State of Utah is committed to supplying the tools necessary for Utah businesses to succeed in the global economy.”
