Florida - Tuesday November 14, 2023: Governor 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.
To read the full text of the MOU, click here.
“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 the Governor.
"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.
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.
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
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.