Colorado Governor Jared Polis and British Consul General Richard Hyde signed a Memorandum of Understanding (MOU) between Colorado and the United Kingdom to foster cooperation on economic relations, trade, and investment.
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This exciting new partnership will develop and promote shared opportunities between Colorado and the U.K. in clean energy, climate smart agriculture, quantum technologies, space technology, tourism, and artificial intelligence – all important economic drivers for both economies.
“In Colorado we are focused on saving people money and increasing affordability. Solidifying and strengthening our long-standing relationship with the United Kingdom helps create more pathways for investments into Colorado businesses, expands good jobs in Colorado’s key economic sectors, and establishes a strong and lasting trade partnership with our friends in the U.K.," said Governor Polis.
“This agreement marks a great step forward in our trade relationship with Colorado. We’re unlocking investment for businesses, creating new job opportunities and strengthening the bonds of friendship and cooperation between the U.K. and Colorado,” said Consul General Hyde.
Following the signing, the State of Colorado and the U.K. will form a steering committee to oversee the implementation of the partnership, which will highlight opportunities to reduce barriers to trade and investment between the two regions and elevate new business development opportunities.
The MoU builds on a strong economic partnership between the two regions.
In 2023, Colorado exported $214 million in goods to the U.K., while importing $260 million.
The U.K. is also Colorado's number one source of foreign investment.
Over the last five years, British companies invested $1.5 billion in capital expenditures and provided an estimated 19,400 jobs in Colorado.
Also over the last five years, Colorado companies invested an estimated $1.3 billion in capital expenditure and created an estimated 3,765 jobs in the U.K.
The state also routinely welcomes British business delegations interested in Colorado's business ecosystem in areas such as aerospace, agriculture, quantum technology, and renewable energy.
Additionally, the British Government keeps an office in Denver to facilitate trade and investment. The Colorado Department of Agriculture, the Colorado Department of Health and Environment, the Colorado Energy Office (CEO) and the Colorado Office of Economic Development and International Trade (OEDIT) supported the development of the MoU. ■