On Wednesday (20th July) the UK announced its second economic Memorandum of Understanding (MoU) with an individual US state – North Carolina.
North Carolina is the ninth largest state in the US (in terms of population) and its GDP is approximately the size of Sweden’s. Its largest city, Charlotte, is the second largest financial centre in the US, only behind New York.
Department for International Trade (DIT) are hoping it will increase the opportunities for UK businesses in industries such as automotive, cleantech and manufacturing. More generally, they hope to grow ties and increase exports and investment in the state that was recently named America’s top state for business.
This MoU follows Indiana which was signed in May and, the UK have made it clear that they will continue to push for more. DIT have named Oklahoma and South Carolina as two states where they hope to sign additional agreements within the coming months.
For more information on the North Carolina MoU, see the DIT press release below:
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