Oklahoma, 20 April 2023 (TDI): Oklahoma and the United Kingdom (UK) have taken an important step forward in deepening their economic and commercial ties, with the signing of a Memorandum of Understanding (MOU) on trade and investment.
The agreement was signed by Oklahoma Governor, Kevin Stitt and UK Minister of State for International Trade, Nigel Huddleston at the state capitol in Oklahoma City.
This MOU marks the fourth state-level agreement signed by the UK, following agreements with Massachusetts, North Carolina, and Michigan.
Notably, the signed MOU seeks to unlock export opportunities for UK businesses, encourage inward investment, and support de-carbonization efforts.
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Under the agreement, the UK and Oklahoma will work to deepen economic development, expand academic and research ties, and collaborate in agriculture and food production.
Moreover, the agreement recognizes both countries as energy leaders and innovators, with a shared focus on reliable and affordable energy.
Last year, UK companies operating in Oklahoma employed over 10,000 Oklahomans, while Oklahoma exported nearly $150m of goods to the UK.
So, this MOU signifies the joint commitment of both parties to growing these numbers through addressing barriers, delivering trade missions, and encouraging investment.
“I’m delighted that today the UK and the great state of Oklahoma have taken an important step forward in deepening our commercial and economic ties,” said Minister Huddleston. “This agreement paves the way for a bright future of UK-Oklahoma relations.”
On the other hand, Governor Stitt expressed his pleasure at signing the MOU, stating, “Both the United Kingdom and Oklahoma share the same vision for providing reliable, affordable energy for our citizens.”
“There is a lot to learn from each other, whether that’s on carbon capture or hydrogen development. I am glad to get this agreement signed and look forward to building our relationship.”
The MOU aims to capitalize on Oklahoma’s proud history as an oil and gas state, while also leaning into renewable energy, creating opportunities for hydrogen, carbon capture, utilization, and storage (CCUS) to meet the world’s growing energy demands.
In a nutshell, this agreement is a significant milestone for both countries, marking a new chapter in their economic and commercial partnership.
The MOU will deepen their cooperation, foster new opportunities for growth and investment, and create jobs for citizens in both countries.