Last week, Gov. Spencer Cox led a trade mission to Montreal and Toronto with more than 35 Utah businesses and organizations. Organized by the Governor’s Office of Economic Opportunity and World Trade Center Utah, the mission focused on advancing global collaboration in key sectors, including artificial intelligence, critical minerals, and energy.
Utah and Quebec rank among the top five jurisdictions worldwide for mining investment and are emerging leaders in AI. In Quebec, the Utah delegation met with Mila, one of the world’s premier AI research institutes, to exchange best practices on responsible AI policy. GOEO signed a letter of intent with the Quebec Minister of Economy, Innovation and Energy to collaborate with the region on AI development and regulation. Discussions also centered on strengthening North America’s critical mineral supply chain and exploring new business partnerships. To this end, the delegation met with the Quebec Minister of Natural Resources and Forests, the Quebec Mining Association, and multiple companies, including Nano One and 5N Plus. 5N Plus’ St. George office hires local talent to manufacture semiconductor substrates with tellurium mined from Rio Tinto’s Kennecott mine and processed in Quebec, illustrating the strong economic ties between our regions. Other key meetings included a meeting with Caisse de dépôt et placement du Québec (CDPQ), a major Canadian investment fund with investments in Utah, and an event with Fédération des chambres de commerce du Québec (FCCQ), the largest business network in Quebec.
In Toronto, the delegation built connections in life sciences, fintech, critical minerals, and energy. A visit to the Canadian headquarters of Recursion, a Utah biotech company, offered insights into the opportunities that await Utah companies in Ontario. Toronto’s leadership in nuclear energy provided further insights into the execution of Operation Gigawatt, Utah’s plan to double energy production in the next decade. Gov. Cox also met with Premier Doug Ford of Ontario to discuss partnerships in areas of key importance for Utah, including critical minerals, economic development, and energy. Additional engagements included an event with the University of Toronto, one of Canada’s top institutions of higher education, meetings with the Ontario Mining Association, the Bank of Montreal, Gowling WLG, and the Ontario Teachers Pension Plan, a major investor in Utah’s energy infrastructure.
The trade mission was highly successful in opening new opportunities for the state of Utah and its companies. Key outcomes included:
- Investment in Utah: Utah leaders discussed future opportunities for Utah companies and infrastructure with two large Canadian Investment funds. Additionally, events graciously hosted by the U.S. Consulates in both provinces gave the delegation a platform to pitch Utah as an investment destination to over 100 Canadian companies.
- Policy best practice exchanges: Utah’s leaders had productive conversations with provincial leadership to learn best practices for Utah policy. Quebec and Ontario have been incredibly proactive in policy promoting innovation in energy, AI, and critical minerals.
- Business opportunities for Utah companies: The Utah trade mission included companies from the AI and critical mineral sectors. These companies explored partnership opportunities through B2B engagements and meetings with key industry associations and government agencies.
