‘Texas of the Mountain West’: US state of Utah on drive to court Singapore investors
Utah Governor Spencer Cox said the state is seeing investment in sectors including energy.
Utah, known as the "Texas of the Mountain West," is actively courting foreign investment, particularly from Asia. The state's unique geographical features, including mountains, deserts and the largest saltwater lake in the western hemisphere, have attracted foreign investors, but their involvement remains minimal. Utah Governor Spencer Cox highlighted the state's success in attracting Asian companies through trade missions to Japan and South Korea, as well as the launch of a direct flight to Seoul in June 2025.
Currently, Utah is focusing on attracting investments in life sciences, aerospace, defense and energy sectors. The state is rich in critical minerals, which are in high demand for various applications, including defence, artificial intelligence, data centres and electric vehicles. Utah has one of the most diverse reserves of critical minerals in the US, and lawmakers have set a goal to meet 20-25% of domestic demand from these minerals.
Governor Cox pitched Utah as an attractive alternative to Texas for Singapore investors, emphasizing its low regulation and greater attention. Over 60 Singapore companies currently operate in Texas, and Enterprise Singapore, a government agency, opened a US office in Texas to facilitate further business expansion. EnterpriseSG's director for the Americas, Lim Seow Hui, reported a steady interest from Singapore companies looking to establish and deepen their presence in the US.
Foreign direct investment (FDI) in the US has grown significantly since 2020, reaching US$5.86 trillion (S$7.5 trillion) in 2025, with manufacturing leading the increase. Utah attracted US$4.9 billion in FDI, placing it 32nd in terms of FDI capital expenditure. Japanese investors have been the most active in Utah, thanks to Sekisui House's multiple residential projects.
Rio Tinto, a major foreign company operating in Utah, produces critical minerals like copper and tellurium at the Kennecott mine near the capital. The mine plays a crucial role in building data centers, power grid infrastructure and electric vehicles, as well as producing advanced thin-film solar panels. The British-Australian firm is exploring an expansion of its mine, which will increase copper production by 1.5 million tonnes.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
