Gov. Greg Abbott departed Friday on a weeklong visit to East Asia, where he will promote Texas as the ideal location for global businesses.
Mr. Abbott’s office announced on July 5 that the Republican governor will launch his three-nation tour in Taiwan, followed by South Korea and Japan. He will meet with government and business leaders as part of his mission to strengthen global partnerships in the Lone Star State.
The governor is expected to meet with Taiwan President Lai Ching-Te on the first day of his eight-day trip.
Mr. Abbott is joined by his wife, First Lady Cecilia Abbott, Secretary of State Jane Nelson, Executive Director of Economic and Development & Tourism Adriana Cruz, a handful of Texas Legislators, and more than two dozen others from across the state.
In July 2023, Mr. Abbott met with leaders in various European nations and signed economic development agreements with France and the UK “to promote trade, foster innovation, and attract new foreign direct investment to Texas.”
“Collaborating with our economic partners around the globe will ensure the Texas economy continues to flourish,” Mr. Abbott said in a statement at the time.
According to the governor’s office, Taiwan leads all nations in foreign direct investment in Texas, with $5.29 billion in investments across eight projects between 2013 and 2023. That investment created 2,200 jobs.
During the first five months of this year, Taiwanese companies invested in two more projects worth $103 million, which are expected to create more than 220 jobs.
In 2023, Texas-Taiwan trade equaled $21.3 billion, making it Texas’s seventh-largest trading partner, according to the press release.
GlobiTech, a Taiwan-based GlobalWafer Co., chose Sherman, Texas, to build its newest and largest semiconductor silicon wafer factory. When it opens later this year, the 3.2 million-square-foot facility is expected to create 1,500 new jobs.
South Korea has led foreign nations in direct total capital investment in Texas over the past decade with $20.59 billion across 38 projects, producing more than 7,000 jobs in the Lone Star State.
In 2021, technology giant Samsung announced its plans to invest $17 billion in a new semiconductor manufacturing plant in Taylor, Texas, northeast of Austin. The facility is expected to begin its operations later this year.
Between January and May, South Korea invested more than $27 billion in nine additional projects, which are expected to create nearly 5,000 jobs.
Japan leads all nations in the number of jobs created by foreign investment projects in the state over the last 10 decade, having invested $10.87 billion across 129 projects, resulting in more than 20,000 jobs in Texas.
In the first five months of 2024, Japanese companies had already invested $1.47 billion into six new projects expected to create at least 520 new positions.
Japan’s largest Texas investment is in Plano, where Toyota’s American headquarters is housed and provides more than 4,000 jobs.
