Governor Abbott Bolsters Economic, Cultural Bond With Taiwan, South Korea, Japan
TEXAS, July 13 - July 13, 2024 | Austin, Texas | Press Release
Governor Greg Abbott yesterday completed a successful three nation economic development mission to Taiwan, South Korea, and Japan, organized by the Governor’s Economic Development & Tourism Office and the Texas Economic Development Corporation. During the trip, the Governor and the Texas delegation met with company executives, business leaders, foreign dignitaries, and government officials to promote Texas’ booming economy and drive progress in industries that are critical to the future of the global economy.
“This mission helped strengthen our economic and cultural partnerships with Taiwan, South Korea, and Japan,” said Governor Abbott. “As Texas looks toward the future, it’s crucial that we continue to provide leading businesses from around the world with the opportunities to thrive and succeed in our great state. By visiting with business and government leaders in Taiwan, South Korea, and Japan, our ongoing collaboration in emerging industries will grow stronger for years to come. Working with our global partners across the Pacific, we will forge the future of innovation.”
The Governor was joined on the economic development mission by First Lady Cecilia Abbott, Secretary of State Jane Nelson, the Governor’s Economic Development & Tourism Office Executive Director Adriana Cruz, Texas Economic Development Corporation Board Secretary Adrian Cannady, Texas Economic Development Corporation President & CEO Aaron Demerson, and a delegation of five Texas legislators and 23 Texas business and community leaders.
HIGHLIGHTS FROM GOVERNOR ABBOTT’S TRIP TO TAIWAN, SOUTH KOREA, AND JAPAN:
Governor Abbott Announces State Of Texas Taiwan Office In Taipei
On the first full day of the three-nation economic development mission, Governor Abbott made an official announcement of the State of Texas Taiwan Office. Operating within the Office of the Governor under the Texas Economic Development & Tourism Office, the State of Texas Taiwan Office will facilitate closer cooperation and foster mutually beneficial economic growth and cultural exchange.
Prior to the announcement, the Governor signed an Economic Development Statement of Intent with Taiwan Minister of Economic Affairs Jyh-Huei Kuo to further boost investment, expand trade, spur job creation, and increase innovation in critical industries between Texas and Taiwan.
Earlier that day, Governor Abbott met with President Lai Ching-te of Taiwan. During the meeting, both leaders explored opportunities for Texas and Taiwan to work together to strengthen trade relations and investment in critical economic drivers like the semiconductor, energy, and electric vehicle manufacturing industries.
Governor Abbott Champions Texas-South Korea Economic Partnership In Seoul
On day two, Governor Abbott met with the Minister of Foreign Affairs for the Republic of Korea Cho Tae-yul to discuss deepening the mutually beneficial economic and trade relationship between Texas and South Korea. In the afternoon, the Governor was hosted by the Korea International Trade Association at a luncheon that included business leaders from across South Korea.
Governor Abbott also met with SK Signet CEO Jungho Shin and Executive Vice President Jeongil Kim to thank the company for its recent expansion in Plano, Texas with a new facility that will manufacture electric vehicle charging stations.
In the evening, Governor Abbott delivered remarks at the U.S. Embassy in the Republic of Korea hosted by the U.S. Embassy at the Ambassador’s residence while in Seoul.
On the third day, Governor Abbott announced at a press conference in Seoul, South Korea that SeAH Group will establish a high-performance metal manufacturing facility in Temple. The facility will generate $110 million in capital investment and create over 100 new jobs in Central Texas.
Earlier in the day, the Governor met with Samsung Electronics Co., Ltd. Executives at their semiconductor campus in Pyeongtaek—the world’s largest semiconductor production facility. Governor Abbott visited the P1 line in the Pyeongtaek complex and was briefed on the company’s cutting-edge manufacturing operations at the complex. During the meeting, the Governor reiterated Texas’ commitment to expanding Samsung’s growing presence in the state. In April, Governor Abbott met with Samsung President and CEO Kye Hyun Kyung and other executives at the Governor’s Mansion in Austin to celebrate Samsung’s continuing expansion in Texas with a total expected investment of more than $40 billion—the largest foreign direct investment in Texas history.
Governor Abbott Meets With Toyota Executives In Nagoya, Japan
On day four, Governor Abbott met with Toyota Motor Corporation executives and suppliers and toured the Toyota Commemorative Museum of Industry and Technology. The tour included a viewing of the showroom of Toyota cars, historic and modern manufacturing equipment, and more. Following the tour, the Governor attended a lunch meeting with Toyota executives and some of their top suppliers. During the meeting, the Governor and Toyota executives discussed more opportunities for Toyota to invest in Texas.
Following the Governor’s visit to Toyota, Governor Abbott met with Aisin President & CEO Moritaka Yoshida and other Aisin executives to thank the company for its recent investment in Cibolo with a new manufacturing facility. The Governor and Mr. Yoshida also discussed ways to further strengthen the relationship between Texas and Japan in the development and production of automotive components.
Governor Abbott Meets With Japan’s Chief Cabinet Secretary Hayashi In Tokyo
On day five, Governor Abbott met with Chief Cabinet Secretary Yoshimasa Hayashi while in Tokyo at the office of the Chief Cabinet Secretary in the Prime Minister's Office, known as the Naikaku Sōri Daijin Kantei. During the meeting, the Governor and Cabinet Secretary explored ways Texas and Japan can continue to strengthen the economic partnership through trade and new foreign direct investments.
The Governor kicked off the day meeting with Central Japan Railway Company (JR Central) Chairman Shin Kaneko and JR Central President Shunsuke Niwa in Nagoya, Japan. The Governor then traveled to Nagoya Station, where he boarded a high-speed bullet train to travel to Tokyo.
Prior the meeting with the Chief Cabinet Secretary, Governor Abbott attended a luncheon hosted by the Japan External Trade Organization (JETRO) and delivered remarks to Japanese business leaders. Later, the Governor met with executives from Tokyo Electron Ltd. (TEL), including Chairman of the Board of Directors Yoshikzau Nunokawa and Vice President Kazuhiro Doh.
Governor Abbott then met with Japan’s Minister of Foreign Affairs Yoko Kamikawa. The Governor thanked the Minister for the warm welcome to Japan and promoted Texas as the Best State for Business in the United States.
In the evening, the Governor delivered remarks at a special Texas reception hosted by the U.S. Embassy in Tokyo at the Ambassador’s residence with Japanese business leaders and government officials.
Governor Abbott Signs Statement Of Mutual Cooperation With Aichi Prefecture In Tokyo, Japan
On the final day of the economic development mission, Governor Abbott joined Governor of Aichi Prefecture Hideaki Ohmura to sign a historic Statement of Mutural Cooperation. This agreement between Texas and Japan will encourage more trade in critical industries and attract new business investments to Texas.
Prior to signing the historic agreement with Governor Ohmura, Governor Abbott met with Tokyo Governor Yuriko Koike at the Tokyo Metropolitan Government Building. In 2020, the Governor’s Economic Development & Tourism Office signed a Statement of Mutual Cooperation with the Tokyo Metropolitan Government's Bureau of Industrial and Labor Affairs, outlining a framework to assist Tokyo's small and medium-sized enterprises as they seek to expand their business to Texas.
Since taking office in 2015, Governor Abbott has led multiple business development missions to Cuba, France, India, Israel, Japan, Mexico, and the United Kingdom. First Lady Cecilia Abbott and Texas Secretary of State Jane Nelson have also led business development missions to the United Kingdom, Germany, and France. During the most recent trips in 2023 and 2024, Governor Abbott signed economic development agreements between Texas and France and Texas and the United Kingdom to promote trade, foster innovation, and attract new foreign direct investments to Texas. This was the Governor’s first visit to Taiwan and South Korea and his third trip to Japan.
Taiwan led all nations for foreign direct investment in Texas in 2022 at over $5 billion. Over the past 10 full years through 2023, companies from Taiwan have invested $5.29 billion in eight foreign direct investment projects creating more than 2,200 jobs in Texas. In the first five months of 2024, Taiwanese companies have invested $103 million in two additional projects expected to create more than 220 new jobs in Texas. Texas trade with Taiwan totaled $21.3 billion in 2023, making Taiwan the seventh-largest total trade partner with Texas.
South Korea leads all nations for foreign direct investment by amount of total capital investment in Texas over the last decade. Over the past 10 full years through 2023, companies from South Korea have invested $20.59 billion in 38 projects creating more than 7,000 jobs in Texas. In the first five months of 2024, South Korean companies have invested $27.52 billion in nine additional projects expected to create more than 4,800 new jobs in Texas. Texas trade with South Korea totaled $32 billion in 2023, making South Korea the fourth-largest total trade partner with Texas.
Japan leads all nations for the number of jobs created by foreign direct investment projects in Texas over the last decade. Over the past 10 full years through 2023, companies from Japan have invested $10.87 billion in 129 projects creating more than 20,000 jobs in Texas. In the first five months of 2024, Japanese companies have invested $1.47 billion in six additional projects expected to create more than 520 new jobs in Texas. Texas trade with Japan totaled $31.2 billion in 2023, making Japan the fifth-largest total trade partner with Texas.
Business and community leaders of the Texas delegation who participated in the economic development trip, with Texas legislators joining for the Taiwan portion, include:
- Chairwoman Angie Chen Button
- Senator Carol Alvarado
- Representative Gio Capriglione
- Representative Jacey Jetton
- City of Amarillo Economic Development Corporation President and CEO Kevin Carter
- The Borderplex Alliance Executive Vice President Marcos Delgado
- Brazos Valley Economic Development Corporation President and CEO Susan Davenport
- CenterPoint Energy Executive Vice President, Regulatory Services & Government Affairs Jason Ryan
- City of Dallas Office of Economic Development Assistant Director for Business & Community Development, Heather LepeskaCity of Dallas Economic Development Corporation President John Stephens
- Dallas Regional Chamber Senior Vice President of Economic Development Mike Rosa
- Development Corporation of Abilene President and CEO Misty Mayo
- Fort Worth Economic Development Partnership Executive Vice President Jessica Heer
- Frisco Economic Development Corporation Vice President Gloria Salinas
- Greater Houston Partnership Senior Vice President for Economic Development Craig Rhodes
- Greater San Marcos Partnership President and CEO Mike Kamerlander
- greater:SATX President and CEO Jenna Saucedo-Herrera
- Greater Waco Chamber of Commerce Executive Vice President for Economic Development Kris Collins
- Houston Airport System Deputy Director of Global Industry and Government Affairs Saba Abashawl
- Irving-Las Colinas Chamber of Commerce Vice President of International Affairs Joe Chapa
- Kilgore Economic Development Corporation Executive Director Lisa Denton
- McKinney Economic Development Corporation President & CEO Michael Kowski
- Opportunity Austin CEO Ed Latson
- Ryan, LLC Principal-Credit Incentives Maher Maso
- City of Temple Economic Development Corporation President and CEO Adrian Cannady
- City of Victoria Economic Development Corporation President Jonas Titus
The trip was sponsored and paid for by the Texas Economic Development Corporation, an independently funded and operated 501(c)(3) nonprofit organization responsible for marketing and promoting Texas as a premier business location. Along with the Governor’s Economic Development & Tourism Office, these two organizations are the cornerstone of Governor Abbott’s economic development agenda to build a bigger, better Texas.
