Texas Border Business
AUSTIN – Governor Greg Abbott held a meeting with Ambassador of the Republic of Korea Hyundong Cho and the United States Ambassador to the Republic of Korea Philip Goldberg to discuss the importance of continuing to bolster the strong partnership between Texas and South Korea at the Texas Capitol in Austin.
Governor Abbott kicked off the meeting by welcoming Ambassador Cho, Ambassador Goldberg, and the rest of the delegation to Texas and discussed their upcoming visit to Samsung’s new semiconductor manufacturing facility in Taylor.
The Governor then highlighted his recent economic development trip to South Korea, noting that part of his mission was to promote Texas as an investment location to Korean companies in diverse sectors, including semiconductors. Governor Abbott then touted Texas as the top state for semiconductor manufacturing as well as the passage of the Texas CHIPS Act and the establishment of the Texas CHIPS Office in the Governor’s Economic Development and Tourism Office, designed to leverage Texas leadership in the industry.
The Governor and Ambassadors also explored ways Texas’ all-of-the-above energy strategy can help support South Korea’s energy needs. The Governor lauded Texas as the leading state for liquified natural gas (LNG) exports and emphasized the importance of strengthening the collaboration in the energy industry to help meet the growing demands of both Texas and South Korea.
Additionally, the Governor and both Ambassadors discussed ways Texas and South Korea can foster new pathways to exploring the next frontier—the space industry. The Governor highlighted Texas’ robust aerospace industry, with leading businesses like Space X, Blue Origin, and Firefly in the state. Governor Abbott also noted the newly created Texas Space Commission, demonstrating how Texas’ historic investment in the aerospace industry is an opportunity for Texas and South Korea to expand their partnership in this critical industry.
South Korea leads all nations for foreign direct investment by 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.
