Texas Border Business
AUSTIN – Governor Greg Abbott today met with President Lai Ching-te of Taiwan while in Taipei on the first full day of a three-nation economic development mission to Taiwan, South Korea, and Japan.
“I was honored to meet with President Lai Ching-te today to discuss strengthening the economic and cultural bond between Texas and Taiwan,” said Governor Abbott. “Both Texas and Taiwan have experienced miraculous economic growth in the last few decades, becoming pivotal economies for our regions and driving the future of innovation by providing economic freedom and opportunity for our people. I congratulate President Lai on his recent inauguration and look forward to working together to deepen our partnership as we build a stronger future for both Texas and Taiwan.”
During the meeting, Governor Abbott and President Lai 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. The Governor also highlighted the countless economic opportunities Texas offers companies from across the globe, including a highly skilled workforce, low taxes, and the best business climate in the United States.
Following the meeting with President Lai, Governor Abbott joined Taiwan Minister of Economic Affairs Jyh-Huei Kuo for a historic signing of an Economic Development Statement of Intent (EDSI) between Texas and Taiwan. The EDSI was signed in recognition of the strong economic ties between Texas and Taiwan and to encourage more investment, trade, and collaboration in key industries to support the future of innovation.
The signing was followed by the 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. Following the historic announcement, Governor Abbott attended a luncheon hosted by the Taiwan Minister of Foreign Affairs Lin Chia-Lung where the Governor met with business leaders from across Taiwan.
Governor Abbott then met with the Chairman & CEO of GlobalWafers and Sino-American Silicon Products, Doris Hsu, to thank her for her company’s ongoing investment in Texas. GlobiTech is a global leader in the semiconductor industry with a $5 billion advanced 300-millimeter silicon wafer manufacturing facility in Sherman, Texas, the first new silicon wafer facility in the U.S. in over two decades. Texas has led the nation in semiconductor exports for 13 years. During the meeting, the Governor and Ms. Hsu explored ways that Texas and Taiwan can work together to increase the production of critical components for the worldwide semiconductor industry.
Governor Abbott was joined at the meetings and announcements by First Lady Cecilia Abbott, Secretary of State Jane Nelson, Representative Angie Chen Button, 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 the Texas delegation.
The following events are scheduled for the second day of the economic development mission in Seoul, South Korea:
- Meeting with Minister of Foreign Affairs Cho Tae-yul
- Luncheon with the Korea International Trade Association
- Reception at the U.S. Embassy in the Republic of Korea
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.
The trip is 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.
