In efforts to bolster foreign trade relations between Texas and East Asian countries, Governor Greg Abbott delivered remarks at the U.S. Embassy in the Republic of Korea on Wednesday.
His trip to South Korea marks the second day of his three-nation economic development mission to Taiwan, South Korea, and Japan.
Abbott met with Cho Tae-Yul, Minister of Foreign Affairs for the Republic of Korea, to discuss strengthening economic and trade ties between Texas and South Korea.
Abbott and Tae-Yul spoke on innovation in emerging industries such as artificial intelligence and semiconductor manufacturing.
South Korea is a global leader in semiconductor manufacturing, while Texas has been the top U.S. state for semiconductor exports for the past 13 years.
“Texas and South Korea have plenty in common, with knowledge-based economies that will continue to grow and thrive well into the next generation,” said Abbott.
“We are both economic powerhouses set to dominate the technologically advanced future. And with our strong trade and exports, Texas and South Korea are critical economic partners in the growing economies of the 21st century. I looked forward to working closely with the leaders of South Korea to further link our economies and ensure our two peoples lead the way into the economy of the future.”
At a luncheon hosted by the Korea International Trade Association (KITA), Abbott emphasized Texas’s status as the leading U.S. state for exports, a title it has held for 22 consecutive years.
He highlighted opportunities for further trade collaboration between Texas and South Korea, noting that KITA recently opened an office in Dallas to bolster trade cooperation.
Gov. Abbott also met with top executives from SK Americas who have recently expanded operations in Plano, Texas, where a new facility will manufacture electric vehicle charging stations.
Abbott’s third day in Seoul includes meetings with Samsung executives at the Pyeongtaek Semiconductor Facility and a project announcement for Texas.
South Korea has led all nations in foreign direct investment in Texas over the past decade, with investments totaling $20.59 billion in 38 projects, creating more than 7,000 jobs.
In the first five months of 2024 alone, South Korean companies have invested $27.52 billion in nine additional projects, expected to create over 4,800 new jobs in Texas.
Texas trade with South Korea amounted to $32 billion in 2023, making South Korea Texas’s fourth-largest trade partner.