- July 10, 2024
Texas-South Korea Economic Partnership In Seoul
Office of the Texas Governor | Greg Abbott | Press Release
Governor Greg Abbott delivered remarks at the U.S. Embassy in the Republic of Korea while in Seoul on the second day of a three-nation economic development mission to Taiwan, South Korea, and Japan. The special Texas evening reception was hosted by the U.S. Embassy at the Ambassador’s residence in Seoul and attended by invited dignitaries and business leaders from South Korea.
“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 Governor 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.”
Kicking off the day, 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. The Governor and the Minister shared their focus on fostering innovation in critical, emerging industries that are leading the way for the global economy, including AI and semiconductor manufacturing. South Korea is a global leader in semiconductor manufacturing, and Texas has led the U.S. in semiconductor exports for 13 years.
In the afternoon, Governor Abbott was hosted by the Korea International Trade Association (KITA) at a luncheon that included businesses leaders from across South Korea. KITA recently opened an office in Dallas to help expand trade cooperation between Texas and South Korea. At the luncheon, the Governor highlighted how Texas is the United States’ top exporting state, now for 22 years in a row, and talked about opportunities for South Korea and Texas to further deepen their trade relationship.
Governor Abbott also met with SK Americas Vice Chairman and CEO Jeong Joon (JJ) Yu, SK Signet President and CEO Jung Ho Shin, SK SUPEX Council Executive Vice President Jeongil Kim, and SK Signet Group Leader Jinsoo Kim to thank the company for its recent expansion in Plano, Texas with a new facility that will manufacture electric vehicle charging stations.
The Governor was joined at the second day of meetings 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 the Texas delegation. The goal of the trip is to deepen the already-strong economic and cultural partnerships with Texas, encourage expanded trade in critical industries, and attract new business investments to Texas.
The following events are scheduled for the third day of the economic development mission in Seoul, South Korea:
- Meet with Samsung Executives at Pyeongtaek Semiconductor Facility
- Project announcement for 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.
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.