Texas Governor Greg Abbott has announced a hefty $ 1.4 billion investment from Indian companies at the 7th India-U.S. Forum in New Delhi, according to Fox San Antonio. Highlighting the deep economic ties between the Lone Star state and India, Abbott's keynote address focused on the trade relations that have led to more than 10,300 jobs in Texas over the past decade.
The forum, which has become a stage for discussing collaborations between the two economies, saw Abbott explicitly discuss opportunities to grow together in energy, semiconductor manufacturing, and aerospace sectors. "Texas and India are two places—and two people—who both share an independent streak and a desire to make our mark on the world," Abbott told attendees, as reported by the Texas governor's official website. He pointed out to the position of both regions, with India sitting near global powerhouses China and Russia, and Texas serving as a bridge between the U.S. and Latin America.
Governor Abbott also used the platform to toot the horn of Texas' robust economy, detailing a decade of Indian investment totaling $1.4 billion through 59 projects. This collaboration has not only strengthened Texas' position but also nourished a growing Indian-American community in the state. With more than 542,000 Indian-Americans calling Texas home, Abbott's remarks at the forum gave a nod to the cultural and economic infusion that Indian investments have brought to Texas.
In a strategic move aimed to broaden the partnership, Governor Abbott met with India's External Affairs Minister Dr. Subrahmanyam Jaishankar to discuss ways to continue to grow this economic bond. According to the governor's office, their dialogue included talking points on Texas' energy industry and prospects for India's semiconductor field, with the Governor advocating for Texas as the prime state for semiconductor production in the U.S. Additionally, they explored potentials for collaboration in aerospace, an industry where Texas already has prominent players.
The governor's trip to India, marking the final stop of an economic development mission, was bankrolled by the Texas Economic Development Corporation. This move to fortify economic ties with India comes as the Asian country ranks ninth for foreign direct investment projects in Texas and the state's 11th-largest total trade partner in 2022. With $20.4 billion in total trade with India last year and Texas’ exports to India amounting to $13.3 billion, it's clear that the economic dance between Texas and India is becoming ever more synchronized.
