On the third day of his three-nation economic development mission, Governor Greg Abbott visited South Korea, making a stop at Samsung Electronics Co., Ltd.'s semiconductor campus in Pyeongtaek. Recognizing the immense trade relationships with the country, Abbott highlighted the shared efforts towards innovation that tie Texas and South Korea together. According to the Governor's official website, "Texas trades more than $32 billion in total with South Korea, making it our fourth largest trading partner."
During his tour of the world's largest semiconductor production facility, Abbott expressed his commitment to supporting Samsung's expansion in Texas, which already includes two facilities in Austin and another being constructed in Taylor. "Our shared economies will discover and produce the goods and services of tomorrow," Abbott stated. The Governor's visit comes on the heels of his April meeting where he celebrated Samsung's investment of more than $40 billion in Texas, marking the greatest foreign direct investment in the state's history.
The day also bore witness to the announcement of SeAH Group's new steel manufacturing plant in Temple. This venture, pledging a $110 million capital investment, is expected to create over 100 new jobs, broadening SeAH Group's footprint in Texas. Meanwhile, the First Lady and the rest of the Texas delegation experienced a demonstration at Kukkiwon, the World Taekwondo Headquarters, soaking in the cultural heritage of the Republic of Korea.
Joining Abbott were key figures including the First Lady, Secretary of State Jane Nelson, and executives from Texas's economic departments. The delegation's purpose is clear: to nurture the already-strong economic and cultural partnerships and to encourage new investments into Texas from across the globe. As stated on the Governor's website, South Korea leads all nations in foreign direct investment in Texas over the last decade, with $20.59 billion invested in 38 projects over past 10 full years through 2023, and an additional $27.52 billion in the first five months of 2024 alone.
The mission, sponsored by the Texas Economic Development Corporation, concludes tomorrow in Japan, where meetings with Toyota and other executives are on the itinerary. Such international outreach endeavors symbolize Texas's ambition to remain at the forefront of business and cultural exchange in an increasingly interconnected world.
