During a diplomatic visit to Texas, Governor Greg Abbott hosted South Korean Ambassador Hyundong Cho and United States Ambassador to South Korea Philip Goldberg to discuss partnerships between Texas and South Korea at the state capitol yesterday, as the Office of the Texas Governor reported. With an agenda highlighting economic ties and strategic collaborations, their conversation traversed topics from semiconductor manufacturing to energy and space exploration.
Ambassador Cho and his delegation visited Texas with anticipation of touring Samsung's new semiconductor facility in Taylor, a spotlight topic during their meeting. They welcomed Governor Abbott and emphasized the state's position as a semiconductor powerhouse, following his economic development trip to South Korea, aiming to reel in more Korean investment. Texas has positioned itself as a leader in the semiconductor industry, a feat bolstered by the recent passage of the Texas CHIPS Act and the creation of the Texas CHIPS Office within the Governor's Economic Development and Tourism Office.
The group also ventured into discussions about energy, with Texas' approach to energy diversification potentially playing a role in catering to South Korea's needs. The Lone Star State, recognized for its significant liquified natural gas (LNG) exports, was touted by Abbott as a key player in strengthening the energy partnership with South Korea, potentially aiding to satisfy both regions' escalating energy demands, as per the Office of the Texas Governor.
South Korea's investment footprint in Texas is substantial and growing, leading foreign investment with over $20 billion funneled into the state over the past decade. These contributions have not only enriched the state's economic fabric but have also generated thousands of jobs for Texans. Adding to this track record, South Korean firms have committed an additional $27.52 billion to new projects in 2024 thus far, promising over 4,800 new jobs, as detailed by the Office of the Texas Governor. With trade between Texas and South Korea reaching $32 billion in 2023, the Asian nation stands as the fourth-largest trade partner for Texas.
