Austin, Texas – Governor Greg Abbott recently met with Ambassador Hyundong Cho of the Republic of Korea and U.S. Ambassador to South Korea Philip Goldberg at the Texas Capitol to discuss the continued strengthening of ties between Texas and South Korea.
Welcoming the ambassadors and their delegation to Texas, Governor Abbott introduced their planned visit to Samsung’s new semiconductor manufacturing facility in Taylor.
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He highlighted his recent economic development trip to South Korea, where he promoted Texas as a prime location for investment, particularly in sectors like semiconductors. Abbott emphasized Texas’ leadership in this industry, citing the passage of the Texas CHIPS Act and the establishment of the Texas CHIPS Office within the Governor’s Economic Development and Tourism Office.
The discussions also covered Texas’ comprehensive energy strategy, which the Governor noted could support South Korea’s growing energy demands. He highlighted Texas’ position as the nation’s leading exporter of liquefied natural gas (LNG) and stressed the need for further collaboration in the energy sector.
Another area of focus was the space industry. Governor Abbott emphasized Texas’ vibrant aerospace sector, with companies like SpaceX, Blue Origin, and Firefly having a strong presence in the state. He also mentioned the formation of the Texas Space Commission, showcasing the state’s commitment to advancing the aerospace industry. This development, Abbott said, provides exciting opportunities for Texas and South Korea to explore new partnerships in space exploration.
South Korea has been a major source of foreign direct investment in Texas over the past decade, leading all other nations in capital investment.
Since 2014, South Korean companies have invested $20.59 billion in 38 projects across Texas, creating more than 7,000 jobs.
In the first five months of 2024 alone, they have invested an additional $27.52 billion in nine projects, expected to create nearly 5,000 new jobs.
With Texas-South Korea trade reaching $32 billion in 2023, South Korea remains Texas’ fourth-largest trading partner.
This meeting solidified the commitment to deepening economic and industrial collaboration between Texas and South Korea, with a focus on sectors crucial to both economies.
