Gov. Gregg Abbott announced the state is spearheading a trip to Japan and South Korea through the Texas Economic Development Corporation (TEDC) “to explore new areas for expansion in the business sector.”
Gov. Abbott will lead the Texas delegation starting Sept. 27, visiting Nagoya and Tokyo, Japan and Seoul, South Korea to meet with CEO’s, dignitaries, and other business leaders.
“Texas has a strong cultural and economic bond with Japan and South Korea, and this mission will deepen our growing partnership,” Abbott said. “From Toyota to Mitsubishi, leading manufacturing and tech companies have found a home in Texas because of our shared values and commitment to the free enterprise system. I look forward to strengthening these critical relationships and building a brighter future for all those who do business and call Texas home.”
The U.S. Japanese Council hosted Japan-Texas Economic Summit in Houston, Texas, from May 7 to 9, 2018. After its successful Japan-Hawaii Economic Summit in 2017, the Japan-Texas Economic Summit brought together business leaders, investors, state and local officials, and economic development organizations from across Texas and Japan.
Last year, Japan exported more than $12.1 billion worth of goods from Texas, making it the fifth-largest export destination for goods from Texas.
Exports in 2018 totaled $11,869 million, including mineral fuel, oil, organic chemicals, industrial machinery, electric machinery, aircraft, spacecraft, and parts, according to the TEDC.
Among U.S. states Texas receives the second-greatest number of imports from Japan valued at $16.7 billion in 2018.
Imports in 2018 totaled $16,734 million, including industrial machinery, electric machinery, vehicles, parts, clocks, watches, and organic chemicals.
Texas Port Districts (active trade) include Dallas-Fort Worth, El Paso, Houston, Laredo, and Port Arthur.
Cumulative foreign direct investment from January 2011 to December 2018, includes 90 projects, $4,841 million in capital investment and 16,639 jobs created by 76 Asian companies.
More than 400 Japanese companies operate in Texas–including the American headquarters of Toyota Motor North America and Toyota Motor Manufacturing, Kubota Tractor Corporation and Mitsubishi Heavy Industries. Others include Goodman Global, NEC Corporation of America, Nissei Plastic Machinery America, NTT DATA Enterprise Services, OKI Data Americas, Tokyo Electron America, Toppan Photomasks, and Toshiba International.