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Texas governor seeks more investments from Samsung, LG


Wednesday, July 10, 2024

Texas Gov. Greg Abbott is set to ask Samsung, LG and a group of Korean companies for more investments in the Lone Star State during his visit to Seoul this week, in a move to strengthen strategic ties with local cutting-edge tech players, according to industry officials, Monday.

Abbott arrived here, Sunday, as part of his 10-day business trip to three Asian countries, which also includes Taiwan and Japan.

His first visit to Korea comes amid the nation’s growing economic importance to the state. According to data from the state government, Korea topped the list among nations that made the largest foreign direct investment in Texas over the past decade. Korean firms invested a total of $20.59 billion (28.44 trillion won) during that period. Korea is also Texas’ fourth-largest trading partner.

The governor will meet with key executives from major Korean conglomerates so as to attract more investment from them. Samsung Electronics is building a semiconductor manufacturing facility in Taylor, Texas, with an initial investment of $17 billion. The company aims to expand this investment to $40 billion by 2030.

LG Electronics is also another key partner for Texas, with the Korean electronics firm manufacturing chargers for electric vehicles at a factory in Fort Worth, Texas.

Abbott will also hold talks with executives from Korean Air and Doosan Group for future business partnerships, in an effort to attract more investment from them. A group of Korean firms invests in Texas in the fields of steelmaking, energy, semiconductors, aviation and space industries.

On Monday, he attended a meeting hosted by the Korea International Trade Association (KITA), as part of his official schedule here. He expressed gratitude for the continuous investment of Korean firms in Texas and pledged to further enhance trade relations.

“Korea is an important economic partner that has a common ground with Texas, as both of them achieved growth and prosperity under the knowledge-based economies,” the governor said.

“We will activate trade between the two regions by strengthening partnerships with the Korean trade association and businesspeople here.”

Last week, the trade organization also opened its new office in Dallas, one of Texas' major cities, with a view to helping more Korean firms expand their footing in the emerging industrial hub in Texas.

The governor is also scheduled to visit Samsung Electronics’ major chip manufacturing hub in Pyeongtaek, Gyeonggi Province, Tuesday, and will be briefed about the firm’s production lines and product lineups.

Texas’ partnership with Samsung remains solid, demonstrated by Abbott’s participation in the opening ceremony of Samsung Highway last month. The highway is a four-lane road aimed at improving b

usiness logistics there. At that time, he reiterated the state government’s unwavering willingness to boost further ties with Samsung.

Abbott also underlined Texas’ plans to provide more incentives and opportunities to companies in state-of-the-art tech areas.

“Texas will particularly offer more opportunities to companies doing businesses in cutting-edge manufacturing sectors, such as semiconductors, and other emerging industries,” he said. “I want to deepen not just economic, but cultural partnerships by meeting with businesspeople and government officials.”

By: DocMemory
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