Gov. Greg Abbott aims to strengthen the economic relationship between Texas and South Korea during his three-day trip to Seoul this week.
Abbott spoke about the mutual benefits of Texas and South Korea’s economic partnership on the second day of his trip. He highlighted the shared strengths between both countries during a special reception at the U.S. Embassy in Seoul, per a press release.
“Texas and South Korea have plenty in common, with knowledge-based economies that will continue to grow and thrive well into the next generation,” said Abbott. “We are both economic powerhouses set to dominate the technologically advanced future. And with our strong trade and exports, Texas and South Korea are critical economic partners in the growing economies of the 21st century. I looked forward to working closely with the leaders of South Korea to further link our economies and ensure our two peoples lead the way into the economy of the future.”
Abbott met with South Korea’s Minister of Foreign Affairs, Cho Tae-yul, to confirm their mutual commitment to strengthening economic ties. Discussions focused on expanding overall trade and fostering more technological innovation between America and South Korea.
South Korea, known for its semiconductor manufacturing capabilities, is strategically aligned with Texas’ own production. Texas has lead the U.S. in semiconductor exports for 13 years.
At a luncheon hosted by the Korea International Trade Association (KITA), Abbott spoke about Texas’ status as the top exporting state in the U.S. for 22 consecutive years. The luncheon between the countries aimed to explore new avenues for trade, with KITA recently opening an office in Dallas to generate more economic collaborations between America and South Korea.
Abbott also met with executives from SK Americas and thanked them for their commitment to Texas. The company recently expanded with a new manufacturing facility for electric vehicle charging stations in Plano.
South Korean companies have contributed significantly to Texas’ economy in the last decade by investing over $20 billion in 38 projects, creating more than 7,000 jobs.
South Korea remains a pivotal trade partner for Texas, with bilateral trade between the two countries reaching $32 billion in 2023, making the country Texas’ fourth-largest total trade partner.
The third day of Abbott’s mission in Seoul includes a meeting with Samsung executives at their semiconductor facility and a “project announcement for Texas.”