TEXAS – During his visit to Tokyo, Japan, Texas Governor Greg Abbott signed a Statement of Mutual Cooperation (SMC) with Aichi Prefecture Governor Hideaki Ohmura to foster greater trade in critical industries and attract new business investment to Texas.
“Texas and Japan are economic powerhouses poised to dominate the technologically advanced future. Both should continue to expand our important relationship and grow our economic and cultural ties,” Abbott commented.
According to the Texas governor, the agreement will foster investment, trade and collaboration in critical areas such as medicine, life sciences, biotechnology, energy, innovation and more.
Governor Abbott previously met with Governor Ohmura on a business development mission to Japan in 2019 and hosted Governor Ohmura at the Texas Capitol in 2018. Aichi Prefecture is home to a cluster of manufacturing-related companies, primarily in the transportation machinery industry, including automotive and aerospace products, and houses Toyota’s global headquarters.
Prior to the signing, Abbott met with Tokyo Governor Yuriko Koike at the Tokyo Metropolitan Government Building to discuss the shared commitment to deepening the unique cultural and economic relationship.
Abbott was accompanied by First Lady Cecilia Abbott, Secretary of State Jane Nelson, Executive Director of the Governor’s Office of Economic Development and Tourism Adriana Cruz, Texas Economic Development Corporation Board Secretary Adrian Cannady, Texas Economic Development Corporation President and CEO Aaron Demerson, and the Texas delegation.
The goal of the trip is to deepen already strong economic and cultural partnerships with Texas, encourage expanded trade in critical industries, and attract new business investment to Texas.
Japan ranks first in the world in the number of jobs created by foreign direct investment projects in Texas over the past decade. Over the past 10 full years through 2023, companies from Japan have invested US$10.87 billion in 129 projects creating more than 20,000 jobs in Texas.
In the first five months of 2024, Japanese companies have invested US$1.47 billion in six additional projects that are expected to create more than 520 new jobs in Texas. Texas trade with Japan totaled US$31.2 billion in 2023, making Japan Texas’ fifth largest total trading partner.
