Texas Border Business
AUSTIN – Governor Greg Abbott today signed a historic Statement of Mutual Cooperation(SMC) with Governor of Aichi Prefecture Hideaki Ohmura while in Tokyo, Japan on an economic development mission. This agreement between Texas and Aichi will encourage more trade in critical industries and attract new business investments to Texas.
“Texas and Japan are economic powerhouses set to dominate the technologically advanced future,” said Governor Abbott. “Texas and Japan must continue to expand our important relationship and grow our economic and cultural ties. That is why I am proud to sign this key economic development agreement with Aichi Prefecture. This agreement will encourage investment, trade, and collaboration in critical areas like medicine, life sciences, biotechnology, energy, innovation, and so much more. As Texas and Japan drive the future of innovation, this trade agreement will provide our two peoples with the economic freedom and opportunity to thrive for generations to come.”
Governor Abbott previously met with Governor Ohmura on a business development mission to Japan in 2019 and welcomed Governor Ohmura to the Texas Capitol in 2018. Aichi Prefecture is home to a cluster of manufacturing-related companies, mainly in the transportation machinery industry, including automotive and aerospace products, and is home to Toyota’s global headquarters.
Before joining Governor Ohmura for the SMC signing, Governor Abbott met with Tokyo Governor Yuriko Koike at the Tokyo Metropolitan Government Building. Governor Abbott and Governor Koike discussed their shared commitment to deepening the unique cultural and economic relationship between the people of Texas and Japan. Governor Abbott previously met with Governor Koike in Tokyo during a 2019 business development mission to Japan. In 2020, the Governor’s Economic Development & Tourism Office signed a Statement of Mutual Cooperation with the Tokyo Metropolitan Government’s Bureau of Industrial and Labor Affairs, outlining a framework to assist Tokyo’s small and medium-sized enterprises as they seek to expand their business to Texas.
The Governor was joined at the sixth day of events by First Lady Cecilia Abbott, Secretary of State Jane Nelson, the Governor’s Economic Development & Tourism Office Executive Director Adriana Cruz, Texas Economic Development Corporation Board Secretary Adrian Cannady, Texas Economic Development Corporation President & CEO Aaron Demerson, and the Texas delegation. The goal of the trip is to deepen the already-strong economic and cultural partnerships with Texas, encourage expanded trade in critical industries, and attract new business investments to Texas.
Governor Abbott and the Texas delegation depart Japan tomorrow to return to Texas.
Japan leads all nations for the number of jobs created by foreign direct investment projects in Texas over the last decade. Over the past 10 full years through 2023, companies from Japan have invested $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 $1.47 billion in six additional projects expected to create more than 520 new jobs in Texas. Texas trade with Japan totaled $31.2 billion in 2023, making Japan the fifth-largest total trade partner with Texas.
The trip is sponsored and paid for by the Texas Economic Development Corporation, an independently funded and operated 501(c)(3) nonprofit organization responsible for marketing and promoting Texas as a premier business location. Along with the Governor’s Economic Development & Tourism Office, these two organizations are the cornerstone of Governor Abbott’s economic development agenda to build a bigger, better Texas.